The Australian government has taken swift action to enact new legislation that significantly changes the insolvency laws relevant to all business as a result of the ongoing developments related to COVID-19
2020: ENGLISH INSOLVENCY LAW REFORM
The Corporate Insolvency and Governance Act (CIGA), which came into force on 26 June 2020, introduced the most significant changes to English insolvency law in a generation. It introduced three permanent changes and implemented temporary measures to support businesses affected by the COVID-19 pandemic.
Selection of the main judgments on restructuring and insolvency matters.
Silent administrator role allowed in pre-pack sale of business unit
Decision by Barcelona Commercial Court No 7 on October 30, 2020
At 11pm on 31 December 2020, the UK-EU Trade and Cooperation Agreement (TCA) came into effect implementing the UK’s exit from the single market. The TCA covers some important things in great detail and some things more scantly. Unfortunately for insolvency practitioners, it is largely silent on almost all issues relating to insolvency, meaning that, despite not technically having a ‘no-deal’ Brexit, for insolvency practitioners it may certainly feel that way.
Recognition of insolvency proceedings
On December 24, 2020, the European Union (EU) and the United Kingdom (UK) unveiled a Trade and Cooperation Agreement (TCA) establishing the broad relationship between them after the end of the Brexit transition period on December 31, 2020, with a particular focus on international trade, investment, public policy, and economic partnership between EU Member States and the UK.
The restructuring & insolvency Q&A series provides a comprehensive overview of some of the key points of law and practice of the regulatory environment in Luxembourg. Today's chapter focuses on the legal framework.
What domestic legislation governs restructuring and insolvency matters in your jurisdiction?
A company or group's financial distress causes significant turmoil for its owners, directors, managers, employees and often its suppliers and other creditors. For directors in particular, there are significant responsibilities and potential personal liabilities associated with the management of a company where its business is in financial distress.
In a recent case, the Court of Appeal of Arnhem-Leeuwarden dismissed a claim of the bankruptcy trustee of Welsec against an audit firm for failing to ensure that the audited company, Welsec, included a provision in its annual accounts for a third party claim (ECLI:NL:GHARL:2020:2492).
Astazi intra in vigoare Legea nr. 55/2020 privind unele masuri pentru prevenirea si combaterea efectelor pandemiei de COVID-19 publicata pe 14 mai 2020 in Monitorul Oficial („Legea 55/2020”), care contine la randul sau o serie de reglementari importante in ceea ce priveste Legea nr. 85/2014 privind procedurile de prevenire a insolvenței și de insolvență (”Legea insolventei”).