COVID-19 Government Intervention Schemes

COVID-19

Government Intervention Schemes

Current as of 21 May 2021

Government Intervention Schemes

COVID-19 Government Intervention Schemes 2

Countries around the globe are facing unprecedented and rapid change due to the COVID-19 pandemic. This guide provides a summary of key government interventions around the globe in relation to: EU State Aid Approvals (for EMEA region), foreign investment restrictions, debt, equity and taxation.

Filed under:
Canada, China, European Union, Hungary, United Kingdom, USA, Agriculture, Banking, Capital Markets, Corporate Finance/M&A, Employment & Labor, Energy & Natural Resources, Environment & Climate Change, Insolvency & Restructuring, Litigation, Media & Entertainment, Tax, Baker McKenzie, Libor, Private equity, Venture capital, Supply chain, Telemedicine, Fourth Amendment, State aid, Force majeure, Cybersecurity, Coronavirus, Personal protective equipment, Paycheck Protection Program, CARES Act 2020 (USA), US Securities and Exchange Commission, European Commission, HM Revenue and Customs (UK), Small Business Administration (USA), Committee on Foreign Investment in the United States, EFTA, Bank of England
Location:
Canada, China, European Union, Hungary, United Kingdom, USA
Firm:
Baker McKenzie
Hungary introduces restructuring procedure to save companies from liquidation

Objective

The new preventive restructuring procedure aims to deal with companies in financial difficulty before serious problems arise. The measures focus on preventing the insolvency of businesses to preserve their viability.

Main characteristics

Filed under:
Insolvency & Restructuring, Taylor Wessing
Location:
Hungary
Firm:
Taylor Wessing
COVID-19 insolvency emergency measures in Hungary

Although no insolvency law-specific regulatory changes have been introduced in Hungary due to COVID-19, the Hungarian Government has adopted numerous extraordinary measures that may have a profound effect on how companies deal with solvency and liquidity related problems under the new circumstances.

Firstly, although the bankruptcy procedure is to be initiated by the management of the company, the prior approval of the main body of the company (ie the shareholders) is required. Due to the curfew currently in effect, in-person shareholders’ meetings are mostly prohibited.

Filed under:
Hungary, Insolvency & Restructuring, Taylor Wessing, Board of directors, Coronavirus
Authors:
Torsten Braner
Location:
Hungary
Firm:
Taylor Wessing
Compliance with EU Insolvency Regulation

Following the EU Insolvency Regulation Nr. 2015/848 (the “Regulation”) coming into force, the Hungarian legislator has accordingly amended the Hungarian Insolvency Code (the “Code”) with effect from 28 October 2017.

Filed under:
Hungary, Insolvency & Restructuring, Taylor Wessing
Authors:
Torsten Braner
Location:
Hungary
Firm:
Taylor Wessing