Réforme de droit de l'insolvabilité

On l’attendait depuis bientôt deux mois, voire plus : le 21 mars 2021, une loi réformant partiellement et temporairement le droit de l’insolvabilité a été votée.

Cette loi intervient presque deux mois après la fin du moratoire général sur les faillites en place depuis le 28 octobre 2020 et qui prenait fin le 31 janvier dernier.

1. Pourquoi cette intervention législative était nécessaire

The economic impact of the COVID-19 pandemic led to a wave of creditor schemes of arrangement ("schemes") and restructuring plans ("RPs") in the second half of 2020, which shows no sign of abating in 2021. For the uninitiated, the scheme (a long-established tool) and the newer RP process are court led UK restructuring options that a company can use to bind a minority of creditors into a restructuring. An RP can also be used to "cram down" an entire dissenting creditor class into a deal where certain conditions are met.

HEADLINES

• In March 2020, credit insurer Euler Hermes forecast a 43% increase in insolvencies in the UK in 2021, as well as a 26% uptick in France and 12% in Germany
• By December 2020, ratings agency S&P was forecasting European defaults rising to as much as 8% by the end of 2021

There have been fewer European insolvencies and restructurings than anticipated during the COVID-19 pandemic, but distressed deal activity may accelerate as soon as economies are finally able to reopen.

High yield bond and leveraged loan issuance for restructurings across the United States and Western and Southern Europe has climbed 65% year-on-year, up from US$29.1 billion for the first nine months of 2019 to US$48 billion over the same period this year.

Algemeen wordt aangenomen dat dit najaar een gevaarlijke fase wordt voor vele ondernemingen. Naar de reden daarvoor hoeven we niet ver te zoeken alhoewel het misschien een beetje te gemakkelijk is alle schuld in de schoenen van Corona te steken. Het is in alle geval al lang geen schande meer om te moeten toegeven dat het soms moeilijk is om alle leveranciers te betalen.

On entend de manière générale que cet automne sera une période dangereuse pour de nombreuses entreprises. Et il n'est évidemment pas nécessaire de chercher bien loin pour en connaître la raison, bien que la situation économique difficile actuelle ne trouve pas sa cause unique dans la crise subie suite au Coronavirus. En tout cas, il n’y a rien d’honteux à admettre que l’on peut avoir du mal à payer tous ses fournisseurs.

It is generally accepted that the last quarter of 2020 will be a risky period for many businesses. The reason for this is not far-fetched, although it is maybe a little too easy to put all the blame on Corona. In any case, it is no longer a disgrace to have to admit problems to pay all suppliers.

During lockdown period, many companies were still able to survive with the special government coronacrisis measures. But now, as these measures are being systematically phased out, risk of bankruptcy has increased.

Het retentierecht dat reeds lang aanvaard wordt als een handig middel om alsnog betaald te worden, kreeg pas in 2018 een wettelijke basis met de nieuwe Pandwet. Onlangs kreeg het retentierecht nog een een steuntje bij van het Hof van Cassatie. 

1. Waar gaat het over?

Het retentierecht is een handig middel voor schuldeisers die niet betaald worden en in het bezit zijn van een goed van hun schuldenaar.

On 24 April 2020, Royal Decree No 15 has been published which temporarily protects companies against conservatory and enforcement attachment and bankruptcy (and judicial dissolution) and the dissolution of agreements due to non-payment.

This does not affect the obligation to pay due debts.

This temporary suspension of legal actions that may lead to insolvency applies from 24 April 2020 to 17 May 2020 for all enterprises whose continuity is threatened by the corona crisis, provided that they were not already in default on 18 March 2020.

The authorities have taken several measures to support businesses and employment, under the pressure of the corona crisis. Measures in relation to tax and social security, temporary unemployment and state financial support were taken. An agreement with the financial sector to grant payment facilities was reached, as well.