On 31 October 2023, Federal Law No. 51 of 2023 Promulgating the Financial and Bankruptcy Law (the Bankruptcy Law) was published in the United Arab Emirates (UAE) Official Gazette, repealing the prior federal law on bankruptcy (Federal Law No. 9 of 2016, the Prior Law) and significantly developing the bankruptcy regime in the UAE.

On 1 January 2021, an Amendment to the Czech Act on Business Corporations came into effect, which introduced changes in the area of corporate governance. These include changes to the liability of statutory body members in case of corporate insolvency, and changes to the conditions for disqualification of statutory body members from the performance of their office or from serving as shadow directors.

Liability of statutory body members in the event of corporate insolvency

On 31 March 2020, the Czech government approved ‘Lex COVID-19’, a new act (and an amendment of the Insolvency Act and Enforcement Code) that should help mitigate certain effects caused by the COVID-19 epidemic, especially in relation to different proceedings (e.g. civil, administrative, criminal, insolvency and enforcement) and the corporate lives of legal entities.

Lex COVID-19 will now be debated in the Chamber of Deputies ahead of final approval.