Un informe de la Comisión Europea, del 3 de diciembre de 2019, analiza en los marcos legales sobre insolvencia e impago de deudas de los diferentes Estados miembros y, en concreto, los distintos sistemas de ejecución –tanto individual como colectiva– y su efectividad para recuperar los créditos de dudoso cobro (NPLs).
Jurisdiction to hear a case related to a temporary layoff procedure due to force majeure caused by COVID-19 lies with labor courts not the insolvency judge
Decision by León Commercial Court, April 1, 2020
In this study dated on December 3, 2019 the European Commission analyzes the legal frameworks on insolvency and defaults in the various member states; specifically, the various individual and collective loan enforcement systems –and their effectiveness for recovering non-performing loans (NPLs).
The COVID-19 (Temporary Measures) Act (the Act) will have a considerable impact on the enforcement of certain contracts and commercial disputes in Singapore for the next 6 to 12 months. The Act was passed by the Singapore Parliament, and commenced on the same day, 7 April 2020.
The key measures of the Act are:
The Act is meant to give temporary relief to financially distressed individuals, firms and businesses who are facing challenges imposed by COVID-19 but who are otherwise viable and profitable.
It is unsurprising that many of the Act’s sections expressly refer to the relevant provisions of the personal and corporate insolvency legislation applicable in Singapore. In this regard, it is noteworthy that the Act refers expressly to the Insolvency, Restructuring and Dissolution Act (“IRDA”). This warrants some explanation.
The COVID-19 pandemic has placed immense strain across the whole of the economy and raises the issue of how company directors should balance their obligations to shareholders and creditors while ensuring that they protect themselves from any personal liability.
Companies and their directors in the following sectors of the economy face difficult decisions:
The Ministry of Law in Singapore has announced that it will introduce a bill to the Parliament next week to offer temporary relief to businesses and individuals who are unable to fulfil their contractual obligations because of the COVID- 19 pandemic.
The proposed bill includes:
On September 10, 2019, Madrid Commercial Court number 6 delivered a decision arguing that it was necessary to examine whether the prior notice under article 5 bis of the Insolvency Law stemmed from steps taken to prepare or perform serious and effective negotiations.
El Tribunal Supremo dictó el pasado 2 de julio una sentencia pionera en la que se abordan los requisitos para conseguir la liberación de deudas a través del mecanismo de la llamada segunda oportunidad. En nuestro ordenamiento se conoce a la segunda oportunidad como beneficio de exoneración del pasivo insatisfecho (BEPI) y es una herramienta que pueden utilizar las personas físicas (empresarios, autónomos o consumidores fuertemente endeudados) para liberarse de sus deudas, que les serán condonadas, permitiéndoles emprender nuevos proyectos.
Final provision number three of the Trade Secrets Law, in force since March 13, 2019, authorized the government to approve a revised wording of the Insolvency Law within eight months. Under that authorization, on March 22 the Ministries of Justice and of Economy and Enterprise submitted a bill for the Revised Insolvency Law.