On 17 October 2020, Ukraine enacted changes to the Code on Bankruptcy Procedures in order to protect businesses from the negative financial impact of COVID-19.

These changes provide businesses with additional time to recover from financial difficulties and protection from immediate legal action by creditors.

Upon passage of the amendments, creditors are prohibited from opening court proceedings for claims (matured after 12 March 2020) on the bankruptcy of legal entities and individual entrepreneurs.

In a significant decision for the insurance industry, the Federal Court of Australia has granted leave to shareholders to bring a direct action against a company’s insurers where the (insured) company was in liquidation. This is one of the earliest cases to make use of the new Civil Liability (Third Party Claims Against Insurers) Act 2017 (NSW) (Third Party Claim Act), and provides some useful guidance for the industry on how this new legislation will be applied.

The decision impacts plaintiff lawyers, policyholders and insurers alike. Importantly: