All insolvency proceedings (bankruptcy, and compulsory settlement) and court-sponsored financial restructurings (preventivna prestrukturiranja) in Slovenia are on hold until the recall of the COVID-19 epidemic (proceedings are currently expected to be on hold until 1 July 2020) (the "Recall"). During this time courts will not conduct the above-mentioned proceedings and no procedural and material deadlines will run.
Barely any region, sector or business remains unaffected by the exponentially growing pandemic. Stock market values, and thus also valuations for private companies, are plummeting due to the existing uncertainties.
Against this background, the question arises of how to deal with signed share or asset purchase agreements, if closing is still imminent. From the buyer's point of view, a valuation from the time before the COVID 19 crisis may now appear very expensive. The pandemic may trigger not only contractual provisions but also various legal remedies.
This week the Slovenian Government sent a new law - the first big anti-corona law package - the Intervention Measures to Mitigate the Effects of the coronavirus (COVID-19) Infectious Disease Epidemic on Citizens and the Economy Act into the legislative procedure.
On Monday, 16th March 2020, the Federal Act on provisional measures to prevent the dissemination of COVID-19 (COVID-19-Measures Act) came into effect in Austria.
Introduction
On August 29, 2019, the majority of the Alberta Court of Appeal held in Canada v. Canada North Group Inc., 2019 ABCA 314 (Canada North) that priming charges granted in a Companies’ Creditors Arrangement Act (CCAA) Initial Order can have priority over the Crown’s deemed trust for unremitted source deductions. [1]
Introduction
On 7 December 2018, Serbian Parliament passed yet another Act on Amendments of Bankruptcy Law that will be applicable as of 1 January 2019.
These changes make the third change of the Bankruptcy Law in less then a year.
In 2012, the Ontario Ministry of the Environment issued a clean-up order against 13 former directors of Northstar Aerospace Canada. Northstar was bankrupt and the directors had to pay millions because the company’s D&O policy excluded pollution. A recent article by Greg Meckbach in Canadian Underwriter examines the effect that order has had on the commercial insurance industry in Canada.
The Ministry of Commerce issued a Communiqué on 15 September 2018 ("Communiqué") setting out the principles and procedures pertaining to the application of Article 376 of the Turkish Commercial Code ("TCC"). In brief, Article 376 regulates the measures to be adopted by joint stock companies and limited liability companies (for the purposes of this article, each a "company") in cases of loss of capital or insolvency.
Introduction
Law No 7101 on Amendments to the Enforcement and Bankruptcy Law and Other Laws (“Law No 7101”) has been published in the Official Gazette dated 15 March 2018. Law No 7101 i) abolishes the postponement of bankruptcy procedures, ii) introduces a new composition procedure for insolvent companies and iii) improves secured creditors’ rights in bankruptcy.
Lifting of Postponement of Bankruptcy