On 7 December 2022, the EU Commission issued a proposal for a Directive harmonising certain aspects of insolvency law. In this article, we focus on insolvency avoidance rights from a Slovak law perspective and the impact of the Proposed Directive.

Only a year ago, Slovakia transposed EU Directive 2019/2023 on preventive restructuring frameworks with an intention to reform insolvency proceedings and make them more effective.

Large-scale privatisation in Ukraine took a hit as a result of the COVID-19 pandemic and was temporarily suspended in March 2020 as a quarantine measure. On 4 February 2021, the draft law No. 4543, which unblocks the ability to hold large-scale privatisation auctions, passed the first reading in the Ukrainian parliament.

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 May 2020 three years have passed[1] since Ukraine received the last funding of nearly USD 1 billion from the International Monetary Fund (the “IMF”). The funding that the IMF allocated to Ukraine was nearly four times larger than previous funding.

Introduction

Regarding M&A deal activity in emerging Europe, 2019 seems to have been a year of mixed sentiments. While both the overall value and volume of M&A deals in the region were down year-on-year, many M&A professionals claim anecdotally that it was a more buoyant year than the previous one. There are also predictions that investment activity in emerging Europe will increase even further in the next 12 months. 

With two decisions (No. 1895/2018 and No. 1896/2018), both filed on 25 January 2018, the Court of Cassation reached opposite conclusions in the two different situations

The case

The Constitutional Court (6 December 2017) confirmed that Art. 147, para. 5, of the Italian Bankruptcy Law does not violate the Constitution as long as it is interpreted in a broad sense

The case

With the decision No. 1195 of 18 January 2018, the Court of Cassation ruled on the powers of the extraordinary commissioner to require performance of pending contracts and on the treatment of the relevant claims of the suppliers

The case

The Court of Cassation with a decision of 25 September 2017, No. 22274 confirms that Art. 74 of the Italian Bankruptcy Law provides a special rule, which does not apply to cases to which it is not explicitly extended

The case