Pursuant to the amendment published in the Official Gazette dated 10 December 2025, No. 33103, the wording “1/1/2026” in Temporary Article 1 of the Communiqué on the Procedures and Principles Regarding the Implementation of Article 376 of the Turkish Commercial Code (the “Communiqué”) has been replaced with “1/1/2027”, and the amendment entered into force on the date of its publication.
In Nordic Power Partners P/S & Ors v Rio Alto Energia, Empreendimentos E Participacoes LTDA & Ors [2025] EWHC 2875 (Comm), the Commercial Court reconfirmed its willingness to grant interim relief to an energy investor in the context of international projects (here related to Brazil). Specifically, this decision provides an interesting insight into steps that can be taken to prevent funds being received by a party that may soon become insolvent (which risks creditors being left without a satisfactory remedy once a dispute is resolved).
On 3 December 2025, the Official Gazette published Law no. 202/2025 that amends and supplements Law no. 213/2015 on the Insureds Guarantee Fund (FGA) and Law no. 85/2014 on insolvency prevention and insolvency proceedings.
These amendments significantly recalibrate the institutional design, financing toolkit, and cross-border coordination of Romania’s insurance guarantee scheme, with particular emphasis on the handling of motor third party liability (MTPL) insurance claims and alignment with the EU framework introduced by Directive 2021/2118.
Der IDW S 16 ist da! Wie Unternehmen bestandsgefährdende Entwicklungen früher erkennen und Haftungsrisiken vermeiden – jetzt sind Frühwarnsysteme Pflicht.
In a sudden and stunning collapse, FTX, the world’s second largest cryptocurrency exchange, run by 30-year-old Sam Bankman-Fried along with more than 130 entities affiliated with FTX, filed for Chapter 11 bankruptcy protection in Delaware on Friday.[1] Separately, the Securities Commission of the Bahamas appointed a Bahamas-based provisional liquidator for the controlling FTX entity and froze its assets along with
On Aug. 30, 2021, in a significant decision that paves the way for additional substantial recoveries for the victims of Bernard L. Madoff’s Ponzi scheme, the Second Circuit Court of Appeals preserved the ability of Irving H. Picard, SIPA Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS), to pursue $3.75 billion of stolen customer property currently in the hands of participants in the global financial markets.
On January 12, 2021, the Department of Justice (the “DOJ”) settled its first civil action for alleged fraud against the Paycheck Protection Program (the “PPP”) – the primary lending program under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act for small businesses negatively impacted by the COVID-19 pandemic.
Over the past four years, midstream firms have struggled to adapt their long-standing practices and adjust their long-held expectations, which were fundamentally disrupted by the outcome of the landmark bankruptcy case, In re Sabine Oil & Gas. Midstream providers have since developed and relied on certain mechanisms and carefully drafted contract language in order to bind upstream companies and their successors in interest to obligations and restrictions contained of midstream agreements.
The impact of COVID-19 is being felt at all levels of the economy and will work its way through bankruptcy courts for years to come. In these early days, many creditors who are themselves suffering are providing assistance to troubled companies. Suppliers and commercial landlords are agreeing to various forms of relief, including modified credit terms and rent relief to allow customers to bridge this period of unprecedented disruption. While these corporate good Samaritans are providing immediate aid they may be subjecting themselves to the risk of future losses.
The economic fallout from the COVID-19 pandemic will leave in its wake a significant increase in commercial chapter 11 filings. Many of these cases will feature extensive litigation involving breach of contract claims, business interruption insurance disputes, and common law causes of action based on novel interpretations of long-standing legal doctrines such as force majeure.