Overview
This advisory outlines the various options available to landlords after service of a statutory demand on a tenant and the tenant does not pay the debt. It also summarises the general processes, costs, advantages and disadvantages of each option. These options include:
The Commodity Futures Trading Commission proposed its first comprehensive overhaul of its bankruptcy rules since 1983. The recommended new rules do not substantively change anything but codify many CFTC interpretations and views developed over 40 years and refresh references to means of communication and recordkeeping practices to reflect current norms.
At the Commodity Futures Trading Commission (CFTC) open meeting on April 14, the CFTC unanimously approved proposed amendments to Part 190 of its rules governing bankruptcy proceedings of commodity brokers, including futures commission merchants (FCMs) and derivatives clearing organizations (DCOs). The proposed amendments are intended to comprehensively update Part 190 to reflect current market practices. Among other revisions, the proposed amendments to Part 190 would:
Background
In the 2018 Autumn Budget, the Chancellor announced his intention to reintroduce Crown Preference with effect from 6 April 2020. Due to the attempts to prorogue Parliament and the General Election last year, the necessary legislation was not passed. However, it has now been introduced in the Finance Bill 2020, with the later start date of 1 December 2020.
Cash flow and current and future liquidity are now real concerns for many businesses during this COVID-19 pandemic. Increasingly, the attention of directors and the wider economic ecosystem is turning to consider the issues of approaching insolvency and the duties of directors.
In line with the current approach of the UK Government to support businesses, on Saturday, 28 March, the Business Secretary, Alok Sharma, announced that UK wrongful trading insolvency laws are to temporarily change to help give businesses and directors some "breathing space".
Yeni Gelişme
Koronavirüs (COVID-19) salgın hastalığının Türkiye'de yayılmasını önlemek amacıyla hükümet tarafından alınan tedbirler kapsamında Cumhurbaşkanı tarafından İcra ve İflas Kanunu'nun ("İİK") "Fevkalade Hallerde Tatil" başlıklı 330. maddesinde kendisine verilen yetkiye dayanarak verilen "İcra ve İflas Takiplerinin Durdurulması Hakkında Karar", 22.3.2020 tarihinde yürürlüğe konmuştur.
Karar Ne Diyor?
1. Nature of process
Chapter 11 used to effect operational restructuring, deleverage balance sheet, and/or commence asset sale of the business as a going concern
Insolvency Act process primarily used to effect a pre-packaged sale of the business or assets effected by administrators (i.e. external qualified appointees).
I. DEFINITIONS
"Banking Law" means the Banking Law of Turkey No. 5411.
"BRSA" means the Banking Regulatory and Supervisory Authority of Turkey.
"Creditors" means Turkish banks, financial leasing companies, factoring companies and financing companies and Foreign Credit Institutions and International Organizations.
Recent Development
The Financial Restructuring Framework Agreement ("PreviousFA") drafted by the Banks Association of Turkey was revised to be divided into two separate framework agreements for large scale (the "Large Scale FA") and small-scale (the "Small Scale FA") debtors.
What's New?