COVID-19 and government measures to fight it may significantly affect M&A transactions
The Federal Ministry of Justice and Consumer Protection (BMJV) is currently finalizing the law to mitigate the consequences of the COVID-19 pandemic in civil, insolvency, and criminal proceedings with extraordinary commitment. It shall be adopted less than two weeks after the beginning of the extensive restrictions on public life and the economy in Germany due to the COVID-19 pandemic.
A central element of the law is to facilitate the raising of debt capital in order to support companies in the current situation. For this purpose:
Understanding bankruptcy laws in the UAE and DIFC in the context of COVID-19-related financial pressures.
Mit außerordentlichem Engagement treibt das Bundesministerium für Justiz und Verbraucherschutz (BMJV) aktuell das Gesetz zur Abmilderung der Folgen der COVID-19-Pandemie im Zivil-, Insolvenz- und Strafverfahrensrecht voran. Weniger als zwei Wochen nach Beginn der weitreichenden Einschränkungen des öffentlichen Lebens und auch der Wirtschaft in Deutschland aufgrund der COVID-19-Pandemie soll es nun verabschiedet werden.
The Federal Ministry of Justice and Consumer Protection (BMJV) now implements, with great commitment and unprecedented speed, what it has generally announced on 16 March 2020 (see also The four pillar protective governmental shield for Germany):
The Federal Ministry of Justice and Consumer Protection (BMJV) now implements, with great commitment and unprecedented speed, what it has generally announced on 16 March 2020:
Das Bundesministerium für Justiz und Verbraucherschutz (BMJV) lässt nun mit enormem Einsatz und mit wohl einmaliger Geschwindigkeit seiner vom 16. März 2020 Akündigung Taten folgen (siehe auch: Vier Säulen Schutzschild für Deutschland):
Noch in dieser Woche sollen
The German government announced that it will expand the KfW financing programme.
Representatives of a lender on a board will not automatically impose directors' duties on the lender, but they may apply where a director's specific instructions have led directly to a breach of fiduciary duty. The High Court recently explored this issue in an appeal in the case of Standish v Royal Bank of Scotland plc.(1)
Facts
In this chapter of our Annual Insurance Review 2020, we look at the main developments in 2019 and expected issues in 2020 for restructuring and insolvency.
Key developments in 2019
In one of the leading insurance insolvency and restructuring cases of 2019, Ballantyne Re, plc (Ballantyne) used an Irish scheme of arrangement to restructure its reinsurance obligations and outstanding indebtedness (the Scheme).