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.
As part of its second stimulus package in response to the developing novel coronavirus pandemic announced on 22 March 2020, the Australian Government has extended a lifeline to individuals and businesses facing financial distress by way of temporary changes to the laws of insolvency. There are four key features of the changes.
1. Temporary changes to creditor's statutory demands laws
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.
With the rampant spread of COVID-19 worldwide, there are increasing concerns as to the financial impact of the outbreak. With forced business closures a potential reality, it seems inevitable that the Australian economy is on its way to a recession.
It is therefore critical that directors of companies are fully aware of the extent of their duties and understand what they must do to comply.
On 4 February 2020, the Federal Court of Australia considered the circumstances in which it might be said that a provisional liquidator of a company ought not be appointed as the official liquidator because of an alleged "reasonable apprehension of bias". The issue was ventilated before the Court in the matter of Frisken (as receiver of Avant Garde Investments Pty Ltd v Cheema [2020] FCA 98.
Appointing a provisional liquidator