Status as of 16/09       

Table of Content

WHAT DUTY?

WHAT DOES IT MEAN?

WHEN DOES IT APPLY?

Maintenance of solvency Management of business risks

Client Alert

On May 7, 2020, New York Gov. Andrew Cuomo enacted Executive Order No. 202.28, which extended and expanded — but in some cases narrowed — the temporary suspension of several New York state laws due to the COVID-19 crisis. The Executive Order impacts many industries and individuals in New York state, including both commercial and residential landlords and tenants.

Gerade in aktuellen Krisenzeiten stellt sich für viele Unternehmer die Frage, wie sie ihr Unternehmen bestmöglich sanieren können, um so das Fortbestehen des Unternehmens zu sichern. Dafür stehen in der Praxis eine Vielzahl an rechtlichen Sanierungsinstrumenten zur Verfügung.

The SBA’s Rules Exclude Bankruptcy Debtors From Relief Under the Paycheck Protection Program

The SBA’s Rules Exclude Bankruptcy Debtors from Relief Under the Paycheck Protection Program

The coronavirus pandemic has made life complicated for almost all businesses, especially from the financial point of view. Businesses thus face an increased risk of bankruptcy and subsequent insolvency proceedings.

To help with this challenging situation, an amendment to the Insolvency Act as part of the "Lex Covid" was adopted. Lex Covid became effective on 24 April 2020.

Initiation of insolvency proceedings

Creditor's right to file an insolvency petition

Authors:Hugh M.

Introduction

On 23 April 2020 the Croatian Government adopted a Proposal for an Act on Intervention Measures in Enforcement and Insolvency Proceedings During Special Circumstances (the "Draft Intervention Act"). The Draft Intervention Act states that its purpose is to alleviate the position of citizens subject to the enforcement proceedings, to help companies which may be facing bankruptcy during the special circumstances, as well as to help the recipients of national and/or EU grants and recipients of the governmental aid due during the special circumstances.

Pursuant to the Federal Credit Union Act, the National Credit Union Administration issued a temporary final rule on April 21, easing regulatory requirements to assist federal credit unions (“FCUs”) and federally insured credit unions (“FICUs”) during the coronavirus (“COVID-19”) pandemic. The rule makes the following key changes that will be effective through December 31, 2020: