Enacted March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) places short-term obligations and restrictions on lenders and servicers of federally backed loans. As part of these limitations due to Coronavirus Disease 2019 (COVID-19), lenders and servicers are temporarily subject to moratoriums on foreclosures, mandatory forbearance obligations, and revised credit reporting obligations.

Un emprunteur qui, sans en avoir le droit, ne paierait pas l'échéance d'un crédit entre le 12 mars 2020 et l'expiration d'un délai d'un mois à compter de la date de cessation de l'état d'urgence sanitaire (lui-même censé durer deux mois à compter du 24 mars 2020 sauf report), pourrait arguer que la clause d'exigibilité anticipée du crédit et la clause d'intérêts de retard (une clause pénale) ne pourront produire leurs effets qu'à compter de l'expiration de cette période en application de l'ordonnance n° 2020-306 du 25 mars 2020 prise en application de la loi d'urgence n° 2020-290 du 23 mars

The COVID-19 crisis is already showing signs of pushing the UK economy into recession, has undoubtedly impacted the M&A market in the UK and increased the likelihood of businesses entering into insolvency proceedings. However, history tells us that shocks to the market do give rise to opportunities it's a question of knowing where they are and being prepared.

During the Global Financial Crisis, borrowers who needed to refinance their maturing debts faced difficulty. Lenders had neither the appetite nor the ability to lend, save in limited circumstances. The income generated by commercial real estate assets often did not change, however.

A borrower who, without having the right to do so, would not pay a credit instalment due between 12 March 2020 and one month after the end of the state of health emergency (which is supposed to last two months as from 24 March 2020 but could be extended), could argue that the loan documents' acceleration clause and default interest clause (a liquidated damage clause) shall only take effect after that period pursuant to Ordinance No. 2020-306 of 25 March 2020, adopted further to the "emergency" Law No. 2020-290 of 23 March 2020.

A borrower who, without having the right to do so, would not pay a credit instalment due between 12 March 2020 and one month after the end of the state of health emergency (which is supposed to last two months as from 24 March 2020 but could be extended), could argue that the loan documents' acceleration clause and default interest clause (a liquidated damage clause) shall only take effect after that period pursuant to Ordinance No. 2020-306 of 25 March 2020, adopted further to the "emergency" Law No. 2020-290 of 23 March 2020.

The Government continues to develop its response to the COVID-19 pandemic. In this Insight we examine the weekend's announcement from the Business Secretary that provides some welcome good news for directors.

On 28 March, UK Business Secretary Alok Sharma announced that the rules relating to ‘wrongful trading’ will be suspended on account of the issues that Coronavirus Disease 2019 (COVID-19) presents.

Both the COVID-19 pandemic and the measures taken by governments have led to unprecedented legal questions that require immediate attention and solutions. These are challenging times. We have therefore prepared the following overview of some of the pertinent legal questions and the answers to consider, in the hope they provide useful preliminary guidance.

On 23 March 2020, the German Federal Cabinet adopted further urgent measures to mitigate the economic consequences of the COVID-19 pandemic. The package of measures includes an emergency aid programme for micro-enterprises, self-employed persons and freelancers of up to EUR 50 billion and an economic stabilisation fund of EUR 600 billion as well as a Law to mitigate the consequences of the COVID-19 pandemic in civil law, insolvency law and criminal proceedings.