In life (as in business), as Heraclitus said, “the only constant is change.” In today’s fast-paced economy, this axiom should be kept in mind during contract negotiations, especially in a bear market.
Après plus de deux années mouvementées marquées par une pandémie, des conflits géopolitiques mondiaux, un ralentissement économique majeur suivi d’une succession record de rebonds des marchés financiers publics et privés, le milieu des affaires a dû adapter sa gestion du risque, et ce, à maintes reprises à travers ces situations exceptionnelles. Dans ce contexte, les entreprises font et feront face à des défis de taille.
After more than two turbulent years of a pandemic, global geopolitical conflicts, a serious economic downturn followed by a series of record rebounds in public and private financial markets, the business community has had to adapt its risk management repeatedly through these exceptional situations. In this context, companies face and will continue to face major challenges.
It is axiomatic – at least as a prima facie proposition – that insolvency is only concerned about assets which belong to the insolvent when the insolvency commences (or, as it is often said when a concursus creditorum is established on the commencement of insolvency). South African insolvency law respects property rights which have accrued under our law prior to the commencement of insolvency proceedings, including security interests such as mortgages, liens and cessions.
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On July 15, 2022, Italy’s Code of Business Crisis and Insolvency (CCII or Crisis Code) took effect, following three previous measures: (i) Legislative Decree 14/2019, (ii) the “corrective” Legislative Decree 147/2020, and (iii) Legislative Decree 83/2022 implementing European Directive 2019/1023 (although some minimal parts of the Crisis Code are already in effect).
The South African economy has been significantly impacted by the Covid-19 pandemic. It is estimated that during the 2021 financial year alone, approximately four hundred companies were placed in business rescue. But what is business rescue and why is it relevant to small business owners and entrepreneurs in South Africa?
In a hearing yesterday, 6 April 2022, the High Court considered an application of the directors of VTB Capital PLC (VTB UK) for the appointment of Teneo Financial Advisory Limited as administrators.
In what Mr Justice Fancourt described as “an unusual case in all sorts of ways”, the English High Court was faced with a number of questions relating to how the UK’s insolvency regime can interact with the sanctions packages introduced in response to Russia’s invasion of Ukraine.