The Italian Government has enacted Law Decree no. 23/2020, which was published in the Official Journal on April 8, 2020 and entered into force starting from April 9, 2020 (the "Decree"), introducing various new measures aimed, inter alia, at supporting companies affected financially by COVID-19 outbreak and shutdown in Italy. This newsflash outlines the measures rescheduling the entry into force of the Insolvency law regime and relaxing certain corporate law requirements, and looks at which companies will be eligible to take advantage of the new provisions.
The COVID-19 (Temporary Measures) Act (the Act) will have a considerable impact on the enforcement of certain contracts and commercial disputes in Singapore for the next 6 to 12 months. The Act was passed by the Singapore Parliament, and commenced on the same day, 7 April 2020.
The key measures of the Act are:
The Act is meant to give temporary relief to financially distressed individuals, firms and businesses who are facing challenges imposed by COVID-19 but who are otherwise viable and profitable.
It is unsurprising that many of the Act’s sections expressly refer to the relevant provisions of the personal and corporate insolvency legislation applicable in Singapore. In this regard, it is noteworthy that the Act refers expressly to the Insolvency, Restructuring and Dissolution Act (“IRDA”). This warrants some explanation.
Whilst no further action has, as yet, been taken to implement the foreshadowed changes to insolvency law in England and Wales (see our comments on the same), the Business and Property Courts of England and Wales ("BPC") have moved quickly to release a temporary Practice Direction on insolvency proceedings ("TIPD").
Hogan Lovells Publications | 07 April 2020
Introduction of financial measures in support of businesses facing the Covid-19 crisis
Faced with the impact of the Covid-19 health crisis on the local and European economy, the President of the French Republic and the government announced several emergency measures in order to support businesses in difficulty.
Die enormen wirtschaftlichen Auswirkungen der weltweiten COVID-19-Pandemie haben die deutsche Wirtschaft massiv getroffen. Für viele Branchen hat sich das Geschäftsklima erheblich verschlechtert.
As the prevalence of COVID-19 continues to grow worldwide, together with the resulting social and business restrictions, the inevitable fallout will be a failure to achieve business plans and an increase in business insolvencies.
The UK Chancellor, Rishi Sunak, stated whilst unveiling recent plans for a £330bn economic boost in light of the pandemic, “this is an economic emergency. Never in peacetime have we faced an economic fight like this one".
COVID-19 (Temporary Measures) Bill to offer respite for businesses and individuals struggling to fulfil contractual obligations or facing bankruptcy/insolvency as a result of the COVID-19 outbreak.
With the impact of COVID-19 rapidly being felt by businesses, 2020 is likely to see a number of Australian insureds face insolvency. While this presents a number of challenges for (re)insurers in the Australian market, there are steps that (re)insurers can take to manage the situation and their exposures.
The huge economic impact of the worldwide COVID-19 pandemic has long since reached the German economy. For many industries, the business climate has deteriorated massively. Stores remain closed, supply chains are affected, customer numbers have significantly dropped and businesses have to impose reduced work hours (Kurzarbeit) or forced leave to reduce costs.