The Spanish Government has just approved relevant changes to the Spanish Insolvency Act in view of the current situation in Spain pursuant to the COVID-19 outbreak.
The new Royal Decree 16/2020, of 28 April
Before Royal Decree 16/2020, of 28 April ("RD 16/2020"), was approved, certain temporary changes had already been introduced as a matter of urgency to Spanish Act 22/2003, of 9 July (the "Spanish Insolvency Act"), by Royal Decree 8/2020, of 17 March ("RD 8/2020").
The effects of the COVID-19 outbreak leave many Belgian enterprises in financial distress, or even, for some of them, at risk of insolvency. In order to help these enterprises navigate the crisis and prevent them from going bankrupt, the Belgian Government implemented a moratorium on insolvency and enforcement proceedings.
Beneficiaries
Any enterprise (e.g. any legal person) whose continuity is threatened due to the COVID-19 outbreak and which was not in cessation of payments on 18 March 2020 may benefit from this moratorium.
Op 17 april 2020 heeft de Hoge Raad een belangrijk tussenarrest gewezen inzake het pre-pack faillissement van Heiploeg. Uit dit arrest blijkt dat de Hoge Raad van oordeel is dat de regels van Overgang van Onderneming (hieronder nader uiteengezet) niet van toepassing zijn bij een doorstart na faillissement.
Belgium has already taken numerous measures to mitigate the economic impact of the coronavirus (COVID-19). The federal government has now also decided temporarily to protect debtors affected by the coronavirus crisis from creditors by imposing a stay on creditors’ right of creditors to enforce debts, terminate or dissolve existing agreements early and initiate bankruptcy proceedings.
The banking regulation Q&A series provides a comprehensive overview of the rules governing the banking sector in Luxembourg. Today's chapter focuses on recovery, resolution and liquidation.
What options are available where banks are failing in your jurisdiction?
The Russian Government has introduced a moratorium on the filing of insolvency claims (the "moratorium")1 from 6 April through 6 October 2020. This will have important legal consequences both for the persons covered by it ("protected debtors") and for those with whom they do business. The moratorium imposes restrictions on transactions made by protected debtors.
On 20 March 2020, the Chancellor of the Exchequer announced the UK Government would be launching multiple financial support schemes. The schemes are designed to provide financial assistance to British businesses affected by the COVID-19 pandemic and associated lockdown. Financial schemes will be supplemented by further measures aimed at supporting business continuity, including a job retention scheme and temporarily relaxing the UK’s insolvency regime.
COVID-19 Corporate Financing Facility (“CCFF”)
About a year ago, I completed the most exhausting marathon of my life serving as the chief lawyer during the cross-border restructuring and chapter 11 of Waypoint Leasing, an Ireland-based helicopter leasing company. I joined Waypoint Leasing shortly after it started operations in the newly formed helicopter leasing industry. After the first few years of meteoric growth, the collapse in oil & gas prices hit the helicopter industry hard. We soon found ourselves dealing with bankrupt customers and eventually reached the brink of financial distress ourselves.
The Indonesian Supreme Court has provided guidance on the availability of the key restructuring process in Indonesia – the examination process of a suspension of payment or restructuring (Penundaan Kewajiban Pembayaran Utang or PKPU). The guidance comes amidst a challenging economic climate and limits the remedies available to secured creditors by preventing secured creditors from initiating a PKPU.
PKPU as a Restructuring Channel
As the outbreak of COVID-19 continues to develop, unprecedented issues are affecting the private equity industry. We have identified certain challenges both on a fund and portfolio company level, and measures that will be implemented by the Dutch government that can help you and your portfolio companies to survive the COVID-19 crisis.
Would you like to view the most important topics, measures and tips we have selected and our dedicated private equity team? Read the pdf-file below.