On 17 October 2020 the coronavirus amendments1 came into effect after being signed by the President of Ukraine. The amendments temporarily change the Code on Bankruptcy Proceedings to protect Ukrainian businesses and mitigate the impact of the COVID-19 pandemic.
With effect from 17 October 2020, throughout the quarantine period and 90 days thereafter, the following changes will apply to the bankruptcy process:
On 17 October 2020 the coronavirus amendments1 came into effect after being signed by the President of Ukraine. The amendments temporarily change the Code on Bankruptcy Proceedings to protect Ukrainian businesses and mitigate the impact of the COVID-19 pandemic.
With effect from 17 October 2020, throughout the quarantine period and 90 days thereafter, the following changes will apply to the bankruptcy process:
Pre-packed administration sales, or pre-packs, remain a useful tool in the tool box for quickly and discreetly achieving a rescue of a business. However, that must always be balanced with the need to protect the veracity of the restructuring process and thereby the interests of creditors. In response to criticism of pre-packs, and a recent review of existing industry measures, the Insolvency Service has proposed draft regulations (the Administration (Restrictions on Disposal etc.
Scottish landlords enjoy a preferential right of security known as “landlord’s hypothec” in respect of any unpaid rent arrears due in the event that their tenants enters administration or liquidation. The landlord's right of hypothec is unique to Scots Law and is not available to landlords in respect of properties south of the border. For reasons we will go on to discuss, the current legal framework on landlord’s hypothec is not particularly well developed and is widely criticised as being unsatisfactory.
In several recent judgments in cases centring on complex commercial and regulatory disputes, the High Court has grappled with a number of important aspects of legal professional privilege under English law. Certain of these decisions, and their implications for parties to such disputes, are highlighted below.
Litigation privilege: sole or dominant purpose
October Bankruptcy Developments
In a victory for minority noteholders opposing an out-of-court restructuring of their distressed issuer, New York's highest court ruled last week that a holder's right to receive or sue for payment on its notes survived an exercise of statutory remedies by the trustee, conducted at the direction of a noteholder majority, that would have cancelled the holder's notes without its consent and replaced them with equity securities.
1. Background and Overview
As described in our Client Alert "The new German business stabilization and restructuring regime ("German Scheme")" dated 12 October 2020, the German Federal Ministry of Justice and Consumer Protection had presented a draft bill (the "Original Bill") to introduce a new business stabilization and restructuring framework - the new "German Scheme" - into German law.
COVID-19 and real estate: Germany’s economic situation and the legal framework from a real estate and restructuring perspective.
In the wake of the global financial crisis in 2007-08, distressed real estate yielded generous returns to investors that managed to pick the right cherries at the right times.