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.
1. What is distressed M&A?
Introduction
Het zijn rare tijden. Thuiswerken is de norm geworden. Geen potjes tafeltennis met collega’s, geen gespreken bij het koffieapparaat en een virtuele kennissessie of virtuele vrijdagmiddagborrel is het toch net niet. Gelukkig zijn er ook dingen die wel hetzelfde zijn gebleven: de bestuurdersaansprakelijkheidsupdates van Ploum bij aanvang van een nieuw kwartaal.
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.
Protecting your business from exposure to supplier and customer insolvency
The risk of unforeseen counterparty customer or supplier financial distress and failure amidst the on-going challenges for businesses from COVID-19 means that pre-emptive legal and operational protections against the risk of heavy financial loss or business disruption from customer/supplier failure are more valuable than ever.