On 30 January 2020, the World Health Organization declared that the coronavirus outbreak constituted a public health emergency of international concern. The PRC and Hong Kong have been at the forefront of the coronavirus outbreak.

In most civil litigation, a party typically has no right to an appeal until the entire case is fully and finally decided as to all parties. The United States Supreme Court recently made clear, however, that bankruptcy litigation is different than most civil litigation when it unanimously held that a bankruptcy court’s order denying relief from the automatic stay is a final appealable order. SeeRitzen Group, Inc. v. Jackson Masonry, LLC, ___U.S.___, 205 L.Ed.2d 419, 422 (2020).

The UAE has pioneered a new insolvency regime for individuals or natural persons with the issuance of the stand-alone Insolvency Law No. 19 of 2019 (Insolvency Law), which has come to effect as of 30 November 2019.

The Insolvency Law is intended to provide sufficient protections to natural or civil persons who are facing financial distress and are unable to settle their debts, unlike the UAE Bankruptcy Law which regulates commercial companies and individuals considered as traders under the Commercial Transactions Code.

The UAE has pioneered a new insolvency regime for individuals or natural persons with the issuance of the stand-alone Insolvency Law No. 19 of 2019 (Insolvency Law), which has come to effect as of 30 November 2019.

The Insolvency Law is intended to provide sufficient protections to natural or civil persons who are facing financial distress and are unable to settle their debts, unlike the UAE Bankruptcy Law which regulates commercial companies and individuals considered as traders under the Commercial Transactions Code.

In re Markus, 607 B.R. 379 (Bankr. S.D.N.Y. 2019) [click for opinion]  

To date, EU-wide insolvency legislation has focused on resolving conflicts of laws issues between Member States. Now that the Preventive Restructuring Framework Directive (the "Directive")¹ has successfully navigated its way through the Council and European Parliament (albeit with some significant amendments to the original text), all of that is set to change.

The global economy is growing at about 3% a year. This is roughly equal to the average growth rate for the last 50 years. However, growth predictions are ticking slightly downwards, mainly due to concerns around trade. And there are still high levels of government and corporate debt arising from the financial crisis and subsequent period of low interest rates. Nowhere is this better illustrated than China, which is forecast to overtake the US as the world's largest economy as early as this year, on some measures.

Yeni Gelişme  

Türkiye Bankalar Birliği, hazırladığı Finansal Yeniden Yapılandırma Çerçeve Anlaşması'nı ("Önceki Çerçeve Anlaşma") büyük ölçekli ("Büyük Ölçekli Çerçeve Anlaşma") ve küçük ölçekli ("Küçük Ölçekli Çerçeve Anlaşma") borçlular için iki farklı çerçeve sözleşme olacak şekilde bölmek üzere değişiklik yaptı.

Değişiklik ne getiriyor?

On October 10, 2019, the United States Bankruptcy Court for the Southern District of Ohio (OHSB) entered General Order 30-2 implementing Complex Chapter 11 procedures. Under General Order 30-2, a case is eligible to be a complex case if (1) it is filed under Chapter 11 of the Code; (2) it is not filed by an individual debtor, as a single asset real estate case, or as a small business case as defined in § 101(51C) of the Code; and (3) the debt of the debtor or the aggregate debt of all affiliated debtors is at least $10 million or it involves a debtor with publicly traded debt or equity.

In recent years, it has become common practice in large chapter 11 cases for debtors to include language in their proposed chapter 11 plan which purports to release certain nondebtors from the claims of third parties. Although some third parties may consent to the release—such as by voting in favor of the plan or otherwise electing to do so during the plan solicitation process—circumstances frequently arise in which the debtors seek approval from the bankruptcy court to release nondebtors from third parties’ claims without the consent of the third parties.