Earlier today, the Dutch House of Representatives (de Tweede Kamer) has voted in favour of the draft bill on “court sanctioning private composition to avoid bankruptcy” (de Wet homologatie onderhands akkoord ter voorkoming van faillissement, the WHOA), together with certain amendments.
This is great news: the WHOA is an effective restructuring tool that is likely to become widely used both in local and cross border restructurings. Especially in light of COVID-19, this is a welcome extra tool for enterprises in distress to avoid bankruptcy.
The restructuring & insolvency Q&A series provides a comprehensive overview of some of the key points of law and practice of the regulatory environment in Luxembourg. Today's chapter focuses on security.
What principal forms of security interest are taken over assets in your jurisdiction?
For immovable property, mortgages are generally the most common form of security taken in Luxembourg and may be granted in a legal, judicial or contractual manner. For a contractual mortgage to be validly constituted, it must:
The UK Government has finally set out details of the proposed measures to temporarily restrict the use of statutory demands and winding up petitions during the worst of the COIVD-19 pandemic
The restructuring & insolvency Q&A series provides a comprehensive overview of some of the key points of law and practice of the regulatory environment in Luxembourg. Today's chapter focuses on the legal framework.
What domestic legislation governs restructuring and insolvency matters in your jurisdiction?
The Covid-19 pandemic has had a devastating impact on the South African economy with several enterprises struggling to remain profitable. Their continued operation remains threatened by the imposition of trade restrictions pursuant to the national lockdown and South Africa’s subsequent economic downgrade to junk status.
The statutory moratorium imposed by Royal Decree n° 15 to protect debtors affected by the coronavirus (COVID-19) crisis from their creditors is extended by decision of the Belgian federal government from 17 May 2020 to (and including) 17 June 2020.
The statutory moratorium imposes a stay on creditors’ right to enforce debts, terminate or dissolve existing agreements early and initiate bankruptcy proceedings and forced transfer of assets under judicial reorganisation.
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 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: