EXECUTIVE SUMMARY

EXECUTIVE SUMMARY

IP-Rechte unterliegen teilweise anderen Spielregeln als die übrigen Vermögenswerte eines Unternehmens. Gerade in wirtschaftlich schwierigen Zeiten ist wichtig, hier den Überblick zu behalten. Dies gilt in besonderem Maß, wenn IP-Rechte Gegenstand von Lizenzen sind und einer der beiden Vertragspartner insolvent wird.

Last year saw a wave of insolvency-related legislation introduced which was largely in response to the ongoing coronavirus pandemic but which also saw permanent reforms which have, and will continue to have, an impact on the logistics industry as well as supply-chains generally.

The UK government has extended its suspension of various rules and procedures affecting distressed businesses as a result of the coronavirus (COVID-19) pandemic. However, with the UK lockdown easing on a rolling basis up to 21 June 2021, these may be the last of the blanket extensions across all of these areas. Expect the gradual reintroduction of some of the rules and procedures from 1 July onwards.

The Extensions to the End of June 2021

On March 27, 2021, President Biden signed into law the COVID-19 Bankruptcy Relief Extension Act (the Extension Act). The Extension Act temporarily extends certain COVID-19 bankruptcy relief provisions enacted as part of the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), which were further amended and/or extended as part of the Consolidated Appropriations Act (the CAA). Certain of the amendments included in the CAA and the Extension Act are highlighted below:

Debtors and Paycheck Protection Program Loans

Commercial aviation has been one of the sectors most heavily impacted by COVID-19, but thanks to the strong controlling measures to weather the impact of the pandemic, the People’s Republic of China (the “PRC”) has been a market in which some form of aviation recovery is happening. Unfortunately, the recovery has not come soon enough for the Chinese conglomerate HNA.

On 1 March 2021, Brazos Electric Power Cooperative, Inc. (“Brazos”) commenced a chapter 11 bankruptcy case in the United States Bankruptcy Court for the Southern District of Texas. Brazos is a Texas-based non-profit electric cooperative corporation that provides wholesale electricity to its members, which, in turn, provide retail electricity to Texas consumers.

In spring 2020, the Czech Republic, like the rest of the world, was severely affected by the coronavirus pandemic. The spread of COVID-19 outbreaks led to drastic shutdowns and reduced operations in almost all sectors of the economy. The loss of income and suspension of payments threatened to lead to the insolvency of thousands of businesses. So in spring 2020 the Czech Parliament approved temporary statutory measures to prevent the collapse of the business sector due to formal insolvency proceedings (the so-called Lex COVID).

The long-anticipated wave of civil enforcement actions involving participants in the Paycheck Protection Program (PPP) has begun.