During this second wave of COVID, new lock-down measures have been taken. Belgium has already provided for numerous measures to mitigate the economic impact of the coronavirus (COVID-19). In addition, the Belgian authorities have again adopted a statutory moratorium imposing a stay on creditors’ right to enforce debts, terminate existing agreements early and initiate bankruptcy proceedings.
Part 1: termination rights
The Corporate Insolvency and Governance Act 2020 (CIGA 2020) introduces important changes to the operation of cross-border insolvency regulations and impacts more broadly on the potential remedies available in the maritime sector to recover debts. In this two-part series, we consider first CIGA 2020, the Cross-Border Insolvency Regulations 2006 (CBIR) and termination rights, and in the second part, we review CIGA 2020, liens and set-off claims.
Has COVID-19 encouraged you to reconsider your outsourcing needs? If so, it might be time to quarantine your outsourcing agreements and give them a health check. Below we have tracked-and-traced a list of considerations to help you to isolate any potential areas in those agreements that may need sanitising.
NOVEMBER 2020 Corona: directors’ duties and restructuring options in the BeNeLuCh Corona: directors’ duties and restructuring options in the BeNeLuCh I Introduction The rapid spread of the coronavirus (COVID-19) pandemic is leading to far-reaching health and safety measures all around the world. For people at home, but also for businesses, this creates a situation of great uncertainty. Certain governments have taken (extensive) measures to help businesses and its employees.
The Swiss Insurance Oversight Act has been subject to a partial revision in order to bring the protection of insurance customers in line with international developments and to improve the competitiveness of the Swiss insurance sector. The new provisions include a new insolvency restructuring regime, a customer categorisation making supervisory requirements proportional to the protection required by customers as well as new rules of conduct applicable to insurance undertakings and intermediaries.
WHOA Dutch scheme of arrangement LAW & TAX I Introduction 1. This memorandum describes the bill on court sanctioning private composition to avoid bankruptcy (de Wet homologatie onderhands akkoord ter voorkoming van faillissement, the WHOA or the Dutch Scheme). The WHOA introduces the possibility in the Netherlands for companies to offer a composition to its creditors outside an insolvency proceeding.1 The WHOA will enter into force on 1 January 2021. II The WHOA II.1 Offering a composition: by whom? 2.
As part of the legislative changes brought about by the Finance Act 2020, the Treasury drafted the Insolvency Act 1986 (HMRC Debts: Priority on Insolvency) Regulations 2020 (the Regulations) and laid these before parliament on 14 September 2020. View a copy of the regulations.
Op 26 mei 2020 heeft de Tweede Kamer het wetsvoorstel Wet Homologatie Onderhands Akkoord (WHOA) aangenomen. Als de Eerste Kamer dit voorstel eveneens goedkeurt, is de WHOA een feit en kunnen huurder-schuldenaars die in financiële nood verkeren onder voorwaarden wijzigingen laten aanbrengen in lopende huurovereenkomsten, of deze zelfs geheel doen eindigen. De verwachting is dat de WHOA op 1 januari 2021 in werking zal treden.
The Corporate Insolvency and Governance Act 2020 (the Act) received royal assent on 25 June 2020 and is now in force.
The Corporate Insolvency and Governance Act 2020 (the Act) received royal assent on 25 June 2020 and is now in force, bringing with it significant changes to the insolvency world and the operation of the construction industry.
The current COVID-19 pandemic has placed many companies registered in England and Wales into a position where they are now either balance sheet or cash flow insolvency or both. The loss of these companies to the economy would be catastrophic and, as a result, the UK Government started the Bill’s passage through parliament on 3 June 2020.