Editorial | Restructuring Directive  

Am 16.06.2021 wurde von der Bundesregierung der Entwurf der neuen Restrukturierungsordnung (ReO), mit der die RL (EU) 2019/1023 (RestrukturierungsRL) umgesetzt wird, beschlossen (siehe hier).

The amendment to the Business Corporations Act effective from 1 January of this year (the "Amendment") brings, among other things, a significant change in the liability of members of a statutory body, which will affect the current topic of insolvency.

Members of a statutory body may now be liable in the event of insolvency for a much wider range of misconduct than was the case until the end of 2020. And not only them. The Amendment explicitly widens the range of persons to whom the new liability rules will apply.

Before embarking on any litigation, or continuing any litigation that is on foot at the time of the liquidator's appointment, a liquidator should carefully weigh up the benefits and risks of pursuing a particular course of action.

A liquidator can be exposed personally in litigation. We discuss the risks to a liquidator associated with litigation by examining some recent cases where liquidators have been ordered to pay costs personally. We provide guidance on ways to mitigate this risk.

Balancing risk – weighing up competing priorities

Externally-administered companies will have 24 months to comply with financial reporting and AGM obligations, if ASIC's proposal goes ahead.

ASIC relief defers obligations to lodge financial reports and hold annual general meetings for companies in external administration by 6 months. Companies in liquidation (other than AFS licensees) do not have to comply with financial reporting or AGM obligations at all.

Editorial | CEE

Am 23.02.2021 wurde der lang erwartete Entwurf der Restrukturierungsordnung veröffentlicht. Mit dem Entwurf soll die Richtlinie (EU) 2019/1023 (RestrukturierungsRL) in Österreich umgesetzt werden.

Der Entwurf in 5 Fragen

Warum?

Erleichterung der Sanierung durch Möglichkeit einer gerichtlich bestätigten Mehrheitsentscheidung der Gläubiger.

Wer?

1.1 Corona Relief Fund (for more details check out our legal insight)

Status as of 17/02

Table of Content

• 1 Financial Support Measures
• 2 Capital Markets
• 3 Employment
• 4 Real Estate & Construction
• 5 Tax & Duties
• 6 Corporate, M&A
• 7 EU & Competition
• 8 Courts and Authorities
• 9 Healthcare
• 10 Insolvency & Restructuring
• 11 Insurance
• 12 Intellectual Property
• 13 Telecom & Data Protection
• 14 Other

1 Financial Support Measures

Companies post-restructuring are not subject to the rules protecting creditors of insolvent companies in section 588FL of the Corporations Act 2001.