Colombian State of Emergency
The president of Colombia decreed a State of Emergency on the national territory due to the recent COVID-19 outbreak. He has issued a series of measures to contain its effects on public health and the economy. This chapter will be updated on a daily basis, including the principal measures issued by the national government.
In this type of market environment, one or more of the following scenarios may apply:
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.
Recent Developments
The Law on the Amendment to the Income Tax Law and Certain Laws (the "Omnibus Bill") entered into force upon its publication on the Official Gazette No. 30836 dated July 19, 2019. The Omnibus Bill includes provisions for financial restructuring and tax related matters.
What’s New?
Financial Restructuring
Recent Development
The Banking Regulation and Supervision Agency added a provisional article on consumer loan restructuring to the Regulation on Banks' Loan Transactions and the Regulation on Establishment and Activities of Financial Leasing, Factoring and Financing Companies. Pursuant to the provisional article, consumer loans whose principal and/or interest payments became overdue before February 10, 2019 can be restructured to a maximum of sixty months at the borrower's request.
In a recent decision Industrial Alliance Insurance and Financial Services Inc. v Wedgemount Power Limited Partnership 2018 BCSC 970, the British Columbia Superior Court confirmed that:
In brief
Snapshot on the status of implementation of the EU Restructuring Directive in selected Member States and the new English scheme
Introduction
In brief
Against the backdrop of the COVID-19 pandemic and soon-to-be-rescinded government support schemes, local principal Emmanuel Chua and associate Shriram Jayakumar at Baker & McKenzie Wong & Leow in Singapore discuss three key trends to look for in the “new normal.”
Contents
In brief
In brief
The Federal Court has ordered that an insolvency professional be appointed to act as a referee and to decide questions of insolvency in relation to a series of alleged unfair preferences, rather than have the judge undertake that task.
Contents