In brief
As of 19 October 2020, the changes to the Bankruptcy Code of Ukraine became effective.
What’s new
From 17 October 2020, and for the quarantine period, the following changes are introduced in the bankruptcy procedure:
- Introduction
Under Hong Kong law, a company shall be deemed to be unable to pay its debts if a creditor, to whom the company is indebted of at least HKD 10,000 (around USD 1,290), has served on the company a demand requiring the company to pay and the company has not done so within three weeks.
In brief
On 28 April 2020, it was presented before the Chamber of Senators an initiative of reform to the Insolvency and Bankruptcy Law that pretends to add an emergency insolvency proceeding. Such proceeding foresees that companies that are financially affected by an emergency (such as the COVID-19 pandemic, for example) can request and be subject to an automatic declaration of insolvency.
Among the main proposals of additions, there is the creation of a new insolvency proceeding with the following characteristics:
On April 3, 2020, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) re-issued and extended General License No. 13E (“GL 13E”) to continue the validity period for transactions concerning Nynas AB and its subsidiaries (“Nynas”) that otherwise would be prohibited under Executive Order 13850 or Executive Order 13884 given Nynas’s 50% indirect ownership by Petróleos de Venezuela S.A. (“PdVSA”).
The UAE has pioneered a new insolvency regime for individuals or natural persons with the issuance of the stand-alone Insolvency Law No. 19 of 2019 (Insolvency Law), which has come to effect as of 30 November 2019.
The Insolvency Law is intended to provide sufficient protections to natural or civil persons who are facing financial distress and are unable to settle their debts, unlike the UAE Bankruptcy Law which regulates commercial companies and individuals considered as traders under the Commercial Transactions Code.
The concept of "financial restructuring" was introduced in Turkey following the country's currency crisis in the summer of 2018. Financial restructuring, defined as revising a debtor's financial structure and redetermining its financial strategy, became the major agenda of Turkish financial institutions. Regulators intervened immediately and began working to form the legal infrastructure for restructuring.
Recent developments
UNCITRAL recently published its Model Law on Recognition and Enforcement of Insolvency Related Judgments ("MLREIJ"), with a recommendation that nations adopt it into their legislation. MLREIJ is the first model law that specifically provides a framework for recognition and enforcement of insolvency related judgments for nations that adopt it. The adoption of this model law might make cross-border insolvencies more predictable, complete and efficient.
Introduction
Yeni Gelişme
4299 sayılı ve 14 Temmuz 2021 tarihli Cumhurbaşkanlığı kararı ile Çerçeve Anlaşmalar kapsamında gerçekleştirilen finansal yeniden yapılandırma işlemlerini ve bu işlemler için tanınan teşvikler ve vergi muafiyetlerini düzenleyen Bankacılık Kanunu’nun geçici 32. maddesinin geçerlilik süresi iki yıl daha uzatıldı. Geçici 32. Madde ve Çerçeve Anlaşma’ya ilişkin bültenlerimize aşağıdaki bağlantılardan ulaşabilirsiniz:
Değişiklik Ne Getiriyor?
In brief
The State Court of Appeals of São Paulo has recently decided that creditors cannot try to collect from the guarantors of a company that is under judicial reorganization. Until then, that court understood that guarantees could not be reduced or released based on the filing of judicial reorganization lawsuits, unless the creditor who held the guarantee expressly agreed.