Not for the first time in the current pandemic crisis, the UK government has found itself playing catch up with other countries. Over the weekend the UK followed the lead of governments in Germany and Australia by announcing plans to introduce a temporary relaxation of the existing wrongful trading regime for company directors. It has also taken the opportunity to revive the previous government's plans to add to the existing UK insolvency law "toolkit" by introducing a new debtor-friendly restructuring law.
Wrongful trading
What needs to be cured on the legal and tax fronts: A proposal for a financial restructuring and NPL reform
1 Available at: https://www.tcmb.gov.tr/wps/wcm/connect/TR/TCMB +TR/Main+Menu/Istatistikler/Odemeler+Dengesi+ve+ Ilgili+Istatistikler/Ozel+Sektorun+Yurtdisindan+Sagla digi+Kredi+Borcu/Veri+%28Tablolar%29/
2 Available at: https://www.bddk.org.tr/ContentBddk/dokuman/duyur u_0730_01.pdf
In a prior blog post, “Making Sense of The Circuit Split on the Enforcement of Make-Whole Provisions in Bankruptcy,” we discussed the circuit split on the enforcement of a make-whole premium triggered by a bankruptcy petition. Shortly after that post was published, the U.S.
Yeni Gelişme
Türkiye Büyük Millet Meclisi, konkordato sürecinin suiistimal edildiğine ilişkin gelen tepkileri göz önünde bulundurarak, İcra ve İflas Kanunu'ndaki konkordato hükümlerinde değişiklikler öngören kanun teklifini yasalaştırmıştır. Değişiklikler 19 Aralık 2018 tarihinde Resmi Gazete’de yayımlanarak yürürlüğe girmiştir. Ancak görülmekte olan konkordato talepleri hakkında önceki hükümler uygulanmaya devam edecektir.
Kabul Edilen Değişiklikler
Önemli değişiklikler aşağıda özetlenmiştir.
In brief
New development
The Justice Commission of the Parliament accepted the Bill on Amendments to the Enforcement and Bankruptcy Code and Other Codes (“Bill“), also known as the Fifth Judicial Package. In line with the enactment of the accepted Bill, discussions began at the General Assembly of the Grand National Assembly of Turkey on Tuesday. With the Bill, significant changes are envisaged regarding the Enforcement and Bankruptcy Code to reduce workload and increase efficiency in enforcement and bankruptcy processes.
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Against the backdrop of the COVID-19 pandemic and soon-to-be-rescinded government support schemes, local principal Emmanuel Chua and associate Shriram Jayakumar at Baker & McKenzie Wong & Leow in Singapore discuss three key trends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
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:
In brief
The following measures introduced as a COVID-19 response are now to be extended: