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    Financial Restructuring Tools to Continue to be Used by Creditors and Debtors
    2021-07-16

    Recent development

    With a presidential decision numbered 4299 and dated 14 July 2021, the effectiveness of Temporary Article 32 of the Banking Law regulating the financial restructuring transactions and related incentives and tax exemptions contemplated under the Framework Agreement has been extended for an additional two years. Please refer to the following links for our alerts on the introduction of Temporary Article 32 and the Framework Agreement:

    What’s new?

    Filed under:
    Turkey, Banking, Insolvency & Restructuring, Baker McKenzie
    Location:
    Turkey
    Firm:
    Esin Attorney Partnership
    Australia's new insolvency regimes for small business
    2021-04-14

    In brief On 1 January 2021, the Federal Government's post-COVID small business restructuring reform package1 came into effect.

    Filed under:
    Australia, Capital Markets, Insolvency & Restructuring, Litigation, Baker McKenzie, Coronavirus, Corporations Act 2001 (Australia), Small Business Administration (USA)
    Location:
    Australia
    Firm:
    Baker McKenzie
    Ukraine: COVID-19 - Changes in the bankruptcy procedure
    2020-11-27

    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:

    Filed under:
    Ukraine, Insolvency & Restructuring, Baker McKenzie, Coronavirus
    Location:
    Ukraine
    Firm:
    Baker McKenzie
    The long and winding road: The evolving interface between winding-up petitions and arbitration agreements in Hong Kong
    2020-08-20
    1. 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.

    Filed under:
    Global, Hong Kong, Arbitration & ADR, Insolvency & Restructuring, Litigation, Baker McKenzie, Coronavirus
    Location:
    Global, Hong Kong
    Firm:
    Baker McKenzie
    Mexico: COVID-19 - Decree initiative to add Fifteenth Title "Emergency Insolvency Regime" to the Insolvency and Bankruptcy Law (Ley de Concursos Mercantiles)
    2020-05-07

    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:

    Filed under:
    Mexico, Insolvency & Restructuring, Baker McKenzie, Force majeure, Coronavirus
    Location:
    Mexico
    Firm:
    Baker McKenzie
    OFAC Extends Expiration Date of General License Related to Nynas AB as Part of Proposed Restructuring
    2020-04-05

    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”).

    Filed under:
    USA, Insolvency & Restructuring, Trade & Customs, Baker McKenzie
    Location:
    USA
    Firm:
    Baker McKenzie
    Middle East Insights
    2020-02-10

    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.

    Filed under:
    United Arab Emirates, Insolvency & Restructuring, Litigation, Baker McKenzie, Debtor, Liquidation
    Authors:
    Habib Al Mulla , Mazen Boustany , Amir Mohd Yousuf Al Khaja , Ali Dakhlallah
    Location:
    United Arab Emirates
    Firm:
    Baker McKenzie
    To Restructure or Not To Restructure?
    2019-07-10

    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.

    Filed under:
    Turkey, Insolvency & Restructuring, Baker McKenzie, Debtor
    Authors:
    Muhsin Keskin
    Location:
    Turkey
    Firm:
    Baker McKenzie
    New World Guidelines for Enforcing Insolvency-Related Judgments
    2019-02-08

    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.

    Filed under:
    Global, Insolvency & Restructuring, Litigation, Baker McKenzie, UNCITRAL
    Authors:
    Andi Y. Kadir
    Location:
    Global
    Firm:
    Baker McKenzie
    United States: Buyer Beware! Buyer’s Good Faith Finding Reversed Due to Buyer’s Failure to Disclose Third Party’s Competing Interest in Purchased Assets
    2022-04-11

    Introduction

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Baker McKenzie, Due diligence
    Authors:
    Frank Grese , Reginald Sainvil
    Location:
    USA
    Firm:
    Baker McKenzie

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