On 14 February 2017, the president of the Czech Republic signed a comprehensive amendment to the Czech Insolvency Act which will enter into force on 1 July 2017, and will significantly affect a vast number of insolvency institutions.  

The purpose of the amendment is to lessen the administrative burden on the courts, protect against unjustified 'frivolous' insolvency petitions (literal Czech translation is bullying petitions), enhance the transparency of insolvency proceedings and regulate the advisors providing services in the area of debt relief. 

The new Amendment on the Czech Insolvency Act (the “Amendment”) will enter into force on 1 July 2017.

The Amendment introduces a “liquidity gap” test, which will be used when a debtor (entrepreneur) needs to determine whether it is considered insolvent or not. The liquidity gap is the difference between a debtor’s due debts and its readily available funds. A debtor will only be considered insolvent if the liquidity gap is higher than 10% of its overdue debts.

(Usnesení Nejvyššího soudu ČR sp. zn. 29 NSCR 31/2013, ze dne 30. dubna 2015)

Dovolatel se obrátil na Nejvyšší soud s otázkou, zda nájemné získané v průběhu insolvenčního řízení z pronájmu zastavených nemovitostí náleží zajištěnému věřiteli.

(Beschluss des Obersten Gerichts der Tschechischen Repub-lik, Az. 29 NSCR 31/2013, vom 30. April 2015)

Der Revisionsführer hat das Oberste Gericht mit der Frage angerufen, ob der im Verlauf des Insolvenzverfahrens eingenommene Mietzins aus der Vermietung verpfändeter Immo- bilien dem gesicherten Gläubiger obliegt.

(Czech Supreme Court Resolution No. 29 NSCR 31/2013 of30th  April 2015)

The applicant for an appellate review turned to the Supreme Court with the question of whether a secured creditor is entitled to rent obtained during insolvency proceedings from the leasing of mortgaged real estate.

Following huge trading losses and the discovery of alleged fraud in a Singaporean subsidiary, O.W. Bunker & Trading A.S. filed for bankruptcy on 7 November 2014in the Danish court, just seven months after the company floated on the stock market.  Since then, a number of other O.W. Bunker Danish and overseas entities have also filed for bankruptcy.

Egypt has finally passed The Security Over Movables Law in November 2015 which introduced a regime similar to fixed and floating charges as applicable under the UK law. The Executive Regulation (ER) of the Law was passed in December 2016. Taking into consideration novelty of the legislation, it has yet to be implemented on the ground and results to be evaluated. However, the main provisions of the Law can be discussed and outlined.

On 17 July 2014, the regulation creating the European Account Preservation Order ("EAPO") came into force. This regulation will serve as an alternative to domestic remedies and relates to the freezing of bank accounts across participating EU Member States. The EAPO Regulation will be applicable from 18 January 2017.  It will automatically apply to all Member States except the UK and Denmark which have opted out of the EAPO; therefore, it will not apply to assets located in those countries.

What's New?

– Gesetzes zur Verbesserung der Rechtssicherheit bei Anfechtungen nach der Insolvenzordnung und nach dem Anfechtungsgesetz –

In cosa consistono le misure di moratoria previste per le PMI dal decreto “cura Italia”?

Il Decreto “cura Italia” prevede che le micro e le PMI che hanno sofferto crisi di liquidità a causa dell’epidemia da Covid-19 possano: