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    Pandemic-related fraud - are directors being held to account?
    2022-05-12

    Government-backed loan schemes implemented to assist ailing businesses during the pandemic have been subject to widespread abuse. An estimated £4.9bn of the £47bn invested in business support loans during the life of the pandemic is thought have been lost to fraud and up to £17bn may never be repaid. In response to concerns about potential abuse of limited company liability, new legislation received Royal Assent on 15 December 2021 - The Rating (Coronavirus) and Directors Disqualification (Dissolved Companies) Act 2021 (the Act).

    Filed under:
    United Kingdom, Banking, Company & Commercial, Insolvency & Restructuring, White Collar Crime, Stevens & Bolton LLP, Coronavirus, HM Treasury (UK)
    Authors:
    Tim Carter , Lucy Trott
    Location:
    United Kingdom
    Firm:
    Stevens & Bolton LLP
    Debts of Ukrainian businesses to foreign banks may need restructuring
    2022-05-11

    Military aggression of the russian federation against Ukraine has significantly influenced operation of various businesses in Ukraine. Some of them are put on hold because of danger for employees and disruption of supply chains; some factories are physically damaged and cannot continue their production in full or in part. As a result, a lot of Ukrainian enterprises may fail to fulfill their contractual obligations, including repayment of debts to national and foreign financial institutions.

    Filed under:
    Ukraine, Banking, Insolvency & Restructuring, GOLAW, Supply chain, Force majeure
    Authors:
    Viktoriia Bublichenko
    Location:
    Ukraine
    Firm:
    GOLAW
    UK and European Restructuring Tools: Choosing the Optimal Forum for Creditor and Shareholder Cramdown
    2022-05-11

    Debtors and investors have an enhanced choice of restructuring venues as the EU Restructuring Directive is rolled out in Member States

    Filed under:
    European Union, Germany, United Kingdom, Banking, Insolvency & Restructuring, Latham & Watkins LLP
    Location:
    European Union, Germany, United Kingdom
    Firm:
    Latham & Watkins LLP
    Recent legal developments in the liquidation of Sberbank Hungary
    2022-05-06

    The Hungarian government issued a decree that amends certain provisions of the bank's liquidation proceedings. The decree entered into force on 15 April 2022 and affects the solvent liquidation of Sberbank Hungary, a subsidiary of Sberbank Europe AG, the Hungarian member of the Russian Sberbank group.

    Filed under:
    Hungary, Banking, Insolvency & Restructuring, Litigation, Schoenherr, Coronavirus
    Authors:
    Gergely Szalóki
    Location:
    Hungary
    Firm:
    Schoenherr
    A CMS Guide to Restructuring & Insolvency in Crypto
    2022-04-29

    Cryptoassets are in the spotlight for many reasons. The use of cryptocurrencies as an alternative to fiat currencies is being explored and tested further by global events. Their correlation with traditional stores of value is being tested in volatile markets. Their status as both a potential means of avoiding sanctions and as a possible means of funding charitable and humanitarian causes is being demonstrated and discussed.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, CMS Cameron McKenna Nabarro Olswang LLP, Blockchain, Bitcoin, Cryptocurrency, Initial coin offering, Anti-money laundering, Non-fungible tokens
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Are Private Student Loans Dischargeable in Bankruptcy Court? An In-Depth Examination of Each Sub-Section of Section 523 (a)(8) of the Bankruptcy Code—Part I
    2022-05-03

    In the United States, student loans have exceeded $1.6 trillion, making student loans a central focus amongst Chapter 7 and 13 debtors. Student loans facilitated or guaranteed by the U.S. government or a non-profit institution are non-dischargeable in bankruptcy court, pursuant to Section 523 (a)(8) of the Bankruptcy Code. A non-dischargeable debt means that the debtor must still repay the debt even after successful Chapter 13 or 7 bankruptcy.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Gupta Evans and Ayres, Internal Revenue Service (USA), Internal Revenue Code (USA)
    Authors:
    Dylan Contreras
    Location:
    USA
    Firm:
    Gupta Evans and Ayres
    Are Private Student Loans Dischargeable in Bankruptcy Court? An In-Depth Examination of Each Sub-Section of Section 523 (a)(8) of the Bankruptcy Code—Part III
    2022-05-03

    This is a three-part article that explores whether private student loans are excepted from discharge under Section 523 (a)(8) of the Bankruptcy Code. Section 523 (a)(8) includes three categories of non-dischargeable student loan debt. Part I of the blog article discussed Section 523 (a)(8)(A)(i) and can be accessed here.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Gupta Evans and Ayres, Internal Revenue Service (USA), Internal Revenue Code (USA)
    Authors:
    Dylan Contreras
    Location:
    USA
    Firm:
    Gupta Evans and Ayres
    Are Private Student Loans Dischargeable in Bankruptcy Court? An In-Depth Examination of Each Sub-Section of Section 523 (a)(8) of the Bankruptcy Code—Part II
    2022-05-03

    This is a three-part article that explores whether private student loans are excepted from discharge under Section 523 (a)(8) of the Bankruptcy Code. Section 523 (a)(8) includes three categories of non-dischargeable student loan debt. Part I of the blog article discussed Section 523 (a)(8)(A)(i) and can be accessed here.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Gupta Evans and Ayres, Ninth Circuit
    Authors:
    Dylan Contreras
    Location:
    USA
    Firm:
    Gupta Evans and Ayres
    中小企業版私的整理ガイドラインの概要
    2022-04-28

    コロナ禍において、債務残高が増加し、債務の過剰感を感じる企業も増える中、2021 年 6 月 に政府の「成長戦略実行計画」が閣議決定され、同計画で、事業再構築・事業再生の環境整 備のため、中小企業の実態を踏まえた事業再生のための私的整理等のガイドラインの策定を検 討することが示されました。これを受け、「中小企業の事業再生等に関する研究会」が発足し、 同研究会より、2022 年 3 月 4 日に「中小企業の事業再生等に関するガイドライン」(以下「本ガ イドライン」)が公表されました。その後、実務上留意すべきポイントをまとめた Q&A も公表され、 2022 年 4 月 15 日から本ガイドラインの適用が開始されています。

    本ニュースレターでは、本ガイドラインが定める中小企業向けの新たな準則型私的整理手続 の概要について、再生型私的整理手続を中心にご説明します。

    Filed under:
    Japan, Banking, Insolvency & Restructuring, Anderson Mōri & Tomotsune
    Location:
    Japan
    Firm:
    Anderson Mōri & Tomotsune
    Scale of bounce back loans fraud revealed
    2022-04-27

    In a damning indictment of the government's handling of the bounce back loan scheme, the Times are reporting that up to £17bn of the £47bn spent by the government on bounce back loans will never be paid back. Of the irrecoverable sums, around £4.9bn is suspected to have been lost to fraud.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, White Collar Crime, Stevens & Bolton LLP, Coronavirus
    Authors:
    Lucy Trott
    Location:
    United Kingdom
    Firm:
    Stevens & Bolton LLP

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