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