Conducting Business in Ukraine 2017 All of the information included in this document is for informational purposes only, and may not reflect the most current legal developments, judgments, or settlements. This information is not offered as legal or any other advice on any particular matter.
On 7 April 2017, the President of the Republic of Azerbaijan signed a decree (the Decree) approving significant amendments to the Law On Banks dated 16 January 2004 (the Amendments) and relating to local banks experiencing financial difficulties.
Financial Rehabilitation
In 2016, the Ukrainian parliament passed the Law on Financial Restructuring (the "Financial Restructuring Law") with the aim of creating a workable procedure for voluntarily restructuring debt obligations of Ukrainian borrowers. Technically, the Financial Restructuring Law became effective on 19 October 2016 but did not become operational because the required bodies envisaged in the Financial Restructuring Law were not in place.
Ever since the Companies Act, 2008 came into force, the courts have been inundated with cases pertaining to the interplay between the moratorium established by business rescue, the creditors’ claims and the effect of the business rescue plan.
The Turkish collateralization system was recently updated through the introduction of the Law No. 6750 on Movable Pledges (the “Movable PledgeLaw”).
Recent Development
The Belgian Act of 11 July 2013 on security over movables (the Security over Movables Act) will modernise Belgium's legislation in respect of security over movables. On 7 November 2016, a draft bill has been published postponing the entry into effect of the Security over Movables Act until 1 January 2018 at the latest. In addition to the postponement, the draft bill also fine-tunes certain technical aspects of the Security over Movables Act to achieve maximum legal certainty and practical usefulness.
Anderson v. Credit One Bank, N.A. (In re Anderson), 884 F.3d 382 (2d Cir. 2018) [click for opinion]
General context
The statutory regulation of cryptocurrency in Russia is yet to be made compatible with the current dynamics of digital assets.
The difference between debt and equity claims can cause confusion among lenders, creditors, and insolvency professionals alike. In Tudor Sales Ltd. (Re), the British Columbia Supreme Court provided further judicial guidance on this distinction.