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.
This article discusses considerations for credit funds that face a restructuring situation in the post-COVID-19 world — whether one largely caused by the challenges posed by the pandemic or one simply accelerated by such challenges — and how workouts of these investments present their own challenges.
When a plaintiff obtains a judgment from the court, that party is normally precluded from starting another lawsuit seeking the same judgment debt from the defendant.
Distressed M&A
Any downturn tends to produce a surge of distressed m&A opportunities, and the current crisis will be no different. Investments in distressed companies follow a different set of rules to "normal" m&A transactions, bringing additional complexity in terms of the stakeholders involved and deal structuring, as well as particular set of challenges for due diligence and buyer protections.
Recent Development
The Banking Regulation and Supervision Agency added a provisional article on consumer loan restructuring to the Regulation on Banks' Loan Transactions and the Regulation on Establishment and Activities of Financial Leasing, Factoring and Financing Companies. Pursuant to the provisional article, consumer loans whose principal and/or interest payments became overdue before February 10, 2019 can be restructured to a maximum of sixty months at the borrower's request.
Can you take security over all types of assets, including working capital? Generally yes, before filing for the reorganization or the ruling setting forth the start of the liquidation bankruptcy. After the beginning of the reorganization proceedings, no further security interests can be granted over the assets of the debtor for credits due before the beginning of the reorganization proceedings. The debtor can grant security interests for new creditors after the start of the reorganization proceedings.
Recent Development
Amendments to the Financial Restructuring Framework Agreement (the "Framework Agreement"), which was drafted by the Turkish Banks Association (the "TBA") within the scope of the Regulation Regarding the Restructuring of Debts Owed to the Financial Sector (the "Regulation"), were distributed to banks and other financial institutions to be executed.
Colombian State of Emergency
The president of Colombia decreed a State of Emergency on the national territory due to the recent COVID-19 outbreak. He has issued a series of measures to contain its effects on public health and the economy. This chapter will be updated on a daily basis, including the principal measures issued by the national government.
Yeni Gelişme
Finansal Sektöre Olan Borçların Yeniden Yapılandırılması Hakkında Yönetmelik ("Yönetmelik") kapsamında Türkiye Bankalar Birliği ("TBB") tarafından hazırlanan Finansal Yeniden Yapılandırma Çerçeve Anlaşması'na ("Çerçeve Anlaşma") ilişkin değişiklik protokolü bankalar ve diğer finansal kuruluşların imzasına açıldı.
02 Employment and Pensions
2.1 Whilst some COVID-19 measures relating to employment are adopted globally (e.g., self-isolation and working from home), the implementation of such measures and employment protections vary per jurisdiction. For the latest employment law guidance, we recommend that you read our latest Global Employment Guide, which covers 11 key questions across 41 jurisdictions.
2.2 Now