The media is brimming with articles on the rise of cryptocurrencies and digital assets. Whether it’s news on the rising value of Bitcoin, the acquisition of digital art for large amounts of money, the release of the latest Kings of Leon album as an NFT (non fungible token), or articles on people who have invested in cryptocurrency scams, crypto assets are taking center stage.
squirepattonboggs.com 014-5095-0428/15/EUROPE Impact of COVID-19 on Insolvency Laws: How Countries Are Revamping Their Insolvency and Restructuring Laws to Combat COVID-19 26 April 2021 squirepattonboggs.com squirepattonboggs.com Contents Around the globe, our lawyers are receiving a large number of enquiries about mitigating the impact of the coronavirus disease 2019 (COVID-19) on companies' business operations and finances. Governments in several countries have reacted quickly to try to mitigate COVID-19's impact by changing or amending their insolvency laws.
The question whether the institution or continuation of a proceeding under Section 138/141 of the Negotiable Instruments (NI) Act can be said to be covered by the moratorium provision, namely, Section 14 of the Insolvency and Bankruptcy Code (IBC) has been a crucial issue in the legal domain. Various High courts have had dissenting opinion in relation to this concerning matter. However the Apex court has now put an end to all doubts and confusions.
Creditors, such as private residential landlords, are being warned about an urgent change to the arrears process, which has been brought about by the government’s Breathing Space initiative.
Breathing Space, or the Debt Respite Scheme, was launched on 4 May 2021 to give people in debt up to 60 days’ legal protection from creditors.
Dear Clients and Friends,
In 2020, domestic and international energy markets were challenged by a worldwide pandemic and its effect on commodity prices, which accelerated disruptions in supply chains and impacted the energy transition in countries around the world.
New act overning attachments and executions
In Nederland is het, vergeleken met omringende landen, vrij eenvoudig om beslag te leggen. De Wet herziening beslag- en executierecht (de ‘Wet’) beoogt het beslag- en executierecht voor schuldeisers eenvoudiger te maken door de mogelijkheden tot digitaal beslag leggen te verruimen. Ook wordt het beslag- en executierecht efficiënter met als gevolg dat schuldeisers minder kosten hoeven te maken om vorderingen te incasseren. Enig tegenwicht biedt de Wet, uitgebreider dan voorheen, door waarborging van het bestaansminimum van natuurlijke personen met schulden.
Lenders often require their borrowers to be “special purpose entities” in real estate transactions. This is a way that lenders can mitigate their bankruptcy risk in the event that the borrower or any of its parent entities file for bankruptcy. In addition, since most real estate financing is non-recourse, lenders require that the borrower is a separate, special purpose entity so that no other property or business will impact the property which is the subject of the underlying loan.
The Court of Appeal has struck out Quincecare duty and dishonest assistance claims brought by the liquidators of a company running a Ponzi scheme against a correspondent bank that operated various accounts for the company.
Financial liability in terms of multiple loans or credit cards is to be best handled by availing the option of a ‘Debt consolidation loan in UAE’. There are several banks in the UAE providing the services of a ‘debt consolidation loan’. As per the latest surveys, it is seen that at least three in five UAE residents have outstanding debts of various nature and therefore can benefit from the Debt consolidation services.
How it works: