Nos acercamos a los 100 días de la pandemia que ha sacudido nuestro modo de vivir y trabajar y ha llevado nuestra economía a una situación de crisis cuya profundidad y extensión están aún por definir pero se esperan muy amplias.

The restructuring & insolvency Q&A series provides a comprehensive overview of some of the key points of law and practice of the regulatory environment in Luxembourg. Today's chapter focuses on security.

What principal forms of security interest are taken over assets in your jurisdiction?

For immovable property, mortgages are generally the most common form of security taken in Luxembourg and may be granted in a legal, judicial or contractual manner. For a contractual mortgage to be validly constituted, it must:

The current market environment, created by the global COVID-19 pandemic, has few parallels. During periods of economic uncertainty, many issuers and borrowers face significant and difficult issues in managing their capital structure. The purpose of this guide is to provide issuers and borrowers with practical guidance to proactively manage these issues and control their capital structure. In particular, this guide:

1. Which financial (not tax or labour) short-term compensation schemes for immediate losses due to social distancing measures have been implemented? For which industries/sizes of business?

Deferred Loan Repayment

1. Enactment of the Insolvency Law

On 20 December 2020, Turkey enacted Presidential Decision No. 3433, which extends the period for applying and making payments vis-à-vis new restructuring regime on receivables contained in the Law on Restructuring of Certain Receivables and Amending Certain Laws No 7256 (“Restructuring Law”), which came into force 17 November last year.

Unless the Article 50 period is extended yet again, the UK is currently set to leave the EU on 31 October 2019 at 11pm GMT. However, if the Withdrawal Agreement is ratified, the impact of Brexit will, for most purposes, be postponed due to the transition period. This transition period is currently set to end on 31 December 2020. The Withdrawal Agreement provides that during transition, the UK would continue to be treated as if it were still an EU member for the purposes of a range of directly application EU legislation which is core to the smooth running of financial transactions.

This page was updated on 8 January 2021.

On December 27, 2020, the Consolidated Appropriation Act ("CAA") was signed into law. The nearly 5,600-page bill is reportedly the longest bill ever passed by Congress. In addition to funding the federal government in 2021 and providing COVID-related relief to individuals and businesses, the new law amends the Bankruptcy Code in at least nine respects. Most of the amendments sunset in either one or two years. One of the amendments will become effective only if the Small Business Administration signs off on it.

A brief description of the amendments follows.

In a recent decision, Twiford Enters. v. Rolling Hills Bank & Trust (In re Twiford Enters.), 2020 Bankr. LEXIS 2964, 2020 WL 6075691 (10th Cir. BAP 2020), the Tenth Circuit Bankruptcy Appellate Panel affirmed the lower court’s decision awarding postpetition interest pursuant to section 506(b). The disputed issue was whether a reference in the variable rate promissory notes to an internal rate index maintained by the bank was sufficiently clear and specific to support a claim for postpetition interest. The court held that it was.