President Biden signed the COVID-19 Bankruptcy Relief Extension Act on Saturday, March 27, 2021 to extend critical bankruptcy relief provisions under the CARES Act that were set to expire on the same day. The bipartisan bill was introduced in late February 2021 and was passed by Congress just one day before the President signed it into law.

The Greater Bay Area (GBA) initiative is an ambitious scheme to link the nine cities in Guangdong’s Pearl River Delta, Hong Kong and Macau into an integrated economy and world class business hub.

As we previously reported, the CARES Act temporarily expanded the number of small businesses eligible for relief under the

Earlier, at the end of last year, on LinkedIn we posted the legal alert below regarding director’s liability in bankruptcy pursuant to section 2:138/248 of the Dutch Civil Code (‘DCC’). Due to the COVID-19 outbreak, legislation has been enacted that grants directors – under specific, COVID-related circumstances – temporary relief from the strict provisions of section 2:138/248 DCC.

This question is of particular importance considering further that the provisions of the Luxembourg Commercial Code may seem confusing when read literally and in isolation as to whether the period commences from the date of cessation of payments (cessation des paiements) alone, or the date of both the cessation of payments (cessation des paiements) and loss of creditworthiness (ébranlement du crédit) (i.e., the cumulative criteria for bankruptcy).

El impacto sostenido en la actividad económica que está teniendo la pandemia COVID-19 ha llevado al Gobierno, por un lado, a adoptar una serie de medidas destinadas a reforzar la liquidez y solvencia de las empresas y, por otro, a extender una vez más algunas de las medidas en el ámbito de la Administración de Justicia que se habían adoptado en el marco del Real Decreto-ley 16/2020, de 28 de abril, posteriormente confirmadas en la Ley 3/2020, de 18 de septiembre, así como en el Real Decreto-Ley 34/2020, de 17 de noviembre.

Numerous changes have been made to the Paycheck Protection Program (PPP) in recent months, primarily stemming from the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act) signed into law in December 2020 as part of the overall Consolidated Appropriations Act, 2021, and related administrative rules and guidance issued by the Small Business Administration (SBA). In this article, we address frequently asked questions and guidance regarding the initial PPP loans taken out by Borrowers (First Draw Loans).

Both creditors and debtors need to know about unsecured creditors committees. These committees can help parties in a bankruptcy case, but they come with a cost. And most of the time, they’re appointed as a matter of course.

What is an unsecured creditors committee?

Early evening on February 23, 2021, Belk Inc. and its affiliates (collectively, “Belk”) filed their Chapter 11 bankruptcy petitions in the Bankruptcy Court for the Southern District of Texas. Less than seventeen hours later, Judge Marvin Isgur confirmed Belk’s pre-packed plan of reorganization. Belk is not the first Chapter 11 bankruptcy case to accomplish plan confirmation within the first twenty-four hours after filing a petition, and it certainly won’t be the last. In 2019, Sungard Availability Services Capital, Inc.

Soon after Congress passed the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) in March 2020, the Criminal Division of the U.S. Department of Justice (DOJ) moved quickly to address potential COVID-19 related fraud. One area of early focus was the Paycheck Protection Program (PPP), a program under the CARES Act that provides loans to small businesses to help pay employees. The Fraud Section set up a team devoted to PPP fraud and, within two months of the passage of the CARES Act, had charged several individuals.