In cross border financing transactions, a secured creditor should be aware of Dutch law specifics when dealing with a Dutch obligor in financial distress. Below is a highlighted list of specifics for a secured creditor planning to foreclose on its security or when seeking to improve its security position.

Improving security position

Existing Dutch security documents typically provide for possibilities for improving the position of a secured creditor in case of an event of default.

Getting a tighter grip on collateral

On 13 February 2009, the CDM Executive Board (CDM EB) adopted the procedures (the "Procedures") for modalities of communication (MoC) between project participants (PPs) in clean development mechanism (CDM) projects and the CDM EB, and a standardised MoC form (the "MoC Form").1 This Legal Alert gives an overview of the main elements of the Procedures and highlights certain insolvency issues related to the MoC.

Introduction

A recent decision of the High Court of New Zealand provides helpful guidance for insolvency practitioners on how aspects of the voluntary administration regime should operate in the context of the COVID-19 pandemic.

On 30 March 2020, the board of directors of EncoreFX (NZ) Limited resolved to appoint administrators to the company. By then, New Zealand was already at Level 4 on the four-level alert system for COVID-19.

​Directors do not need to consider creditors’ interests when determining the fairness of their own remuneration, even after the company has become insolvent, the Court of Appeal has found.

The facts

The Companies Act 1993 requires that directors who vote to authorise director remuneration must sign a certificate stating that, in their opinion, the payment is fair to the company and setting out the grounds for that opinion.

What do I need to know as the member of a Swiss board of directors in times of the coronavirus?

The spread of the coronavirus (SARS-CoV-2) is causing turnovers to crash and is plunging the Swiss economy into an unprecedented crisis. If the board of directors fails to respond to this crisis, its members risk becoming liable.

Here you will find the answers to the six most important questions regarding a Swiss board member's duties in the wake of the corona crisis:

Key takeaways:

In view of the extraordinary situation with regard to the corona pandemic, the Federal Council has ordered a temporary stay of debt enforcement. This stay of enforcement is valid from 19 March 2020 until 4 April 2020, and will be immediately followed by the statutory enforcement holidays, which last from 5 April until 19 April 2020. Below, we will answer some practical questions on debt enforcement and bankruptcy law in times of the corona crisis.

Introductory remarks

The coronavirus (COVID-19) is currently causing concern and uncertainty and poses challenges to companies and individuals alike. A number of legal issues are also emerging, whether in relation to contractual obligations, labour law matters or corporate law aspects. This article aims to highlight the most important points from a Swiss law perspective and to clarify legal issues in the elaboration of possible courses of action.

1. Commercial contracts

1.1 Force majeure

As Switzerland maintains a quite strict legal regime governing the director’s liability, it is immanent for each person holding a board function to know the rules and risks as well the legal consequences in this respect. During the last couple of years Switzerland has introduced various new rules influencing the director’s liability (new transparency rules for management compensations in listed companies, a comprehensive revision of the audit legislation and new statutory rules governing financial accounting), which are mainly applicable for listed companies.

What is it all about?

This article briefly describes the liquidation procedure of a company based on a voluntary winding up upon special resolution by its shareholders.

What do I have to do?

Shareholders resolution