In a bid to assist struggling companies amid the uncertainty brought on by the pandemic, Hungary issued Government Decree No. 249/2020, which amends the Bankruptcy Code and gives companies breathing space while they explore options for rescue.
The changes created by the decree, which came into force on 29 May 2020, will be in effect only during the state of the emergency and include the following:
In response to the COVID-19 pandemic, the Slovak government and Parliament have approved another measure to help entrepreneurs overcome the negative impacts of this crisis on their businesses. The bankruptcy moratorium is an opt-in model and entrepreneurs are entitled to apply for such temporary bankruptcy protection subject to certain conditions. However, before applying various legal and business consequences should be assessed.
Who can apply?
Introduction
On 28 March 2020, the UK Government announced upcoming insolvency law reforms in response to Covid-19, intended to help companies and directors.
On 23 April 2020, the UK Government announced further measures to protect the UK high street from aggressive rent collection by prohibiting the use of statutory demands and winding up petitions to collect rent which was unpaid due to difficulties caused by Covid-19. However, at the time, it was unclear from the announcement as to whether these prohibitions would extend beyond unpaid rent to other debts.
Temporary provisions restricting action to wind up companies and reverse some winding up orders already made are a step closer following presentation of the Corporate Insolvency and Governance Bill (“Bill”) to the House of Commons on 20 May. The Bill will now work its way through both Houses before imminently becoming law. The Bill includes a number of substantial corporate insolvency changes, but also temporary provisions restricting action to wind up companies in light of Covid-19, on which we focus here.
On 18 May 2020, the same date that Romania switched to a state of alert that will expire on 17 June 2020, Law no. 55/2020 entered into force, which contains amendments to legal provisions for regular insolvency during the state of alert.
The most important amendments include a deferral of the obligation to file for insolvency, an increase in the threshold for petitioning for insolvency, extension of the duration for the reorganisation plan and an extension of other procedural deadlines.
The following is a list of the major amendments contained in the law:
Introduction
With global economies facing uncertain times as a result of the COVID-19 pandemic, and many businesses facing significant challenges to cash flow, revenue and bad debts, the possibility of insolvency will be very real for some companies in the UAE. In such circumstances it is important that directors fully appreciate how their duties and liabilities will be impacted and ensure decisions made in a financial distress situation are made in full consideration of these.
In accordance with the resolution adopted by the seven-judge panel of the Supreme Court dated 20 November 2019, case file no. III CZP 3/19, it is not admissible to stipulate liquidated damages in the case of rescinding an agreement due to the failure to perform an obligation of a pecuniary nature.
1.Why use an electronic signature?
2.What is e-signing?
3.Is e-signing valid?
4.What types of document can be signed electronically?
5. Are there any restrictions/protocols relating to electronic signatures?
6. What is the position with overseas entities?
7. E-signing with a secure platform
8. E-signing without a secure platform
Why use an electronic signature?
In response to the anticipated economic impact of the Covid-19 pandemic, on 31 March 2020 the Czech Government approved the so-called ‘Lex COVID-19’ and sent the draft law to the Parliament for expedited legislative processing. This article focuses on the implications of the Lex COVID-19 on the insolvency proceedings in the Czech Republic. For wider implications of the Lex COVID-19, please see this article.
On Saturday (28 March 2020) the UK Government announced certain changes to insolvency laws in response to COVID-19, intended to help companies and directors.
There are two aspects to the changes:
Retrospective suspension or relaxation of wrongful trading
New restructuring procedure and new temporary moratorium