The insolvency systems for companies and other legal entities vary from country to country. The main purpose of insolvency legislation, however, is fundamentally the same worldwide. If there is important value in the business, we need to protect it in order for the company to continue as a viable business and pay creditors. If the liquidation value is higher than the operational value, jurisdictions have liquidation mechanisms that allow companies to efficiently exit the market and pay creditors through an ordered sale of assets.
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.
On 17 November 2020, Turkey enacted the Law on Restructuring of Certain Receivables and Amendment of Certain Laws No 7256, which allows the restructuring of certain public receivables and introduces several amendments to the tax legislation.
This article is produced by CMS Holborn Asia, a Formal Law Alliance between CMS Singapore and Holborn Law LLC.
This guide provides a comparative analysis of certain key areas of law and procedure for those involved in or affected by financial distress of a corporation and the trading of distressed debt across Europe.
The Belgian Constitutional Court declared netting arrangements in insolvency proceedings, which are explicitly allowed under the Belgian Financial Collateral Law of 15 December 2004, unconstitutional where such netting arrangements apply to non-merchants. Despite the numerous criticisms on this decision, a legislative proposal was drafted on 13 September 2011 in order to explicitly exclude non-merchants from the application of the Belgian Financial Collateral Law.
We are pleased to present this Summer 2011 edition of the CMS Restructuring and Insolvency in Europe Newsletter.
The collection of the insolvency estate is one of the important phases of insolvency proceedings. The Bulgarian Commerce Act (Issue No. 48 dated 18 June 1991, as amended) (the “Act”) provides certain tools to facilitate the collection of funds and other assets in order to “maximise” the insolvency estate. One such tool is the ability of the insolvency administrator, or the creditors to the insolvency estate, to challenge the validity of acts and transactions performed by the insolvent company after the insolvency trigger date.
Every business must manage risk. Whenever such risk turns into reality, the consequences must be accepted and declared for the well being of the wider economic environment. The purpose of this article is to analyse the legal framework of the commencement of insolvency proceedings at a debtor’s request and the sanctions applicable when such a framework is surpassed.
Following last edition’s article on the insolvency proceedings of the market-leading Czech betting company, we would like to provide an update on the progress of the company’s insolvency proceedings.