1. Incorporation, corporate power, capacity and authorization of an Italian company
In connection with the capacity and authorization of an Italian company to enter into ISDA or GMRA master agreements, a Italian lawyer must check and control the copies of the accessible and public records of the company, the Registration Statement, the Company Statute and the Company bylaws, with regard to the prospective negotiation of any new Master netting Agreement.
This examination of available documentation is necessary and opportune in order to verify
The ‘new normal’ for Statutory Demands and Winding Up Petitions under the Corporate Insolvency and Governance Act 2020
On 26 June 2020 the Corporate Insolvency and Governance Act 2020 finally entered force. Now it is in its final form, Simon Newman and Christopher Pask of 1 Chancery Lane’s Property, Chancery & Commercial team will be providing their views on its provisions and their impact over a series of updates.
The Office of the Director of Corporate Enforcement (“ODCE”) recently published guidance regarding the duties of directors of Irish companies in the context of the Covid-19 pandemic. The publication can be accessed here, and provides a welcome reference point for the directors of Irish companies which continue to navigate the challenges associated with trading during this uncertain period.
UK CORPORATE INSOLVENCY AND GOVERNANCE ACT 2020
9 JULY 2020
IN THIS ISSUE:
Permanent Insolvency Changes A New Standalone Moratorium A New Restructuring Plan Ipso Facto Termination Clauses
Temporary Insolvency Changes Modification of Wrongful Trading Liability Statutory Demands Winding Up Petitions Winding Up Orders
Further Changes
Governance Changes Company Meetings Company Filings
Final Thoughts
Different countries frame the exact description of the role of directors of a company in different terms. One feature is common to all – the obligation not to continue trading if a company is insolvent. Again, the detailed implications of doing so vary from one jurisdiction to another. However, this obligation not to continue wrongful trading is at the heart of trust in a market-based economic system.
At our webinar on 2 July 2020 we examined the impact of the CIGA for corporates engaged with third parties who might enter into an insolvency process.
We have put together this question and answer sheet responding to the questions raised which, together with our quick guides, will help corporates understand the issues and challenges that the new processes and procedures could pose.
In light of these changes and looking towards how trading
What is the impact on standard termination clauses, which are triggered by an insolvency event?
Se ha publicado en el BOE un nuevo Real Decreto-ley (el 25/2020), con medidas urgentes destinadas a preservar el tejido productivo y apoyar la reactivación económica y el empleo.
Destacamos a continuación las principales novedades:
1. Medidas de apoyo a la inversión y a la solvencia
Se aprueba una nueva línea de avales ICO por importe de hasta un máximo de 40.000 millones de euros para
financiar inversiones productivas (a diferencia de las anteriores líneas, que estaban destinadas solucionar
problemas de liquidez).
On 26 June 2020, the Corporate Insolvency and Governance Act (the “CIGA”) entered into force. We summarised the key terms of the proposed legislation in our previous client alert (link to previous alert).
The Spanish government has announced emergency measures aimed at protecting businesses and supporting economic recovery and employment in the country.
We highlight the main measures in the decree (RDL 25/2020) below:
1. Support for investment and solvency
State-backed guarantees for new investments
A further €40 billion of guarantees from Spain’s financial agency (ICO) are made available to finance productive
investment (unlike previous guarantees, aimed to be liquidity buffers).