It’s an open secret that the commendable goals envisaged by the legislature with the introduction of the business rescue proceedings in Chapter 6 of our Companies Act are being hampered as a result of poorly drafted statutory provisions that govern the business rescue process. Section 141(2)(a)(ii) is however not one of these vague provisions.
The Italian Government has enacted Law Decree no. 23/2020, which was published in the Official Journal on April 8, 2020 and entered into force starting from April 9, 2020 (the "Decree"), introducing various new measures aimed, inter alia, at supporting companies affected financially by COVID-19 outbreak and shutdown in Italy. This newsflash outlines the measures rescheduling the entry into force of the Insolvency law regime and relaxing certain corporate law requirements, and looks at which companies will be eligible to take advantage of the new provisions.
On 8 February 2018, the Hong Kong Court of First Instance (the “Hong Kong Court“) ruled that the common law power to recognise and assist foreign insolvency proceedings extends to voluntary liquidations – this is the first authority on this issue in Hong Kong.
Case: IN THE MATTER of an application for recognition and assistance by the Joint Liquidators of Supreme Tycoon Limited (in liquidation in the British Virgin Islands) [2018] HKCFI 277
Hogan Lovells Publications | 07 April 2020
Introduction of financial measures in support of businesses facing the Covid-19 crisis
Faced with the impact of the Covid-19 health crisis on the local and European economy, the President of the French Republic and the government announced several emergency measures in order to support businesses in difficulty.
The Paris office of Hogan Lovells is pleased to provide this English language edition of our monthly e-newsletter, which offers a legal and regulatory update covering France and Europe for June 2017.
Please note that French legal concepts are translated into English for information only and not as legal advice. The concepts expressed in English may not exactly reflect or correspond to similar concepts existing under the laws of the jurisdictions of the readers.
If you would like to consult this newsletter from past months, please click here.
COVID-19 (Temporary Measures) Bill to offer respite for businesses and individuals struggling to fulfil contractual obligations or facing bankruptcy/insolvency as a result of the COVID-19 outbreak.
Decoding the code - China's new General Civil Law Rules: the first step towards a comprehensive civil code June 2017 Decoding the code - China's new General Civil Law Rules: the first step towards a comprehensive civil code June 2017 1 Overview and background On 15 March 2017, the People's Republic of China General Civil Law Rules (中华人民共和国 民法总则) (hereinafter referred to as the "GCLR") were formally adopted at the Fifth Session of the Twelfth National People's Congress. The GCLR will enter into force on 1 October 2017.
Publicaciones de Hogan Lovells | 01 abril 2020
Algunas cuestiones de interés en relación con el impacto del COVID-19 en las financiaciones estructuradas
El impacto del virus COVID-19 está siendo significativo en todo tipo de industrias y lugares del mundo y, por consiguiente, surgen también muchas cuestiones que analizar en el ámbito de las financiaciones estructuradas.
Since the inception of business rescue, misconduct by business rescue practitioners (BRPs) has been one of the biggest causes of complaint (and headaches) by creditors. More and more disgruntled creditors and other affected persons are pursuing the removal of rogue BRPs of companies in business rescue.
In terms of section 139 of the Companies Act 71 of 2008, a BRP may only be removed from office in terms of section 130, or as provided for in section 139. Furthermore, only the court is authorised to remove a BRP from office, both in terms of sections 130 and 139.
The French government, using the powers conferred upon it by law n°2020-290 of 23 March 2020 to counter the Covid-19 epidemic urgency, adopted order n°2020-341 of 27 March 2020 in order to adapt the rules for companies in difficulty in the light of the health crisis (the “Order”).
The Order was supplemented by a circular of the Ministry of Justice n°CIV/03/20 dated 30 March 2020 (the “Circular”).