The Amendments to the Enforcement Act (“Official Gazette of RS”, No. 54/2019) came into force on 3 August 2019 (“Amendments“) but will, all but one, become applicable only on 1 January 2020. The following are the main novelties:
Dormant enforcement proceedings pending against blocked bank accounts
Draft new insolvency law for the UAE - is a big clean-up of delinquent debtors on the way?
It has been widely reported that the new insolvency law in the UAE is substantially progressed, with the UAE Federal Cabinet expected to review it in the early part of this year.
What is the Cape Town Convention?
The Convention on International Interests in Mobile Equipment (“Convention”) and the Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment (“Aircraft Protocol”) were signed in Cape Town, South Africa, on 16 November 2001.
In May 2011 the Law on Consensual Financial Restructuring of the Companies (the Law) was enacted, bringing what appeared to be a new way out for the companies facing financial difficulties.
As of mid-August 2014, the Serbian Insolvency Act applies in its amended form.
As of 13 August 2014, the amendments and supplements to the Insolvency Act [Zakon o stečaju] are in force, published in the Official Gazette of RS no. 83/2014 ("New IA").
The New IA shall not be implemented retroactively, and those insolvency proceedings that were ongoing on the day the New IA entered into force will be continued under the previously valid rules.
In general, the New IA has not introduced fundamental changes in the field of insolvency law.
The new Law on Consensual Financial Restructuring (“Official Gazette of RS“ No. 89/2015) which came into effect on November 4, 2015, began to be applied on February 3, 2016. As opposed to the previous Law on Consensual Financial Restructuring from 2011, which did not deliver the expected results with regard to decreasing number of irrecoverable debts, the new Law establishes a better legal framework for voluntary debt restructuring in Serbia.
The new Serbian Enforcement and Security Act becomes applicable on 1 July 2016. The changes are numerous. This is the first in a series of our Newsletters in which we will address the novelties introduced by the new legislation.
The new types of provisional measures
This article was first published by the International Law Office, a premium online legal update service for major companies and law firms worldwide. Register for a free subscription.
The Act is a groundbreaking development in Singapore's corporate rescue laws and includes major changes to the rules governing schemes of arrangement, judicial management, and cross-border insolvency. The Act also incorporates several features of chapter 11 of the U.S. Bankruptcy Code, including super-priority rescue financing, cram-down powers, and prepackaged restructuring plans. The legislation may portend Singapore's emergence as a center for international debt restructuring.