1. Contextul general și legislativ
În considerarea evoluției situației epidemiologice internaționale determinată de răspândirea Coronavirusului, care a determinat declararea pandemiei de către Organizația Mondială a Sănătății1, la data de 11 martie 2020, a fost adoptat Decretul nr. 195/2020 privind instituirea stării de urgență pe teritoriul României („Decretul”)2.
1. The general and legal context
In view of the evolution of the international epidemiological situation caused by the spread of Coronavirus, which determined the pandemic declared by the World Health Organization, on March 11, 2020, the Decree no. 195/2020 on imposing the state of emergency on the territory of Romania (the "Decree")1 has been adopted.
With respect to the dynamic course of events regarding COVID-19 – commonly known as the coronavirus – we address the threat of insolvency and related liability of the statutory bodies (Directors) and provide a list of practical mitigating steps
Last Friday, in response to the outbreak of the coronavirus pandemic (COVID-19), the German government announced various measures described as a big "bazooka" to avert a crisis in the Eurozone's largest economy. The German development bank KfW will play a key role in the context of the announced measures and has been tasked to provide liquidity assistance to German companies hit by the pandemic.
The Hogan Lovells’ Corporate Insurance Newsletter for January 2020 has been published. This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants. In this issue, amongst other items, we cover:
The validity of an assignment of receivables cross-border depends on the law that applies to the assignment.
What might amount to a valid assignment in one jurisdiction, does not mean, that it is valid in another and where there are competing claims to the receivables and competing jurisdictions, the question of which law applies and therefore whether there has been a valid assignment significantly affects the ability of the assignee to rely on the assignment.
On 14 October 2019, the European Commission (“Commission”) approved the German rescue aid to charter airline Condor under the EU State Aid rules.
Condor is going through a difficult financial situation following the entry into liquidation of the Thomas Cook Group, its parent company. The charter airline is currently facing an acute liquidity shortage but also a loss of important claims against other member companies that it will not be able to collect.
Latham & Watkins operates worldwide as a limited liability partnership organized under the laws of the State of Delaware (USA) with affiliated limited liability partnerships conducting the practice in France, Hong Kong, Italy, Singapore, and the United Kingdom and as an affiliated partnership conducting the practice in Japan. Latham & Watkins operates in South Korea as a Foreign Legal Consultant Office. Latham & Watkins works in cooperation with the Law Office of Salman M. Al-Sudairi in the Kingdom of Saudi Arabia.
From July 21, the reform of rules on prospectuses, intended to establish a common rulebook across the EU to encourage financing through capital markets, will directly apply in Spain.
Timing and Objectives
An EU directive aimed at harmonizing Member State restructuring and insolvency laws (the “Directive”) was published in the Official Journal on June 26, 2019 and entered into force on July 16, 2019. Member States are required to adopt and publish compliant laws and regulations by July 17, 2021.