COVID-19
Government Intervention Schemes
Current as of 21 May 2021
Government Intervention Schemes
COVID-19 Government Intervention Schemes 2
Countries around the globe are facing unprecedented and rapid change due to the COVID-19 pandemic. This guide provides a summary of key government interventions around the globe in relation to: EU State Aid Approvals (for EMEA region), foreign investment restrictions, debt, equity and taxation.
This article deals with the insolvency concept of the center of main interests (COMI) under the European Union insolvency legislation, in particular Regulation 2015/848 on insolvency proceedings (the Insolvency Regulation or the Regulation).
Pursuant to the Insolvency Regulation COMI is one of the central unified and autonomous concepts1 of the insolvent debtor, i.e. it is an insolvency concept and not a corporate law or tax concept.
In this issue:
Welcome to our corporate and commercial disputes update, a new bi-annual publication in which we summarise some of the most significant cases over the last six months or so in the corporate and commercial dispute resolution market:
Earlier today, 26 May 2021, the final condition to the restructuring plan for the Norwegian Air Shuttle group was met, allowing the Examiner’s scheme to become effective: confirmation that the business has successfully raised 6bn NOK.
The value of a business’ intangible assets and intellectual property (IP) is key to its ability to support revenues through sales of products/services, franchising, licensing, or through attracting investment and fundraising activities.
The Australian government has taken swift action to enact new legislation that significantly changes the insolvency laws relevant to all business as a result of the ongoing developments related to COVID
The Part 26A Restructuring Plans (the "Plans") proposed by each of Virgin Active Holdings, Virgin Active Limited and Virgin Active Health Clubs Limited (the "Plan Companies") have been sanctioned by the court. This decision has been eagerly anticipated by the restructuring and insolvency market, struggling tenants and the beleaguered landlord community.
We summarise the background and outcomes of Case C-73/20 – Oeltrans, an important ruling for liquidators faced with the avoidance of a third party payment and a conflict of laws.
The facts
Avec plus d’un an de recul depuis leur mise en place, on s’aperçoit aujourd’hui que la multiplication des régimes d’aides liées à la pandémie de COVID-19 crée différents problèmes juridiques tout à fait inattendus. Nous en livrons ici un bref aperçu qui est ni exhaustif ni définitif.
L’obligation de remboursement des primes dans certains cas : un potentiel fardeau en cas de faillite
Swissport Belgium, one of the two licensed ground handling service providers at Brussels Airport, was declared bankrupt in June 2020, three months after the airport's operations were interrupted due to measures adopted by the Belgian government to limit the spread of COVID-19. Nearly 1,500 workers lost their jobs.
In order to support these workers, Belgium applied for assistance from the European Globalisation Adjustment Fund (EGF) to help these redundant workers back into employment (especially those with no professional qualifications or with a low level of education).