In the course of implementing EU directive 2019/1023 of 20 June 2019 on preventive restructuring frameworks, the German legislator intends[1], among other things, to provide for (i) a Preventive Restructuring Plan as flexible restructuring tool, (ii) further relief in connection with the COVID-19 pandemic, and to make small but important changes to the general provisions of German insolvency code.
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-19.
The past year has seen some important judgments and hearings (with judgment awaited at the time of writing) on several subjects, some of which may shape the future of UK litigation for years to come. Litigants and litigators have also spent a good part of the year getting used to a new way of conducting litigation—remotely and fully electronically. Starting with contract law, while there has been little by way of Supreme Court guidance on the subject, the lower courts continue to issue interesting judgments.
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-19.
On 8 October 2020, the UK Government published draft regulations applying to sales in administration by way of a 'pre-pack' to a connected party purchaser.
UK pre-pack administrations
A pre-pack administration is where:
Government draft of law implements EU Restructuring Framework, and introduces new restructuring instruments.
Regierungsentwurf setzt EU Restrukturierungs-Richtlinie um und führt neues Sanierungsinstrumentarium ein.
The German Federal Ministry of Justice and Consumer Protection has recently presented the longawaited draft bill to introduce a new pre-insolvency business stabilization and restructuring regime into German law.1 The availability of this ground-breaking new "German Scheme" will significantly change the German restructuring landscape and elevate it to an internationally competitive level.
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-19
Last month, the German Federal Ministry of Justice published draft legislation that could fundamentally change the restructuring landscape in Germany.
An essential part of the law is the introduction of a corporate stabilisation and restructuring regime, which establishes a comprehensive legal framework for non-consensual out-of-court restructurings in Germany on the basis of the EU's 2019 restructuring directive.