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.
Federal Ministry of Justice and Consumer Protection submits draft bill on preventive restructuring
Notice to stakeholders: Withdrawal of the United Kingdom and EU rules in the field of civil justice and private international law.
On 27 August 2020, the European Commission published a ‘Notice to Stakeholders’ setting out how EU laws in the areas of civil justice and private international law will apply when the Brexit transition period ends on the 31 December 2020.
This Notice replaces an earlier notice published in January 2019 and a document with questions and answers published in April 2019.
Included in this update: Government extends temporary COVID-19 measures in CIGA 2020 and more...
COVID-19
CIGA 2020 extensions in force