On March 17, 2021, the National Congress rejected 12 of the 14 vetoes by President Jair Bolsonaro (veto nº 57/2020) on Law nº 14,112/2020, which amended the Brazilian Bankruptcy Code (Law nº 11,101/2005 - “LREF”).
In a new opinion issued in the Chuck E. Cheese bankruptcy cases, In re CEC Entertainment, Inc., Case No. 20-33163 (Bankr. S.D. Tex.),1 Judge Marvin Isgur of the U.S.
The ongoing COVID-19 pandemic has raised pressing questions about how a force majeure provision in a lease will affect a tenant's obligation to pay rent.
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.
Colombian State of Emergency
The president of Colombia decreed a State of Emergency on the national territory due to the recent COVID-19 outbreak. He has issued a series of measures to contain its effects on public health and the economy. This chapter will be updated on a daily basis, including the principal measures issued by the national government.
In brief
On 28 April 2020, it was presented before the Chamber of Senators an initiative of reform to the Insolvency and Bankruptcy Law that pretends to add an emergency insolvency proceeding. Such proceeding foresees that companies that are financially affected by an emergency (such as the COVID-19 pandemic, for example) can request and be subject to an automatic declaration of insolvency.
Among the main proposals of additions, there is the creation of a new insolvency proceeding with the following characteristics:
The Singapore Court of Appeal has clarified the standard of review that applies to winding-up applications where the underlying relationship between the debtor and creditor is subject to an arbitration agreement.
Background
Under Section 254(2)(a) of the Singapore Companies Act, a company can be wound-up by the court upon the application of a creditor who has served a statutory demand on the company for a debt of SGD 10,000 or more and the debt continues to remain unpaid for three weeks thereafter.
The Singapore Court of Appeal has clarified the standard of review that applies to winding-up applications where the underlying relationship between the debtor and creditor is subject to an arbitration agreement.
The COVID-19 pandemic continues to affect the way financial institutions address organizational and legal challenges. FIs are in a rush to address the impact – both current and emerging.
INSURANCE AND REINSURANCE DISPUTES
2020 REVIEW
The contents of this publication are for reference purposes only. They do not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action based on this publication.
INSURANCE AND REINSURANCE DISPUTES 2020 REVIEW
Contents
Preface