A December 2012 ruling has effectively called into question the validity of engine leases in Denmark. Ruling in relation to the bankrupt regional airline Cimber Sterling, a judge in the District Court of Sønderborg ordered the trustees of the estate to return seven of the nine engines in question to the engine lessors. However, the two remaining engines, both GE CF34s valued at around USD 2 million each, were to be retained by the trustees as on the date of bankruptcy they had been affixed to the Bombardier CRJ200 aircraft for over three months.
On 17 July 2014, the regulation creating the European Account Preservation Order ("EAPO") came into force. This regulation will serve as an alternative to domestic remedies and relates to the freezing of bank accounts across participating EU Member States. The EAPO Regulation will be applicable from 18 January 2017. It will automatically apply to all Member States except the UK and Denmark which have opted out of the EAPO; therefore, it will not apply to assets located in those countries.
What's New?
On 16 April 2014 the Estonian Parliament adopted amendments to the bankruptcy and reorganisation laws. The law has now been published in Riigi Teataja (the official journal) and will enter into force on 19 May 2014.
On February 4, 2016 the Legislative Assembly approved a Special Law against Computer and Related Crimes, which purpose is to protect legal property against criminal behaviors committed through information and communication technologies, and to prevent and punish the crimes committed against stored, processed or transferred data; systems, infrastructure or any of its components, and crimes committed by the use of these technologies that affect interests of identity, propriety, privacy and the image of natural or legal persons in the terms provided by law.
On Monday, September 25 of this year, government authorities announced the online issuance service of the General Directorate of Statistics and Censuses (DIGESTYC), through the miempresa.gob.sv platform,
To date, a debt waiver has been frequently used as a tool to successfully restructure German-based companies in financial difficulties.
The German Parliament passed an act to reduce the risk of clawback actions and provide more legal certainty in this regard under German law, the so called "Act for the Improvement of Legal Certainty concerning Clawback pursuant to the German Insolvency Code and the Creditor's Avoidance of Transfers Act" (Gesetz zur Verbesserung der Rechtssicherheit bei Anfechtungen nach der Insolvenzordnung und dem Anfechtungsgesetz) on Thursday, 16 February 2017.
– Gesetzes zur Verbesserung der Rechtssicherheit bei Anfechtungen nach der Insolvenzordnung und nach dem Anfechtungsgesetz –
Sin dall’inizio della crisi sanitaria ed economica causata dall’epidemia di Covid-19 il Governo ha prospettato il possibile ricorso al c.d. golden power a tutela degli interessi strategici nazionali, annunciando anche il suo ampliamento a settori diversi da quelli nei quali tradizionalmente opera.
The UK government’s response to COVID-19 has already taken the economy into new territory, and whilst measures put in place may delay or alter the approach of companies seeking insolvency-based protections, a large number of (contentious) restructurings and insolvencies is inevitable.
We anticipate three phases, each of which creates various risks:
(i) The current phase, during which companies are able to take advantage of government support, or relaxed laws or rules around insolvencies, to continue to operate during the COVID-19 lockdown.