As the outbreak of COVID-19 continues to develop, unprecedented issues are affecting the private equity industry. We have identified certain challenges both on a fund and portfolio company level, and measures that will be implemented by the Dutch government that can help you and your portfolio companies to survive the COVID-19 crisis.
Would you like to view the most important topics, measures and tips we have selected and our dedicated private equity team? Read the pdf-file below.
With a recession appearing to be inevitable, for many companies innovation is more important than ever. Innovating and contracting in times of crisis requires caution, however, and contracts should as far as possible be insolvency-proof. Popular solutions include guarantees, sureties and retention of title. But it may be worth considering a lesser known option, the intercompany settlement clause, which works as follows.
Paying a debt to an insolvent company
近年来，很多投资者有意投资缅甸。2011 年以来，缅甸采取了政治自由化政策，西方国家 因而取消了对缅甸的大多数制裁，缅甸也于 2012 年颁布了《外商投资法》，使得来自中国及 其他国家的投资获得强劲增长。外国投资者通常投资于大规模自然资源项目（如石油、天然 气和铜矿等）、基础设施项目（如电信和水电等）和水泥、旅馆、制造业及消费品等其他产 业。
为了达到进入当地市场的目的，投资者通常会考虑与当地企业建立合作关系或收购当地现存 企业。这就需要对潜在合作伙伴或目标企业进行初步的尽职调查，发现其是否存在问题，是 否存在投资谈判中必须解决的风险等。
最基本的尽职调查一般要对目标公司或合作伙伴以往和未决的诉讼、债权人是否处于破产程 序、土地登记和重要资产的是否存在担保物权等情况进行调查 —— 但在缅甸，这些调查都 不能轻易而又可靠地实现。主要原因是缅甸官僚化的行政机关和法院通常可靠性不高，也不 够正规，其档案记录等工作也是如此，这些都妨碍了最基本的尽职调查。
Summary: Welcome to the fourth edition of our monthly Myanmar update in 2018. We have distilled the top news items into this summary 'speed read'.
Public Consultations on the Myanmar Insolvency Bill
In general, creditors in Montenegro may secure their claims by various types of security over debtors’ assets, such as pledge (zaloga), mortgage (hipoteka), suretyship (jemstvo), bills of exchange (menica), etc.
The liability of directors of major organisations receives wide coverage in the press. Examples (in the Netherlands) are Imtech, HDI, FC Twente, Vestia, and Meavita. But the subject really concerns directors of all legal entities, large and small. In this issue of Quoted, we refresh your knowledge of directors' liability and address recent developments, such as case law on `corporate directors' (legal entities which are appointed directors of other entities), the Bill for Management and Supervision of Legal Entities and the General Data Protection Regulation (GDPR).
In de pers gaat het veelal over de aansprakelijkheid van bestuurders van grotere organisaties zoals Imtech, HDI, FC Twente, Vestia en Meavita. In werkelijkheid gaat dit onderwerp bestuurders aan van alle rechtspersonen: van groot tot klein. Met deze Genoteerd frissen wij uw kennis op over de aansprakelijkheid van bestuurders. Wij staan ook stil bij belangrijke relevante recente ontwikkelingen, zoals rechtspraak over de zogeheten rechtspersoon-bestuurder, het Wetsvoorstel bestuur en toezicht rechtspersonen en de Algemene verordening gegevensverwerking.
Assurantieportefeuille geen voor overdracht en verpanding vatbaar goed
Civiel
The Dutch legislator has published a bill for a new pre-insolvency tool, which seeks to combine the best of the UK scheme of arrangement and the US Chapter 11 procedure. The new legislation will be formally called 'The Act regarding the binding approval of debt restructuring agreements'. Among restructuring professionals it is already widely referred to as the WHOA (Wet homologatie onderhands akkoord) or the "Dutch Scheme". Currently, the WHOA is pending final approval by the Dutch parliament and is expected to enter into force on 1 July 2020.
Unfortunately your business can be confronted with bankruptcy of one of your (Dutch) business partners. In most cases this will damage your business. We can help you to avoid or limit damages. In this edition of TW FOUR we will set out FOUR ways to protect your business from the bankruptcy of one of your (Dutch) business partners.