In a prior blog post, “Making Sense of The Circuit Split on the Enforcement of Make-Whole Provisions in Bankruptcy,” we discussed the circuit split on the enforcement of a make-whole premium triggered by a bankruptcy petition. Shortly after that post was published, the U.S.

Yeni Gelişme  

Türkiye Büyük Millet Meclisi, konkordato sürecinin suiistimal edildiğine ilişkin gelen tepkileri göz önünde bulundurarak, İcra ve İflas Kanunu'ndaki konkordato hükümlerinde değişiklikler öngören kanun teklifini yasalaştırmıştır. Değişiklikler 19 Aralık 2018 tarihinde Resmi Gazete’de yayımlanarak yürürlüğe girmiştir. Ancak görülmekte olan konkordato talepleri hakkında önceki hükümler uygulanmaya devam edecektir.

Kabul Edilen Değişiklikler  

Önemli değişiklikler aşağıda özetlenmiştir.

In brief

New development

The Justice Commission of the Parliament accepted the Bill on Amendments to the Enforcement and Bankruptcy Code and Other Codes (“Bill“), also known as the Fifth Judicial Package. In line with the enactment of the accepted Bill, discussions began at the General Assembly of the Grand National Assembly of Turkey on Tuesday. With the Bill, significant changes are envisaged regarding the Enforcement and Bankruptcy Code to reduce workload and increase efficiency in enforcement and bankruptcy processes.

In brief

Against the backdrop of the COVID-19 pandemic and soon-to-be-rescinded government support schemes, local principal Emmanuel Chua and associate Shriram Jayakumar at Baker & McKenzie Wong & Leow in Singapore discuss three key trends to look for in the "new normal."

Contents

In brief

In brief

As of 19 October 2020, the changes to the Bankruptcy Code of Ukraine became effective. 

What’s new

From 17 October 2020, and for the quarantine period, the following changes are introduced in the bankruptcy procedure:

In brief

The following measures introduced as a COVID-19 response are now to be extended:

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.

Amendments to the Corporations Act 2001 (Cth) (Corporations Act) to implement the measures announced by Treasurer Josh Frydenberg on Sunday, 22 March 2020 to provide temporary relief for financially distressed businesses due to COVID-19 have now come into effect.

The Coronavirus Economic Response Package Omnibus Act 2020 (Cth) (CERPO Act) amendments were passed by the Parliament on 2 March 2020. They will apply for a 6 month period, but may be extended or have impacts beyond that timeframe.