The temporary restrictions on winding-up petitions brought in under the Corporate Insolvency and Governance Act 2020 (“CIGA”) are wider than originally envisaged when first announced by the government in April 2020 and have now been extended until 30 September 2021.
International Insolvency & Restructuring Report 2021/22 capital markets intelligence Insolvency cover 2021-22.indd 1 29/04/2021 11:12:07 International Insolvency & Restructuring Report 2021/22 The unprecedented financial volatility and operational uncertainty brought about by the COVID-19 pandemic has forced many companies to consider a range of restructuring options in a variety of jurisdictions, either on a proactive basis or as a reaction to creditor pressure.
Includes developments in relation to: ESG; CRR; COVID-19; IFPR; Basel III; Securitisation Regulation; LIBOR; and EMIR.
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HEADLINES
09.06.2021 tarihinde kabul edilen, 19.06.2021 ihdas ve yürürlük tarihli ve 31516 sayılı Resmî Gazete’de yayınlanan “7327 Sayılı İcra ve İflâs Kanunu ile Bazı Kanunlarda Değişiklik Yapılmasına Dair Kanun” [“Kanun”] ile 2004 sayılı İcra ve İflas Kanunu’nda [“İİK”] birtakım değişiklikler yapılmış olup bu değişiklikler aşağıda bilgilerinize sunulmaktadır.
İİK’nın “Malların paraya çevrilmesi usulü” Başlıklı 241. Maddesinde Yapılan Değişiklik
On June 19, 2021, the Law No. 7327 Amending the Execution and Bankruptcy Law and Some Other Laws [“Amendment Law”] was published in the Official Gazette, and accordingly, significant amendments have been introduced to the Execution and Bankruptcy Law [“EBL”]. This client alert aims to outline these amendments.
Amendment to Article 241 of the EBL titled "Procedures of realization of assets"
AML changes for court-appointed liquidators
Important changes for court-appointed liquidators to the regulations under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (Act) will come into force on 9 July 2021. These changes provide that, for a court-appointed liquidator:
Fallout from the global pandemic continues to throw light on the responsibilities of directors in times of financial distress. This briefing examines those duties in greater detail, particularly in relation to Guernsey’s company law.
Decisions, decisions
Directors owe duties to the companies they serve and ordinarily discharge those duties with reference to the interests of the companies’ members as a whole.
The Federal Government has recently announced that from 1 July 2021 the statutory minimum amount to serve a creditor’s statutory demand will increase from $2,000 to $4,000. The 21 day period within which a debtor must respond to a statutory demand and the personal liability on Directors for insolvent trading will remain the same.
Creditors can set aside fraudulent conveyances of their debtors by a revocatory action, also known as actio pauliana. This action is not the same if the debtor is bankrupt. There is the non-bankruptcy actio pauliana and the bankruptcy actio pauliana. Civil codes govern the former and the Bankruptcy Law covers the latter. Creditors under the non-bankruptcy actio pauliana have fewer rights and benefits than those under the bankruptcy actio pauliana.