The popularity of out-of-court debt restructuring in Turkey surged in the second half of 2018 with the introduction of the Financial Restructuring Program (“Financial Restructuring Program”) by the Banking Regulation and Supervision Authority (“BRSA”).
Despite the scale of the pandemic and resulting build-up of Covid related rent arrears, currently estimated at around £4.5bn, business restructuring has been relatively muted. This is partly explained by the moratorium on forfeiture and other restrictions on landlords’ remedies, combined with unprecedented government financial support for struggling businesses.
But rent arrears cannot be pushed down the track indefinitely. As restrictions are eased and focus turns to tackling this debt, business restructuring activity will no doubt intensify.
From 30 April 2021, an administrator will be unable to complete a sale of a substantial part of a company's property to a connected person within the first eight weeks of the administration without either:
- The approval of creditors
- An independent written opinion (positive or negative)
This alert considers the impact of the new regulations in practice, which apply to both pre-packs and post-packs that take place within eight weeks of an administrator's appointment.
In de uitspraak van Rechtbank Rotterdam van 3 maart 2021 is door verzoekster aan de rechtbank de vraag voorgelegd, of onderscheid in behandeling van de concurrente crediteuren (een weigeringsgrond oplevert die) aan homologatie van een akkoord in de weg zou staan.
The COVID-19 Bankruptcy Relief Extension Act of 2021, enacted on March 27, gives small businesses with noncontingent liquidated debts (excluding obligations to insiders and affiliates) that total $7.5 million or less until March 27, 2022, to take advantage of a Subchapter V reorganization. The qualifying debt limit was first increased from $2,725,625 to $7.5 million beginning on March 27, 2020, for one year under an amendment of the Coronavirus Aid, Relief, and Economic Security (CARES) Act to Chapter 11 of the U.S. Bankruptcy Code.
Good afternoon.
Following are this week’s summaries of the civil decisions of the Court of Appeal for Ontario.
On March 3, 2021, the PROTECT Asbestos Victims Act, otherwise known as S.574, was introduced in the U.S. Senate by Senators Thom Tillis (R-NC), John Cornyn (R-TX), and Chuck Grassley (R-IA). This legislation attempts to reform the asbestos bankruptcy trust system by providing oversight of asbestos bankruptcy trusts, ensuring those harmed by asbestos receive fair and just compensation, and eliminating fraud and abuse within the trust system.
Hernán Cortés was not the first Spaniard to step into what is now Mexico. Others did it before, some of them remained stranded, and the rest went back to Cuba and informed about a great amount of gold. The governor of Cuba commanded Cortés to explore the new territory, rescue the stranders and collect gold, but nothing regarding conquering.1
Introduction
Introduction
In order to preserve a bankrupt's assets for distribution to creditors, any disposition of the bankrupt's property from the date of the bankruptcy application is considered void. However, this position is not absolute – the Court may consent to or ratify the disposition. In Sutherland, Hugh David Brodie v Official Assignee [2021] SGHC 65, the Singapore High Court set out the applicable principles that it would take into account when considering whether to ratify such disposition.