Türkiye Büyük Millet Meclisi tarafından 25 Mart 2020 tarihinde kabul edilen 7226 sayılı Bazı Kanunlarda Değişiklik Yapılmasına Dair Kanun (“Torba Yasa”) mükerrer 31080 sayılı ve 26 Mart 2020 tarihli Resmi Gazete’de yayımlanarak yürürlüğe girdi. Torba Yasa ile COVID-19 salgın hastalığının ülkemizde görülmüş olması sebebiyle adli yargı alanında hak kayıplarının önlenmesi ve işyeri kiralarında tahliyelerin önüne geçilmesine ilişkin alınan önlemler dahil olmak üzere bir çok yeni düzenleme getirilmiştir.
I. DEFINITIONS
"Banking Law" means the Banking Law of Turkey No. 5411.
"BRSA" means the Banking Regulatory and Supervisory Authority of Turkey.
"Creditors" means Turkish banks, financial leasing companies, factoring companies and financing companies and Foreign Credit Institutions and International Organizations.
When Hanjin Shipping went into administration in late 2016, reportedly over 500,000 containers were stranded or arrested at ports worldwide, including many in the Middle East. Cargo owners who find themselves in such circumstances can be critically affected (particularly if the cargo is temperature sensitive, perishable or urgently required), and they will often look to their cargo insurers. This note highlights a number of issues which are likely to arise when a carrier becomes insolvent during a laden voyage, and claims are made under a marine cargo policy in the UAE.
As reviewed previously, the impact on Covid-19 losses will result in a steep increase in insurance claims under business interruption, public liability, product liability, employer’s liability, asset management, directors and officers, professional liability, errors and omissions, and marine insurance policies.
On Saturday (28 March 2020) the UK Government announced certain changes to insolvency laws in response to COVID-19, intended to help companies and directors.
There are two aspects to the changes:
Retrospective suspension or relaxation of wrongful trading
New restructuring procedure and new temporary moratorium
One of the key issues facing all public companies during the COVID-19 crisis is how and when to update necessary market disclosures relating to the risk impact of the pandemic on their business.
History has taught us that prolonged periods of market volatility increase the risks of litigation against both companies and their governing boards, and that the way in which they act now can have long-lasting effects.
Some companies may face severe solvency issues, which will lead to questions around the disclosure of the company’s financial position.
In the light of immense pressure on the liquidity of many companies and obligations to file for insolvency in case of illiquidity or overindebtedness, the Germany government will suspend this obligation until 30 September 2020. The suspension will apply if the insolvency is caused by the coronavirus pandemic and if there are sufficient prospects that the company can be turned around.
The Court of Session found that an insurer had not waived disclosure under the Insurance Act 2015 (“the Act”). The case is the first to be decided under the Act.
Background
A fire occurred at Mr Young’s property (“the Property”) causing extensive damage. Mr Young then claimed an indemnity from his insurers, Royal and Sun Alliance PLC (“RSA”).
A Ministry of Justice Report released in March 2012 has confirmed that the implementation of the Third Parties (Rights against Insurers) Act 2010 (the "Act") is to be delayed until 2013.
FOS upholds two Keydata complaints against IFAs but concludes that compensation should only be paid in one
The Financial Ombudsman Service ("FOS") has provisionally upheld two complaints made by Mr W and Mr and Mrs K against IFAs who recommended that they invest in the Keydata Bonds in 2005. FOS found that the products presented a greater risk than the investors were willing to take. Interestingly, however, compensation has only been offered to Mr and Mrs K.