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    The end of uncertainty caused by an unfortunate court decision? The Slovak parliament confirms the approach in its assessment of close ties in the creditor-debtor relationship
    2023-06-28

    June 2023 – As part of a package of measures in the field of commercial law, the National Council of the Slovak Republic approved today, 28 June 2023, amendment to Act no. 7/2005 Coll. on Bankruptcy and Restructuring and on Amendments to Certain Acts, which confirms the long-standing treatment of the creditor-debtor relationship in Slovakia in cases of the potential relationship between the debtor and the creditor.

    Filed under:
    Slovakia, Insolvency & Restructuring, Kinstellar
    Authors:
    Tomáš Melišek , Viliam Mysicka
    Location:
    Slovakia
    Firm:
    Kinstellar
    Measures to reduce the risk of insolvency in the context of the COVID-19 pandemic in Romania
    2020-05-11

    During the current state of emergency, the Romanian government has adopted a series of measures aimed at reducing the negative effects of the COVID-19 pandemic on the business environment in Romania, such as supporting the payment of technical unemployment, state guarantees for loans with subsidised interest rates for SMEs, and VAT refunds to companies. However, in some sectors of the economy being severely hit, we expect possible future insolvency cases.

    1. Immediate action to be taken by the management of a company in the current context

    Filed under:
    Romania, Insolvency & Restructuring, Kinstellar, Force majeure, Coronavirus
    Location:
    Romania
    Firm:
    Kinstellar
    Recent developments in Kazakhstan on the suspension of the initiation of bankruptcy proceedings
    2020-05-11

    3 August 2020 - This note discusses recent developments in Kazakhstan on the suspension of the initiation of bankruptcy proceedings. The proposed suspension was introduced to help businesses overcome the economic crisis caused by the COVID-19 outbreak and measures taken to slow it down. Our note is intended to be a helpful guide - it is not comprehensive and does not constitute legal advice.

    Filed under:
    Kazakhstan, Insolvency & Restructuring, Kinstellar, Coronavirus
    Authors:
    Maksim Grekov
    Location:
    Kazakhstan
    Firm:
    Kinstellar
    Romania: Insolvency in the context of the Covid-19 pandemic
    2020-05-08

    1. Immediate action to be taken by the management of a company in the current context

    Filed under:
    Romania, Insolvency & Restructuring, Kinstellar, Force majeure, Coronavirus
    Location:
    Romania
    Firm:
    Kinstellar
    Bulgaria’s Supreme Court of Cassation issues interpretative judgement strengthening the equal treatment of creditors and expediting insolvency proceedings
    2019-02-01

    February 2019 – On 3 December 2018, Bulgaria’s Supreme Court of Cassation (“SCC”) issued Interpretative Judgment No 1 (the “Judgement”) on interpretative proceedings No 1/2017 of the General Assembly of the Panel of Commerce. The Judgement provides guidance to certain issues concerning insolvency proceedings that in the past have been adjudicated differently by the courts. In particular, courts have reached different interpretations of certain provisions of Bulgarian law directly relating to the participation of creditors in insolvency proceedings and the satisfaction of their claims.

    Filed under:
    Bulgaria, Insolvency & Restructuring, Kinstellar
    Authors:
    Nina Tsifudina , Svilen Issaev
    Location:
    Bulgaria
    Firm:
    Kinstellar
    Two proposed amendments to Bulgaria’s Bank Insolvency Act have been introduced to harmonise local law with EU rules and to further refine the legislation
    2019-03-19

     On 22 February 2019 and 26 February 2019 two bills were introduced in the Bulgarian parliament to amend the existing Bank Insolvency Act (“Bills”).

    Filed under:
    Bulgaria, Banking, Insolvency & Restructuring, Kinstellar
    Authors:
    Svilen Issaev
    Location:
    Bulgaria
    Firm:
    Kinstellar
    Bulgarian company directors face increased exposure to criminal liability
    2015-01-20

    Under Bulgarian law, persons who manage and represent companies and cooperatives (“Officers”) have a duty to file for bankruptcy 30 days from the cessation of payments if the entity they manage and represent becomes insolvent. Apart from the personal liability to creditors for late filing, the aforementioned Officers could be held criminally liable. During the last few years, the practice of the lower courts regarding this criminal liability was inconsistent. Generally there were two interpretations of the law:

    Filed under:
    Bulgaria, Company & Commercial, Insolvency & Restructuring, Litigation, Kinstellar
    Authors:
    Diana Dimova , Nina Tsifudina
    Location:
    Bulgaria
    Firm:
    Kinstellar
    New regulation on the insolvency of individuals in Romania - does this pose a threat to lenders?
    2015-11-17

    Law no. 151 on insolvency procedures for individuals[1] (the “Law”) is expected to enter into force on 26 December 2015. The Law was published on 18 June 2015, but its entry into force was deferred by six months in order to allow the establishment of a new public body to manage insolvency claims, as well as the enactment by the Government of the regulations for the implementation of the Law.

    Filed under:
    Romania, Insolvency & Restructuring, Kinstellar
    Location:
    Romania
    Firm:
    Kinstellar
    A new regime for managing local government insolvencies in Romania
    2013-06-30

    The Romanian Government recently adopted a Government Emergency Ordinance regulating the insolvency of the countrys territorial administrative units (the 'Ordinance').1 The measure, which was supposed to have been enacted in 2006, as contemplated under the local public administration law, was prompted mainly by the staggering amount of debt amassed by many territorial administrative units, as well as Romanias commitments to its international creditors, including the International Monetary Fund.

    Filed under:
    Romania, Insolvency & Restructuring, Public, Kinstellar, Debtor
    Location:
    Romania
    Firm:
    Kinstellar
    Slovakia introduces ‘company in crisis’ regulation
    2015-12-16

    The new “company in crisis” special regime will become effective on 1 January 2016. It applies to limited liability companies, joint-stock companies and limited partnerships in which the general partner is not an individual.

    A company is deemed to be in crisis when it is insolvent (within the meaning of the Insolvency Act) or at risk of becoming insolvent, which is the case if a company’s equity (registered capital, reserve fund, other capital funds, etc.) to debt ratio is lower than 4/100. This will increase to 6/100 on 1 January 2017 and to 8/100 the year after.

    Filed under:
    Slovakia, Company & Commercial, Insolvency & Restructuring, Kinstellar, Joint-stock company
    Authors:
    Adam Hodon
    Location:
    Slovakia
    Firm:
    Kinstellar

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