The Government yesterday tabled the much-anticipated Corporate Insolvency and Governance Bill which contains both short term measures aimed at assisting companies struggling with the immediate impact of Covid-19 and significant reforms which are intended “to ensure that the UK’s insolvency regime retains its world-leading position including re-invigorating its rescue culture”. Taken together, these represent arguably the most fundamental shake-up of the United Kingdom’s domestic insolvency regime since the Enterprise Act came into force 17 years ago.
On 30 April 2020 took effect Royal Decree-law 16/2020 of 28 April 2020, which includes a new set of measures within the judicial system to deal with the COVID-19 situation.
We highlight below the main measures adopted below:
1. Procedural measures
- Part of August is made a working month, on an exceptional basis
The 11th to the 31st of August 2020 will be working days for all judicial proceedings. Saturdays, Sundays and public holidays are excluded except for proceedings for which these are already working days.
The confinement measures adopted by various governments to fight the Covid-19 outbreak have severely impacted the financial position, and particularly cashflow, of many undertakings. Revenues have completely or partially dried up, whilst overhead and recurring costs continue to be incurred.
The confinement measures adopted by various governments to fight the Covid-19 outbreak have severely impacted the financial position, and particularly cashflow, of many undertakings. Revenues have completely or partially dried up, whilst overhead and recurring costs continue to be incurred.
Year in Review – Latin America in 2016
Argentina
Sovereign debt restructuring: On April 22, 2016, after Congress approved a settlement proposal, Argentina issued US$16.5bn of new debt securities in the international capital markets, and applied US$9.3bn of these proceeds to satisfy settlement payments on agreements with holders.
Se ha publicado en el BOE un nuevo Real Decreto-ley (el 25/2020), con medidas urgentes destinadas a preservar el tejido productivo y apoyar la reactivación económica y el empleo.
Destacamos a continuación las principales novedades:
1. Medidas de apoyo a la inversión y a la solvencia
Se aprueba una nueva línea de avales ICO por importe de hasta un máximo de 40.000 millones de euros para
financiar inversiones productivas (a diferencia de las anteriores líneas, que estaban destinadas solucionar
problemas de liquidez).
The Spanish government has announced emergency measures aimed at protecting businesses and supporting economic recovery and employment in the country.
We highlight the main measures in the decree (RDL 25/2020) below:
1. Support for investment and solvency
State-backed guarantees for new investments
A further €40 billion of guarantees from Spain’s financial agency (ICO) are made available to finance productive
investment (unlike previous guarantees, aimed to be liquidity buffers).
The Covid-19 pandemic has caused significant disruption to the global economy, and the asset management industry is no exception. Fund sponsors have been focusing significant time, efforts and resources supporting their portfolio investments through the crisis.
Our tracker contains an overview of changes made in light of the Covid-19 outbreak which impose restrictions on creditor rights, relax debtor obligations to file for insolvency or concern other insolvency-related issues. As you will appreciate, this is a dynamic situation, and both the measures announced and applicable legal framework will continue to evolve in the coming days, weeks and months
The GCC Quarterly Review briefly summarises a selection of the major developments in the laws of the Gulf Cooperation Council (GCC) region (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates) in the third quarter of 2018, with links to further reading, where available.