Im (vorläufigen) Insolvenzverfahren ist es die Aufgabe des Insolvenzverwalters, für den Schutz personenbezogener Daten zu sorgen. Er übernimmt anstelle des ursprünglichen Geschäftsführers/Inhabers die Führung des Unternehmens und wird damit gemäß Art. 4 Nr. 7 Datenschutzgrundverordnung (DSGVO) datenschutzrechtlich verantwortlich. Das gilt nicht nur, wenn personenbezogene Daten für die Zwecke des Insolvenzverfahrens verarbeitet werden, sondern betrifft alle Verarbeitungsvorgänge im schuldnerischen Unternehmen. Ein „Insolvenzprivileg“ kennt das Datenschutzrecht dabei nicht.

This question is of particular importance considering further that the provisions of the Luxembourg Commercial Code may seem confusing when read literally and in isolation as to whether the period commences from the date of cessation of payments (cessation des paiements) alone, or the date of both the cessation of payments (cessation des paiements) and loss of creditworthiness (ébranlement du crédit) (i.e., the cumulative criteria for bankruptcy).

This article provides for the insolvency law for the companies who are facing losses and are opting for deceleration of insolvency during the pandemic. Covid -19 pandemic has not only disturbed the financial conditions of an individual but has skeptically burdened the companies around the world.

A recent decision illustrates the court’s approach to providing non-party access to documents referred to at a public hearing, in the context of a proposed scheme of arrangement: Re Port Finance Investment Ltd [2021] EWHC 454 (Ch).

Bankruptcy in Mexico has two successive stages: reorganization and liquidation. When reorganization is not possible, bankruptcy is converted to the liquidation stage. The purpose of the reorganization stage is to maintain the enterprise and pay the allowed creditors through a reorganization plan. The purpose of the liquidation stage is to sell the enterprise – as a going concern or in segments – and pay the allowed creditors.

The Australian government has taken swift action to enact new legislation that significantly changes the insolvency laws relevant to all business as a result of the ongoing developments related to COVID-19. 

Overview

This bulletin is the first of a Fasken series about the recent decision of the Court of Appeal of Yukon in the ongoing receivership proceedings of Yukon Zinc Corporation (“Yukon Zinc”), indexed as 2021 YKCA 2. The decision addresses several important issues, including: (i) the scope of Section 14.06(7) of the Bankruptcy and Insolvency Act (“BIA”), which creates the Crown’s super priority charge for environmental remediation over the real property of a debtor; and (ii) Crown claims relating to unfurnished security or future costs.

Although debtors who file for Chapter 11 bankruptcy generally cannot pay prepetition debts until a plan which complies with the “absolute priority rule” is confirmed, there are a number of now well-established exceptions to this rule.

As we cross the one-year anniversary of the COVID-19 pandemic, we reflect on the multiple amendments to the Bankruptcy Code that have been implemented to help curb the effects of various economic shutdowns and financial hardships caused by the coronavirus. These Bankruptcy Code amendments are only temporary, but Congress is considering extending them to facilitate the continued recovery from the COVID-19 pandemic. Below are five significant, though temporary, amendments to the Bankruptcy Code resulting from the COVID-19 pandemic.

It’s rare for a debtor in bankruptcy to raise allegations of involuntary servitude and a violation of the Thirteenth Amendment. But one debtor did just that after a chapter 11 trustee was appointed to take over the debtor’s bankruptcy estate. The debtor alleged the constitutional violation on the ground that he would be involuntarily forced to work for his creditors.