We are (or were!) emerging from nearly two years of restrictions caused by the Covid-19 pandemic which forced people to stay at home and businesses to close causing shock waves throughout the economy. The government put in place the package of emergency measures and support which we are now all too familiar with. However, the question always lingered, what next? What about when the money runs out?
In addition to the information and consultation obligations linked to their general responsibilities,1Social and Economic Committees (“Comité Social et Economique” or "CSE") in French workplaces, which replace and merge all the employee representative bodies, staff representatives, works council, and health, safety and working conditions committee, must be informed and consulted in the event of a “restructuring and downsizing.”2What is their scope of intervention?
Cases Requiring Consultation
1. State of the Restructuring Market
1.1 Market Trends and Changes
State of the Restructuring and Insolvency Market
There were 27,359 insolvencies in France as of the end of September 2021, down 25.1% from the same period in 2020, and down 47.9% from September 2019. Such reduction is relatively stable across all sectors, including those most severely affected by the health-related restrictions, such as accommodation and food services (down 44.2% year-on-year) and trade (down 28.1% year on year).
Each week, Crowell & Moring’s State Attorneys General team highlights significant actions that State AGs have taken. Here are this week’s updates.
Monday, November 8, 2021
Antitrust
CVAs continued to be a popular restructuring tool in 2021. As the retail industry gears up for what is expected to be a busy festive period, it marks the end of another year in which the close scrutiny and attempted challenge by landlords to retail CVAs continued.
What is a CVA?
The Commercial Rent (Coronavirus) Bill 2021 (the Bill) is expected to come into force from 25 March 2022 – it is intended to introduce an arbitration procedure for commercial rent arrears accrued by businesses during the “protected period” and also to extend the restrictions on the use of winding up proceedings and now to include personal bankruptcy.
The “protected period” relates to business tenancies adversely affected by the pandemic either by enforced closure or restrictions placed on trade. This period – as set out in section 5 of the Bill – runs from:
It is well recognized that, in keeping with the "fresh start" or "rehabilitative" policy, the Bankruptcy Code invalidates after-acquired property clauses in prepetition security agreements, but also includes an exception to the general rule for prepetition liens on the proceeds, products, offspring, or profits of prepetition collateral. Less well understood is that there is an "exception to the exception" if a bankruptcy court determines that the "equities of the case" suggest that property acquired by the estate should be free of such liens.
The Commercial Rent (Coronavirus) Bill has been introduced in Parliament and addresses rent debts under business tenancies adversely affected by the coronavirus pandemic.
New Legislation
Newsletter Empresa Familiar
Noviembre 2021
Newsletter Empresa Familiar
Noviembre 2021
NDICE
1. ARTCULOS
1.1 El letrado asesor, figura jurdica olvidada pero obligatoria
1.2 Nuevos derechos para las personas con discapacidad y su incidencia en la empresa familiar
1.3 Impuesto sobre el Patrimonio de los no residentes en Espaa: cuestiones clave a tener en cuenta
1.4 Qu son los criterios ESG y por qu la empresa familiar debe integrarlos en su gestin?
2. SENTENCIAS Y RESOLUCIONES
2.1 Mercantil y civil
2.1.1
Ruby Apartments held the management rights to 242 serviced apartments in Ruby One Tower, Surfers Paradise, when Receivers were appointed on 1 August 2019.The Receivers were appointed by a secured creditor one day after Ruby Apartments had appointed an administrator. Ruby Apartments was part of the Ralan Group.
The Receivers carried on the business of apartment manager until 30 September 2019, when they sold the business as a going concern to a third party purchaser.