A borrower who, without having the right to do so, would not pay a credit instalment due between 12 March 2020 and one month after the end of the state of health emergency (which is supposed to last two months as from 24 March 2020 but could be extended), could argue that the loan documents' acceleration clause and default interest clause (a liquidated damage clause) shall only take effect after that period pursuant to Ordinance No. 2020-306 of 25 March 2020, adopted further to the "emergency" Law No. 2020-290 of 23 March 2020.
Hogan Lovells Publications | 07 April 2020
Introduction of financial measures in support of businesses facing the Covid-19 crisis
Faced with the impact of the Covid-19 health crisis on the local and European economy, the President of the French Republic and the government announced several emergency measures in order to support businesses in difficulty.
Admission de l’inscription définitive d’une hypothèque judiciaire provisoire malgré la liquidation judiciaire
Cass. Com, 3 mai 2016, n°14-21.556
Aux termes d’un arrêt de principe, la Cour de cassation entérine et confirme la possibilité pour le créancier disposant d’une hypothèque judiciaire provisoire, inscrite avant le jugement d’ouverture, de l’inscrire définitivement après la liquidation judiciaire du débiteur.
Par jugement du 16 février 2016, rendu en matière de bail commercial, le Tribunal de Paix s’est prononcé (à notre connaissance pour la première fois au Luxembourg) sur la question des effets d’une saisie-gagerie en cas de faillite de son locataire.
Dans ce dossier, le bailleur avait pratiqué une saisie-gagerie avant la mise en faillite du locataire et a demandé par la suite après la faillite la conversion de la saisie-gagerie en saisie‑exécution ainsi que la résiliation du contrat de bail.
On January 19, 2012, the Versailles' Court of Appeals confirmed that CMBS borrower, Heart of la Défense SAS (Hold), and its Luxembourg parent company, Dame Luxembourg Sarl (Dame), were entitled to Court protection in France under Safeguard Proceedings (sauvegarde). Safeguard is a French pre-bankruptcy process that resembles the U.S.
(Cass. Com, Feb. 19, 2013, no. 12-13.662)
In the instant case, a lessee had been placed into receivership on September 27, 2010, and then into court-ordered liquidation on November 8, 2010. Subsequently, on December 28, 2010, the lessor had served the liquidator with notice of termination for nonpayment of the rents accrued since the opening of insolvency proceedings.
What specific provisions does the new law contain for tenancies?
In Germany, as in many other countries, a number of laws have been passed in order to respond to the economic challenges in connection with the Covid-19 crisis. This memorandum provides a brief summary and overview focusing on the most relevant changes to the legal landscape.
I. Financial Support
Does the owner bear the risk in case of bankruptcy?
Due to the tense situation in the hotel industry, various lessees are currently approaching their lessors asking for deferral or abatement of rent payments for the period ahead. There are many suggestions for possible compromises - but the insolvency law situation must always be taken into account in order not to create any risks for tenants or lessors. The comments in this article apply equally to hotel usufructuary leases.
Currently discussed compromises
Die Möglichkeiten durch das Gesetz zur Abmilderung der Folgen der COVID-19-Pandemie im Zivil-, Insolvenz- und Strafverfahrensrecht für Startups.