Warsaw, Poland

Restructuring Through State-Sponsored Support Schemes

By Daniel Klementewicz, Penteris

Months of government restrictions have taken their toll on the global economy, leaving many a business owner in desperate need of financial support. A possible solution for businesses in Poland came in the form of a rescue and restructuring scheme introduced in July 2020, offering three types of aid: (i) rescue aid, (ii) restructuring aid, and (iii) temporary restructuring support.

Continue Reading

Warsaw, Poland

Restructuring Through State-Sponsored Support Schemes

By Daniel Klementewicz, Penteris

Months of government restrictions have taken their toll on the global economy, leaving many a business owner in desperate need of financial support. A possible solution for businesses in Poland came in the form of a rescue and restructuring scheme introduced in July 2020, offering three types of aid: (i) rescue aid, (ii) restructuring aid, and (iii) temporary restructuring support.

Continue Reading

Avoid Bankruptcy in the Netherlands with the WHOA

By Ruud de Vaan, TeekensKarstens advocaten notarissen

As of 01 January 2021, a far-reaching law reform has been implemented in Dutch bankruptcy law. As a result of the new legislation – also referred to as Dutch Scheme or by the law’s acronym, WHOA – businesses in the Netherlands can now restructure their debts swiftly and effciently without having to go through bankruptcy. The new legislation may have a large impact on parties doing business with partners in the Netherlands.

Continue Reading

Glasgow, Scotland, UK

Coronavirus-Inspired Protections from Corporate Insolvency

By Steven Docherty, Wright, Johnston & Mackenzie LLP

The UK Government’s approach to the economic effects of the coronavirus pandemic has been to pull a series of different levers to try to protect businesses and the people who work for them. As part of that, on 26 March 2021, they legislated for the temporary suspension of liquidation petitions continuing until 30 June 2021.

Continue Reading

Rothenburg ob der Tauber, Germany

Asset Deal in a German GmbH: Notarised Shareholders’ Resolution Needed?

By Dr Angelika Baumhof and Christian Pflaeger, Jakoby Dr. Baumhof

On 08 January 2019, the German Federal High Court of Justice (II ZR 364/18) ruled that an agreement about the sale of all or substantially all of the assets of a GmbH requires a shareholders’ resolution of approval; however, this resolution does not need to be notarised. Meanwhile the need for notarisation is basically argued in two cases. The first is if the asset deal leads to a direct or indirect dilution of the shareholders’ participation in the company. In such a situation it is argued that a notarised resolution of approval to an asset deal is required due to the seriousness of such measures. This derives from the leading Holzmüller decision of the German Federal High Court of Justice concerning stock corporation law.

Continue Reading

Budapest, Hungary

Actio Pauliana can be Initiated even in the Case of a Division

By Dr Attila Kovacs, Kovács Réti Szegheõ Attorneys at Law

The European Court of Justice interpreted for the first time Articles 12 and 19 of the Sixth Directive 82/891 (1) in its judgement Nr. C 394/18. The Court held that those articles do not preclude creditors of the divided company whose rights arose prior to the division and who did not avail themselves of the credit protection arrangements provided for in the national legislation, in order to establish that this division is null and void. The dispute in the base proceedings is between the creditors of the company being divided and the newly created company to which part of the assets of that company has been transferred. Those creditors, considering that the divestment company had lost most of its assets as a result of the division, filed an actio pauliana seeking annulment of the divestment document. However, creditors did not avail themselves of the opportunity to object to the division, as required by national law when transposing the Sixth Directive.

Continue Reading

More Articles ...

Ggi Logo 150x109px

GGI Global Alliance AG

Sihlbruggstrasse 140
6340 Baar
Switzerland

Contact

T: +41 41 7252500
F: +41 41 7252501
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.ggi.com