By Marzanna Sobaniec, Penteris
In June 2020, a “protective umbrella” was rapidly deployed to shield entrepreneurs in Poland from dire financial straits. This enabled them to take advantage of a “simplified restructuring procedure” mostly conducted out of court, which granted debtors greater flexibility and privileges.
By Sven Dierking and Thorsten Hunsalzer, Gehrke Econ Group
The automotive industry is currently one of the crisis industries in focus. One reason for this is the transformation through e-mobility, autonomous driving, digitalization and market pressure, which means extraordinary investments. On the other hand, the industry is struggling with slumps and market shifts due to the Corona crisis, the repayment obligations from the Corona subsidies, supply chain problems and especially the chip shortage, as well as trade restrictions and high energy and transport costs.
By Dr Attila Kovács, Kovács Réti Szegheõ Attorneys at Law
The brief comparison below shows to what extent the criteria for the adequacy of annual financial statements are the same or different in the legal systems of EU countries, as well as briefly summarising that chief executives are responsible for the preparation and publication of financial reports.
By Betsy Weber, DBL Law
Many small businesses will struggle to survive the financial challenges brought on by the pandemic. Historically, Chapter 11 of the Bankruptcy Code was more attractive for large businesses, but recent changes may make it a good option for small businesses. The Small Business Reorganization Act of 2019 added the Subchapter V provision to Chapter 11. To be eligible for relief under Subchapter V, a business could have no more than USD 2,725,625 in non-contingent, liquidated, secured and unsecured debt.
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.
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.
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.
By Roman Makarov, Nektorov, Saveliev & Partners
The nominee director of the organisation is a fictitious leader. He may have a solid position, a good salary, but he is not the actual head of the company.
By Sarah Doerr, Moss & Barnett
A recent wave of lawsuits brought under the Fair Credit Reporting Act (FCRA) seeks to address alleged “inaccurate reporting” by debt collectors and creditors. These lawsuits follow one of two trends.
By Thorsten Hunsalzer, Gehrke Econ Group
EU Directives 2017/1132 and 2019/1023 require all EU members to create a pre-insolvency procedure by July 2021. German lawmakers have recognised this procedure as a restructuring tool for dealing with the COVID-19 crisis and implemented it within a few weeks with the StaRUG act, which came into force on 01 January 2021.