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.
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.
By Barry Cahir, Beauchamps
COVID-19 poses high levels of financial distress for Ireland and Irish business. Ireland’s examinership regime (Examinership) and schemes of arrangement (Schemes) are effective tools for corporate restructuring, either immediately and/or once the more immediate threat of COVID-19 has passed.
