Budapest, Hungary

Bankruptcy Aspects of Annual Financial Statements

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.

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Louisville, USA

Steps Unsecured Creditors can Take When Customers Face Bankruptcy

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.

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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.

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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.

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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.

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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.

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