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.
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.
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.
