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Temporary measures to mitigate impact of COVID-19 pandemic on SMEs
Oon & Bazul LLP
  • Singapore
  • 10 July 2020

In these unprecedented times, small and medium-sized enterprises (SMEs) and their owners require swift and cost-effective methods to sustainably manage and restructure their debt burdens, so that they can focus on transforming their businesses to meet the challenges of the post-COVID-19 economy. This article examines the legislative action taken by the government thus far, with a specific focus on its impact on SMEs.

Corporate Insolvency and Governance Act – what's changed?
Taylor Wessing
  • United Kingdom
  • 10 July 2020

After the Corporate Insolvency and Governance Bill was published on 20 May 2020, it raced through the House of Commons and the House of Lords, coming into force in under six weeks as the Corporate Insolvency and Governance Act 2020, with some of the temporary measures taking effect from 1 March 2020. Although the new tools are entirely untested, the sooner they become an integrated part of the UK restructuring landscape, the better.

Use of cash collateral to pay prepetition debt not prohibited by Jevic
Jones Day
  • USA
  • 26 June 2020

The ability of a bankruptcy trustee or a Chapter 11 debtor in possession to use cash collateral during the course of a bankruptcy case may be vital to the debtor's prospects for a successful reorganisation. However, because of the unique nature of cash collateral, the Bankruptcy Code sets out special rules that apply to the non-consensual use of such collateral to protect the interests of the secured creditor involved.

COVID-19: a shield against winding-up petitions?
Taylor Wessing
  • United Kingdom
  • 26 June 2020

The Corporate Insolvency and Governance Bill was recently laid before Parliament. The bill contemplates a temporary ban on statutory demands presented from 1 March 2020 as a ground for presenting a winding-up petition and on winding-up petitions presented from 27 April 2020 unless the petitioning creditor has reasonable grounds for believing that COVID-19 has not had a financial effect on the debtor company or that it would have been insolvent even if COVID-19 had not had a financial effect on it.

Moratoria during COVID-19 pandemic – an overview
Pestalozzi Attorneys at Law
  • Switzerland
  • 19 June 2020

Originally, unlike in other jurisdictions, the purpose of a moratorium in Switzerland was not necessarily to continue doing business, but rather to find a better way to liquidate a company; however, this has changed as a result of the COVID-19 crisis. There is now another type of moratorium under Swiss law (although probably only until 20 October 2020), which is intended to promote restructuring.

Company administration regime
Ogier
  • Guernsey
  • 19 June 2020

The Companies Law provides for companies, protected cell companies, incorporated cell companies and cells thereof to be placed into administration and for an administrator to be appointed to manage their affairs while the administration order remains in force. In January 2020 an ordinance was passed, introducing various changes to insolvency law in relation to both administrations and liquidations. This article sets out the changes which affect new administrations.

Dutch scheme of arrangement: new pre-insolvency restructuring instrument
AKD
  • Netherlands
  • 19 June 2020

The House of Representatives recently voted in favour of the Court Approval of a Private Composition (Prevention of Insolvency) Act (WHOA). Inspired by the UK scheme of arrangement and US Chapter 11 proceedings, the WHOA will introduce to the Netherlands a legal framework that enables debtors to restructure their debts outside formal insolvency proceedings by means of a court-approved restructuring plan.

Government measures to assist companies during COVID-19 pandemic – interview
ALTIUS
  • Belgium
  • 12 June 2020

Due to the lockdown measures and other restrictions imposed by the government to fight the COVID-19 pandemic, many companies are dealing with revenue losses while having the same level of (fixed) costs. In this video, Bart Heynickx, counsel at ALTIUS, discusses various insolvency issues that are arising in Belgium as a result of COVID-19.

COVID-19 Weekly Report (1-7 June 2020)
International Law Office
  • International
  • 08 June 2020

The impact of COVID-19 is being felt in almost every work area across the globe. In order to keep readers abreast of this evolving situation, ILO's COVID-19 Weekly Report provides insight into the major legal developments of the past seven days, as well as a round-up of our panel of experienced international legal commentators' legislative and regulatory guidance.

COVID-19: restructuring and corporate recovery measures
Ogier
  • Jersey
  • 05 June 2020

Most employees in the Jersey financial services industry are working from home and there has been no interruption to business continuity for the sector due to the COVID-19 crisis. Further, the Jersey Financial Services Commission has confirmed that while its physical premises are closed, a flexible business continuity strategy is being implemented. This article sets out potential insolvency reforms which may be implemented in the financial services sector with respect to local, regulated and international business.

Significant insolvency reform for United Kingdom: Corporate Insolvency and Governance Bill
Taylor Wessing
  • United Kingdom
  • 05 June 2020

The much-anticipated Corporate Insolvency and Governance Bill was published on 20 May 2020. The proposed legislation is split into two broad categories: temporary provisions brought about as a result of COVID-19 and permanent provisions which will result in fundamental changes to UK insolvency law. The proposals, both temporary and permanent, reflect a shift towards a more debtor-friendly regime.

COVID-19 Weekly Report (25-31 May 2020)
International Law Office
  • International
  • 01 June 2020

The impact of COVID-19 is being felt in almost every work area across the globe. In order to keep readers abreast of this evolving situation, ILO's COVID-19 Weekly Report provides insight into the major legal developments of the past seven days, as well as a round-up of our panel of experienced international legal commentators' legislative and regulatory guidance.

COVID-19 Weekly Report (18-24 May 2020)
International Law Office
  • International
  • 25 May 2020

The impact of COVID-19 is being felt in almost every work area across the globe. In order to keep readers abreast of this evolving situation, ILO's COVID-19 Weekly Report provides insight into the major legal developments of the past seven days, as well as a round-up of our panel of experienced international legal commentators' legislative and regulatory guidance.

COVID-19 restructuring and corporate recovery measures
Ogier
  • Guernsey
  • 22 May 2020

Many of the key emergency legislative measures put in place to combat the effects of COVID-19 have been aimed at protecting the local economy, with the focus on the prevention of insolvency rather than insolvency itself. These measures include a payroll co-funding scheme, a grant for small businesses and the self-employed and a guarantee scheme, under which the states will work with the high street banks to provide loans to trading businesses with an annual turnover of less than £10 million.

COVID-19 Weekly Report (4-10 May 2020)
International Law Office
  • International
  • 11 May 2020

The impact of COVID-19 is being felt in almost every work area across the globe. In order to keep readers abreast of this evolving situation, ILO's COVID-19 Weekly Report provides insight into the major legal developments of the past seven days, as well as a round-up of our panel of experienced international legal commentators' legislative and regulatory guidance.

Is my business automatically protected against creditors during COVID-19 crisis?
ALTIUS
  • Belgium
  • 08 May 2020

Due to the lockdown measures and other restrictions imposed by the government to fight the COVID-19 pandemic, many companies are dealing with revenue losses while having the same level of (fixed) costs. Royal Decree No 15, which recently entered into force, implements new temporary measures to protect businesses that had not ceased payment before or on 18 March 2020 but found themselves in difficulty afterwards due to the COVID-19 crisis. These measures will last until 17 May 2020, unless extended.

COVID-19 Weekly Report (20-26 April 2020)
International Law Office
  • International
  • 27 April 2020

The impact of COVID-19 is being felt in almost every work area across the globe. In order to keep readers abreast of this evolving situation, ILO's COVID-19 Weekly Report provides insight into the major legal developments of the past seven days, as well as a round-up of our panel of experienced international legal commentators' legislative and regulatory guidance.

COVID-19 pandemic prompts changes to rules applicable to distressed companies
Hughes Hubbard & Reed LLP
  • France
  • 24 April 2020

The government has taken a number of emergency measures on bankruptcy and insolvency proceedings as part of its response to the COVID-19 pandemic. These measures apply during the duration of the so-called 'health emergency', plus one or three months, depending on the case. This article considers the impact of the emergency measures on bankruptcy and insolvency proceedings in France.

Examinership: protecting businesses during and after COVID-19 pandemic
AG Erotocritou LLC
  • Cyprus
  • 24 April 2020

Although it is a relatively unknown procedure, examinership may hold the key to the survival of businesses dealing with the financial consequences of the COVID-19 pandemic. Examinership can protect a business from any claims advanced against it in the short term and offer assistance in the form of an insolvency practitioner, who can devise a restructuring plan to safeguard the business's long-term survival.

Court of Appeal validates test under Section 99 of Companies Law
Ogier
  • Cayman Islands
  • 17 April 2020

The Court of Appeal has provided much needed clarification of the test for validating certain transactions by companies that are subject to a winding-up petition, pursuant to Section 99 of the Companies Law (2020 Revision). Section 99 operates to help maintain the status quo of a company at the date of a winding-up petition so that the winding-up petition can continue to achieve its purposes.

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