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An Introduction to France’s New Restructuring Laws

In the context of the EU Directive 2019/1023/UE of 20 June 2019 (“Directive”) and in the aftermath of the Covid crisis, France has reformed its insolvency legislation. The purpose of the legislation is both to implement the requirements of the Directive into the French legislation, but also to tackle the consequences of the Covid crisis … Continue Reading

How does an English administrator obtain recognition of their appointment in an EU member state?

Since 31 December 2020 insolvency proceedings opened in England will no longer benefit from automatic recognition in an EU member state.  Instead an application will need to be made for recognition in the relevant member state where there are cross border assets or an establishment. Our quick guide gives an overview of the recognition procedure … Continue Reading

Germany Implements New Insolvency Laws and Restructuring Tools

After its publication in the German Federal Gazette (Bundesanzeiger) on 29 December 2020, the Law for the Further Development of the Restructuring and Insolvency Laws (SanInsFoG) came into force in Germany on 1 January 2021. The major part of this new law, the Law on the Stabilisation and Restructuring Framework for Enterprises (StaRUG), introduces a … Continue Reading

The Concerning Impact of Brexit on OTC-Derivatives

For derivative transactions that are relocated from the United Kingdom to the EEA or newly concluded there, in many cases new master agreements must be concluded between the involved parties. The total volume of European derivatives trading (measured by open gross notional amount) amounted to around €681 trillion at the end of 2019 as announced … Continue Reading

Reflections on COVID-19 – Views from Italy

In this blog we examine the economic impact of Covid-19 on the Italian economy, through an analysis of economic data relating to the lockdown period from February to May 2020, an assessment of the impact of the Italian government’s measures, and a view on what the future might look like for the Italian economy.… Continue Reading

Reflections on COVID-19 – Views From Germany

In a series of blogs, we will be reflecting on how the coronavirus disease 2019 (COVID-19) has affected local economies and businesses considering the impact of lockdown, how businesses have fared during the pandemic, whether support from the government has helped protect against business failure, which sectors have been hardest hit by the pandemic and … Continue Reading

Poland’s Simplified Restructuring Proceeding Takes Effect

As previewed in our prior post, Poland’s simplified restructuring proceeding (uproszczone postępowanie restrukturyzacyjne) is now in effect. The enabling legislation – with only minor changes from the description in our prior post affecting such restructurings – was finally adopted on 19 June 2020, signed into law on 23 June 2020 and took effect the same … Continue Reading

€130 Billion Fiscal Package by the German Federal Government

On 3 June 2020, the German Federal Government announced a €130bn fiscal package to help the German economy to recover from the impact of the COVID-19 pandemic. The aim of the package is in particular to strengthen broad consumption, incentivize private and public investments (particularly in green and digital technologies) and provide a boost to … Continue Reading

COVID-19: Poland’s Parliament Nears Passage Of Extraordinary Debtor Restructuring Relief

Poland’s Parliament is expected to pass legislation on Wednesday (3 June) that will offer expedited and simplified restructuring procedures for debtors.  This will be the fourth in a series of laws in response to the COVID-19 pandemic – known as Shield Laws, but the first to add a new type of restructuring procedure.  For more … Continue Reading

German Federal Government Announce Start-Up Financing Program

The German Federal Government has launched a series of assistance packages of measures for business against the consequences of the COVID-19 pandemic. In particular, the German Government is of the opinion that start-ups and young technology companies are particularly important for the German economy. See our alert for further details about the new measures.… Continue Reading

To Resolve The Impasse Created By The Karlsruhe Court’s ECB Judgment You Need To Address What The Court Has Actually Done

Our client alert dated 5 May explored some implications of the German Federal Constitutional Court’s decision the same day to prohibit the Bundesbank from participating in the European Central Bank’s (ECB) Public Sector Asset Purchase Programme (PSPP). A great deal of reaction and commentary since has focused on whether the Federal Constitutional Court’s admittedly very … Continue Reading

EU Commission Authorises State ‘Recapitalisation’ Measures To Support Failing Businesses Due To COVID-19

Last Friday (8 May 2020) the EU Commission issued a new communication setting out the conditions under which EU Member States can inject capital in companies in need (the “Recapitalisation Measures”). This announcement constitutes the 2nd Amendment to the Temporary Framework for State aid measures to support the economy in the current COVID-19 outbreak (which … Continue Reading

COVID19 Pandemic and the German Federal Government company aid measures

The German Federal Government’s various aid measures for employees, self-employed persons, small, medium and large enterprises are suitable for alleviating personal hardships, reducing the economic costs of insolvencies and plant closures and supporting the economy. In addition, it is important that the German Federal Government will play also a constructive role in overcoming the crisis … Continue Reading

German Federal Constitutional Court Judgment of 5 May 2020 prohibits Bundesbank from participating in ECB’s Public Sector Asset Purchase Programme

On 5 May 2020 the German Federal Constitutional Court (Bundesverfassungsgericht) rendered a judgement in a number of individual constitutional complaints (Verfassungsbeschwerden) of German citizens against the European Central Bank’s (ECB) Public Sector Asset Purchase Programme (PSPP) of 2015. The judgment was based on a provision contained in the German constitution which prohibits the German Parliament … Continue Reading