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What is in your Derivatives?

Recent market shocks (from the 2022 mini budget which triggered a pension fund crisis to more recent developments with respect to Credit Suisse, Silicon Valley Bank and Signature Bank) will prompt market participants to review their hedging arrangements. There are several matters to take into account when market participants start to experience distress, and in … Continue Reading

How Will The German Supply Chain Act Affect German Companies?

Businesses around the globe, including those situated in Germany, continue to face difficulties because of disruptions in their supply chain created, in particular, by COVID-19 and the war in Ukraine. To add to that, the new German Supply Act on Corporate Diligence Obligations in Supply Chains (the “Act”) is likely to place further pressure on … Continue Reading

Potential Impact on the French Legal System of the Draft EU Directive to Harmonise Insolvency Laws

On 7 December 2022, the European Commission unveiled a draft directive (2022/0408 (COD)) (the “Directive”) proposing to harmonise certain aspects of insolvency laws across the European Union[1]. This blog specifically discusses the impact of the draft Directive on French law. For a more detailed and general analysis of the draft Directive, see our alert. The … Continue Reading

Germany’s Insolvency Code Amended In Light of Current Economic Crisis

The Law on the Temporary Adaption of Restructuring and Insolvency Law Provisions to Mitigate the Consequences of the Crisis (SanInsKG) was published in the German Federal Gazette (Bundesanzeiger) today (8 November 2022) and will become effective in German law tomorrow (9 November 2022), following a very quick legislative process. Purpose of the SanInsKG SanInsKG is … Continue Reading

Managing Your European Business in Light of Sanctions imposed on Russia

The huge and devastating impact of COVID-19 on people, economies and business was unforeseen, and although (in the UK, at least, with all restrictions now lifted) the pressures created by COVID-19 are hopefully a thing of the past, businesses are seeing new challenges impacting recovery, trade and growth. It is saddening to watch the developments … Continue Reading

The Reform Of The Spanish Insolvency Act – Positive News For Spanish Companies

At the end of 2021, the Spanish government approved draft reforms of the Spanish insolvency laws that transposes Directive (EU) 2019/1023 of 20 June 2019 on preventive restructuring frameworks into Spanish law. The reform will bring about a comprehensive change in insolvency proceedings in Spain. So what are these changes and what effect will these … Continue Reading

Restructuring Foreign Companies in England Using a Restructuring Plan

A restructuring plan may well be a very effective way of restructuring a foreign company. It has several advantages over a scheme of arrangement and with a relatively low entry threshold, the English court has already sanctioned at least one plan for a foreign company in the relatively short time that it has been available.  … Continue Reading

Supply Chain Risk and Increasing Costs: How Are UK Businesses Building Resilience?

Supply chain issues are not new, but following the lifting of coronavirus restrictions in the UK and the hope that UK businesses will bounce back from a prolonged period of suppressed (or no) trading, they are having an acute impact on recovery. Disruption, delay and increased costs were compounded by the pandemic.  But these issues … 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
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