To assist Slovakian businesses in understanding what financial support packages are now available we have produced a helpful guide summarising those. This gives an overview of the package, the level of funding available, eligibility, how to apply and when it will be available. To access the most up to date guide click on this link. … Continue Reading
A major problem to the analysis of the crypto asset and the related blockchain industry has been and still is the lack of clear guidelines and legal definitions. This blog considers how German law approaches crypto assets and how those type of assets are dealt with in an insolvency.… Continue Reading
The European Union (EU) recognized the unprecedented situation, which has arisen as a result of the Coronavirus/COVID-19 outbreak and is currently activating measures to help the economic consequences of the COVID-19 crisis. Click here to read out latest alert about these measures.… Continue Reading
The validity of an assignment of receivables cross-border depends on the law that applies to the assignment. What might amount to a valid assignment in one jurisdiction does not mean that it is valid in another, and where there are competing claims to the receivables and competing jurisdictions, the question of which law applies – … Continue Reading
What should German organisations be doing to mitigate the impact of Covid-19 on their business, staff, supply chains, etc Here is an overview of the key legal issues for businesses in Germany to consider, together with some practical steps for businesses to take. Also available in German – click here.… Continue Reading
Over the weekend, the Business Secretary announced that UK Insolvency Laws will be changed. The changes will give businesses “extra time to weather the storm” and give comfort to directors who, challenged with trading through a difficult cash flow period, will not face claims for wrongful trading.… Continue Reading
As you may have noted from our blog yesterday, one of the main concerns with the UK Government’s current package of support to business is that the eligibility criteria for the Covid Corporate Financing Facility (CCFF) scheme and the Coronavirus Business Interruption Loan Scheme (CBILS) respectively leave a large number of mid-cap businesses unable to … Continue Reading
Our quick guide will help you consider the financial health of your business. The purpose of this guide it to help a business assess and identify the key risks and understand what help is available to determine whether the business can or should continue trading and what form trading should take – see here.… Continue Reading
From a recent survey we conducted over 40% of businesses had not yet considered the Financial Support packages being made available from Government. Our quick guide sets out what financial help and other options outside of those on offer from the Government are available to help support businesses – see here.… Continue Reading
On March 23, 2020, the German Federal Government (Bundesregierung) published a draft bill to mitigate the consequences of the COVID-19 in civil, insolvency and criminal procedural law. From an insolvency perspective, the aim of the proposed amendments is to enable and facilitate the continuation of businesses that have become insolvent or are experiencing economic difficulties … Continue Reading
How do you keep capital working? This article considers the financial health of a business in the face of the threats to working capital, providing practical tips that apply to all businesses, in all sectors in all jurisdictions.… Continue Reading
The German Federal Ministry of Justice and Consumer Protection is preparing new legislation suspending the obligation to file for insolvency in order to protect companies that encounter financial difficulties due to the coronavirus crisis (see here). According to section 15a(1) of the German Insolvency Code (Insolenzordnung), managing directors or management board members of legal entities … Continue Reading
Due to its constitutional and legal system, Germany is different from a number of other countries around the world. Measures fighting the spread of COVID-19 in Germany cannot be taken at the central government level in Berlin (Bundesregierung) but have to be taken by the governments of the 16 states (Landesregierungen), which constitute the Federal … Continue Reading
We are seeing business distress in all countries as a consequence of Covid-19. This note sets out practical steps that a business in the Czech Republic can take to mitigate risk and address the threat of insolvency.… Continue Reading
French businesses face significant business disruption, as does any country faced with restrictions in place to curb movement of people because of Covid-19. In this blog we consider what the restrictions are in France and what help is on offer.… Continue Reading
Globally, most nations affected by Covid-19 have restrictions in place that significantly impact business operations. In some cases requiring businesses to temporarily shut the doors whilst balancing that against the need to maintain essential services. But how can a business identify whether it is an essential service? This note explores that question.… Continue Reading
Given the current pressure all businesses face dealing with the effect of Covid-19, it is important that directors understand what their duties are in respect of insolvent companies or companies that are at risk of heading towards insolvency. In this blog we briefly remind directors what their duties are, the potential claims that could be … Continue Reading
The measures are designed to support cash flow and inject liquidity into the economy. They might be a lifeline for many companies, but directors must also consider the implications of further borrowing – the lifeline may only offer temporary relief for an already struggling business.… Continue Reading
Yesterday, following a meeting of the Cobra committee the Government announced that the UK has moved into the “delay” phase of its plan aimed at tackling the coronavirus outbreak. For businesses the main impact will be operational given that anyone who shows certain symptoms has been advised to self-isolate for 7 days, regardless of whether … Continue Reading
In this blog we consider: What are the immediate challenges facing businesses as a consequence of the impact of Covid-19? What measures have been announced in the UK to support consumers and SMEs during this period of economic disruption and what others are expected? How to protect your business? … Continue Reading
In this blog, we highlight changes to law, practice and procedure that will or could impact the restructuring insolvency market this year – covering important changes that should be on your radar – as well as providing an update on those changes that were expected but which might be delayed beyond 2020.… Continue Reading
The validity of an assignment of receivables cross-border depends on the law that applies to the assignment. What might amount to a valid assignment in one jurisdiction, does not mean, that it is valid in another and where there are competing claims to the receivables and competing jurisdictions, the question of which law applies and … Continue Reading
Happy New year to all of our blog readers! With the start of a new decade, we are giving our restructuring and insolvency blog a fresh new look and name: Restructuring GlobalView. Restructuring GlobalView will provide readers with unique perspectives on restructuring and insolvency issues from around the globe, offering practical views from the global … Continue Reading
On June 26, 2019, the European Parliament and the Council of the European Union published a new EU Restructuring Directive on preventive restructuring frameworks, discharge of debt and disqualifications, and measures to increase the efficiency of procedures concerning restructuring, insolvency and discharge of debt (“Directive”). This is an extraordinary achievement given the existing differences in … Continue Reading
