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Insolvency New Legislation

Dechert LLP

New Luxembourg Bankruptcy Law Enhances Luxembourg’s Restructuring Framework

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One of the two main objectives of the Law is to implement the 2019/1023 Directive, which itself aims to foster the proper functioning of the EU internal market and remove hindrances to the exercise of fundamental rights and...more

Lewis Roca

Arizona Voters Modify Creditors' Remedies with Passage of Proposition 209

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On November 8th, Arizona voters approved Proposition 209, which significantly modifies the rights of creditors. Although the pre-election publicity focused mostly on medical debt, Prop. 209 changes how all types of debt can...more

White & Case LLP

Singapore’s omnibus insolvency legislation

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The Insolvency, Restructuring and Dissolution Act 2018 (the "IRDA") came into force on 30 July 2020. The consolidation of all personal and corporate insolvency and debt restructuring legislation into a single statute, along...more

McDermott Will & Emery

Insolvency Reforms Under the Corporate Insolvency and Governance Bill

On 20 May 2020, the Corporate Insolvency and Governance Bill (the Bill) was introduced to the House of Commons for its first reading, with the aim of completing all its stages in the Commons and progressing through the House...more

Skadden, Arps, Slate, Meagher & Flom LLP

UK Government Introduces COVID-19 Bill to Aid Businesses and Reform Restructuring Law

On 20 May 2020, the U.K. government published the Corporate Insolvency and Governance Bill (the bill), which includes measures designed to help businesses through the COVID-19 pandemic and features important substantive...more

Skadden, Arps, Slate, Meagher & Flom LLP

COVID-19: Germany Update — Suspension of Obligation To File an Insolvency Application and Certain Effects

The following article is the translation of an associated podcast, which is available in German... With the intention of mitigating the effects of the COVID-19 pandemic, the obligation of companies in Germany to file...more

Hogan Lovells

A further step taken by Ukraine to simplify out of court loan workouts

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On 25 September 2019, the Ukrainian Parliament brought into force law No. 112-IX (the “Law“). The purpose of the Law is to correct deficiencies in existing legislation and further promote out-of-court financial restructurings...more

Bracewell LLP

New Insolvency Law for the Dubai International Financial Centre ("DIFC") Issued

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On 13 June 2019, the much anticipated DIFC Insolvency Law No. 1 of 2019 and associated DIFC Insolvency Regulations 2019 (collectively the “2019 DIFC Insolvency Law”), came into full force and effect, replacing the DIFC...more

Akin Gump Strauss Hauer & Feld LLP

New DIFC Insolvency and Employment Laws Enacted

On the 11th and 12th of June, 2019, the Ruler of Dubai enacted new insolvency and employment laws in the Dubai International Financial Center (DIFC). The new insolvency law came into force on June 13, 2019 while the new...more

Latham & Watkins LLP

The Italian Insolvency Code: New Tools for Managing a Crisis

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The Insolvency Code represents a comprehensive reform of the Italian legal framework of business crisis and insolvency. Key Points: ..The “alert procedure” (procedura di allerta) offers out-of-court and confidential...more

White & Case LLP

Restructuring across Europe – a new era?

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All three institutions of the European Union have now approved the EU Preventive Restructuring Framework Directive. This is the EU's first attempt to "harmonise" insolvency laws across the Member States, that have disparate...more

Hogan Lovells

Extraordinary profits created under restructurings according to German law – to be exempt or not to be exempt, that is the...

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Recently the German legislature passed a new law, exempting extraordinary profits created by the waiver of claims under restructurings from income tax liability. ...more

Hogan Lovells

Business Restructuring and Insolvency in Italy – a revolution in the making?

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Nearly a year ago, the Italian Parliament passed Law 155/2017 giving the Government twelve months to adopt a root and branch reform of the rules governing business distress and insolvency procedures, taking into account...more

Hogan Lovells

Italy to revamp the system of legal priorities, and introduce non-possessory security

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The Italian Parliament passed law No. 155 of 19 October 2017 to delegate the Government to reform the rules on insolvency and financial distress. This has been commented widely in the press and between commentantors, as it is...more

Jones Day

International Legislative Update - September/October 2017

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Germany—Major German insolvency law reforms designed to facilitate corporate group insolvencies will become effective on April 21, 2018. When the reforms come into force, they will supplement and complement the Recast...more

Jones Day

European Labour & Employment Update - September 2017

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In this edition, we report from around Europe on some interesting case law developments that affect the way employers manage their employees. The range of issues covered shows that, despite the breadth of directives issued by...more

Dechert LLP

Restructuring and Insolvency Bulletin Issue 1 - 2017 - Cross border restructuring landscape continues to evolve – EU and Singapore...

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Legislative changes in Singapore and the EU introduce pre-insolvency processes facilitating non-consensual debt restructurings or cram downs comparable to those already available in London and New York. In particular, the EU...more

Jones Day

Singapore Enacts New Corporate Bankruptcy Law to Promote International Debt Restructuring

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On March 10, 2017, Singapore's Parliament approved the Companies (Amendment) Bill 2017 ("Act") to enhance the country's corporate debt restructuring framework. The Act was assented to by President Tony Tan Keng Yam on March...more

Shumaker, Loop & Kendrick, LLP

German Reform of Avoidance in Insolvency

I am pleased to share a great article on the recent reform of German insolvency law regarding avoiding pre-insolvency transactions by my good friend and colleague Annerose Tashiro, a leading cross-border insolvency specialist...more

Greenberg Glusker LLP

New Year, New Fraudulent Transfer Law

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It’s a new year, and we have a new law affecting debtors and creditors in California. Effective January 1, 2016, California’s Uniform Voidable Transactions Act (UVTA) has replaced California’s Uniform Fraudulent Transfer Act...more

Latham & Watkins LLP

Lawmakers Enact Spanish Insolvency Law

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Royal Decree Law 4/2014, intended to promote efficiency in Spanish insolvency proceedings, is officially enacted with some important updates. The Spanish legislature has finally enacted Royal Decree Law 4/2014 (the...more

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