In addition to recent measures supporting the economy and preventing spread of COVID-19 a new law No. 166-FZ dated 8 June, 2020 “On amendments to certain legislative acts of the Russian Federation with a view to taking urgent measures aimed at ensuring sustainable economic development and preventing the consequences of the spread of a novel coronavirus infection” was adopted (hereinafter referred to as Law no. 166). Law No. 166 amended regulations provided by the Bankruptcy law1 with several novels.
As you might expect, we are seeing an increase in debt recovery queries owing to the current circumstances. It’s worth noting that although the process isn’t operating as normal, CCJs can still be enforced, particularly if urgent.
If you, or your client, has obtained a County Court Judgement (CCJ) against a Scottish debtor we are able to assist you in registering that CCJ in Scotland to enable enforcement proceedings to commence.
Methods of enforcement include: earnings arrestment; winding-up/insolvency proceedings; attachment (seizure of certain goods); arrestment (of monies held in bank or with third parties); and inhibition (an order preventing sale of heritable property). Read the full blog here.
Going into the pandemic recession banks are assessing their position. Brian McEnery and Harry Fehily crunch the figures. Irish banks seem to be in a better position facing into the current pandemic crisis as compared to their position entering the 2008 Global Financial Crisis. A number of strategies and policies will assist the Irish banks to weather the storm and assist our economy. [Going into the pandemic recession banks are assessing their position. Brian McEnery and Harry Fehily crunch the figures]Read here.
A recent Supreme Court decision focuses on lenders using the High Court summary summons procedure for debt recovery. Eadaoin Jackson looks at what this decision means for lenders going forward
In brief: In Bank of Ireland v O’Malley, the Supreme Court held that if a lender wishes to use the High Court summary summons procedure for debt recovery, it will be required to explain each of the component elements of the debt claimed.
Prime Minister Shri Narendra Modi announced Rs 20 lakh crore fiscal stimulus equivalent to 10 per cent of India’s GDP to deal with COVID-19 situation in the country, the Union Finance Minister Nirmala Sitharaman announced the following changes in the Insolvency Bankruptcy Code (“IBC”) sector to promote the motto of Self Reliant India and boost the economic status of the Country.
Corporate directors and officers and fiduciary duties in the COVID 19 world: Same duties, but much more to do
One thing that hasn’t changed since the COVID-19 crisis hit? Directors and officers of corporations still have the same fiduciary duties that they had before the pandemic. What COVID‑19 has changed is what constitutes due care, and the impact of this is likely to be broadened by an enlargement of the parties who should be considered as fiduciary duties are discharged.
Perhaps no credit market is as much a bellwether for the economic crisis caused by the COVID-19 pandemic than commercial mortgage-backed securities (CMBS). While the impact of relief programs on consumer-based markets remains to be seen, CMBS offers a broad view into the health of consumers, vulnerable industries, the success of stimulus programs on small and medium-sized businesses and the overall economy. Deals in the pipeline may be in jeopardy as parties re-evaluate their positions and consider the outlook for commercial tenants in vulnerable areas, such as hospitality and retail. Meanwhile, performance of existing deals may be impacted by commercial tenant insolvencies and suspensions of bankruptcy proceedings. Read more…
Here’s something you don’t see much of these days, a market doing well and with the potential for real “green” shoots. With an emphasis on social responsibility and community support, ESG investing is a bright spot. Still, there are also reasons to be cautious, especially if social issues dominate over environmental ones. There are good reasons to keep investing in both. Read more…
At the beginning of the month Russian regulators implemented a draft law, which provides for the possibility of the Government of the Russian Federation by its act to introduce a moratorium on initiation of bankruptcy proceedings under natural and man-made emergencies, significant changes in the ruble exchange rate and similar exceptional circumstances (for more details see the update). The moratorium on bankruptcy has been in force in Russia since April 4, but now the Law on Bankruptcy is being corrected again. The need for amendments is due to the rushed adoption of the Law, as well as the reaction to criticism from the professional community The law providing for the amendment was signed by the President of the Russian Federation and comes into force on April 24. In particular, the new law establishes the following changes to the regime of the moratorium on bankruptcy.