AIJA Insolvency Commission report: Emergency measures in response to the COVID-19 crisis

12/11/2020

The COVID-19 pandemic has plunged businesses around the world into financial difficulty and led to an unprecedented surge of emergency legislation in virtually all jurisdictions. In many jurisdictions, these measures include direct intervention in the debt enforcement and insolvency system. Governments have been quick to adopt sweeping changes to Insolvency regimes to avoid viable businesses collapsing, including relaxing rules on directors’ duties pre-insolvency and preventing creditors from seeking to place businesses into insolvency processes.

In light of this unique situation and as a helpful tool for its members, the AIJA Insolvency Commission has assembled a compilation of short factsheets providing an overview of what has happened in their members’ jurisdictions. 

Marine Simonnot contributed to this compilation by drafting the French Part.

Click on this link to access the full report.

UGGC - Capture 3
Marine Simmonot

Restructuring

The simplified judicial procedure for the health crisis management: a new temporary tool for dealing with distressed businesses

Restructuring
Last 31 May, the law n°2021-689 on the health crisis exit management, which introduces in its article 13 a new judicial procedure for the treatment of distressed companies, was adopted.…

The beneficiary of a security interest for a third party escapes from the bankrupcy proceeding of the settlor ... For now

Restructuring
High Court, commercial chamber, 25 November 2020, n°19-11.525, FS-P; Cass. com. 17 June 2020, n°19-13.153, FS-P+B+R Security interest for others in common law Since a decision of the Mixed Chamber…

The derivative action is not on the plan performance supervisor jurisdiction

Restructuring
High Court, commercial chamber, November 12, 2020, n°19-11.972, FS-P+B The context While a company benefits from a safeguarding plan, the shareholders sue the company's directors for damages suffered by the…