LexisPSL R&I and INSOL Europe launch COVID-19 global insolvency reforms tracker

LexisPSL R&I and INSOL Europe launch COVID-19 global insolvency reforms tracker

LexisPSL R&I have teamed up with INSOL Europe to launch a new coronavirus (COVID-19) insolvency reforms tracker which monitors changes to insolvency laws across the globe prompted by COVID-19.

COVID-19 global insolvency reforms tracker

A tracker of insolvency reforms globally produced by Lexis Nexis in partnership with INSOL Europe is now available.

We look at various countries worldwide which are expediting reforms to their restructuring and insolvency laws, temporarily suspending onerous insolvency law provisions, increasing limits for statutory demands, suspending enforcement powers and introducing other measures to deal with the COVID-19 crisis. As the situation is rapidly evolving with more countries adding new measures daily, you should contact local lawyers in the relevant jurisdiction to check the current measures in force.

Key takeaways

Obviously, any counties under lock down from COVID-19 may face logistical issues in making legal reforms if the relevant parliamentary body/law making body/court is running a reduced or skeleton service. However, many insolvency professionals argue that now is the most important time to make those reforms through emergency legislation to rescue otherwise viable companies and give directors, companies and individuals sufficient breathing space.

 

Where the reforms include the introduction of rescue type proceedings, EU Member States should bear in mind the requirements of the directive on preventive restructuring frameworks, second chance and measures to increase the efficiency of restructuring, insolvency and discharge procedures (the Harmonisation and Second Chance Directive) which requires compliance by 17 July 2021 (see Practice Note: Harmonising insolvencies and restructurings across Europe). One upside of COVID-19 is that these reforms should be enacted quickly, so enhancing recovery prospects in many more countries throughout the EU.

INSOL Europe EC case register

LexisNexis have also partnered with INSOL Europe to bring you the INSOL Europe EC case register. 

This unique case abstract service provides summaries of judgments, from the Court of Justice of the European Union and first instance and appeal courts of the EU Member States, that consider a significant point relating to Recast Regulation on Insolvency, Regulation (EU) 848/2015 (or its predecessor, Regulation (EC) 1346/2000 on Insolvency Proceedings). The service includes abstracts of judgments from 2001 onwards.

The abstracts are provided on behalf of INSOL Europe by national correspondents, practising or academic lawyers, covering each of the EU Member States and are academically moderated by Professor Reinhard Bork, University of Hamburg, and Dr Kristin van Zwieten, Oxford University. Abstracts relating to judgments of the Court of Justice of the European Union are provided by the Technical Officers of INSOL Europe and are moderated by Stefan Ramel, Barrister, Guildhall Chambers.

Lexis PSL subscribers and Lexis Library subscribers can access the case register by following this link: INSOL Europe case register. INSOL Europe members will have received an email with their new username and password plus a link to the case register. 

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About the author:
Kathy specialises in restructuring and cross-border insolvency. She qualified as a solicitor in 1995 and has since worked for Weil Gotshal & Manges and Freshfields. Kathy has worked on some of the largest restructuring cases in the last decade, including Worldcom, Parmalat, Enron and Eurotunnel.