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restructuring & insolvency news

Get an overview of our restructuring & insolvency news.

Read through our restructuring & insolvency experts' articles and publications:

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New preventive restructuring framework finally arrived in the Czech Republic

After a delay of more than a year, an Act on Preventive Restructuring (the "Act") implementing the EU directive on preventive restructuring frameworks finally became effective in the Czech Republic on 23 September 2023. The long-awaited Act introduced a brand-new legal tool enabling viable enterprises in temporary financial distress to achieve restructuring outside insolvency proceedings. It is a voluntary and flexible process requiring cooperation with creditors, but not necessarily with all of them.

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Share purchase rights in Austrian insolvency proceedings

Shareholders of Austrian limited liability companies ("GmbH") often stipulate the right to purchase the shares of co-shareholders in certain events. These "share purchase rights" (Aufgriffsrechte) entitle the remaining shareholders to acquire the share of a shareholder when a contractually defined event (Aufgriffsfälle), like insolvency or the death of a shareholder, occurs. Often these rights are laid down in articles of association or a separate shareholders' agreement (Syndikatsvertrag). They are generally qualified as option rights.

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publication

CZ: Schoenherr Journal Edition 15

The Schoenherr Journal, published by Schoenherr's Prague office, examines the latest important legal developments in the Czech Republic.

 

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27 September 2023

czech republic

N.Rosová

What changes will the Czech Republic's new preventive restructuring act bring to debtors and creditors?

After a delay of more than a year, an act on preventive restructuring (the "Act") implementing the EU directive on preventive restructuring frameworks finally became effective in the Czech Republic on 23 September 2023. The long-awaited Act introduces a brand-new legal tool preventing the insolvency of viable enterprises in temporary financial distress.

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Digitalisation in insolvency proceedings

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NFTs in crisis and insolvency

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event

Multi-lender debt restructuring: standstill solutions & coordinated approaches

Breakfast with Schoenherr | 9 March 2023 | 9:00 – 11:30 am EET Marmorosch Bucharest Hotel | 2 Doamnei Street, 1st District, Bucharest

 

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publication

12 May 2022

austria

M.Simsa

IPRG: Das Sachenrecht der Eisenbahn

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10 May 2022

austria

M.Simsa

ReO – Restrukturierungsordnung

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Loan agreements and the new Austrian Restructuring Code: how to protect against the unknown

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Preventive restructuring implemented in the Czech Republic: a revolution in Czech insolvency law

A long-awaited bill on preventive restructuring (the "Bill") implementing the directive on preventive restructuring frameworks in the Czech Republic will introduce a brand-new legal tool preventing the insolvency of viable enterprises in temporary distress.

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Drafting laws – that's learning by doing

Schoenherr partners Miriam Simsa and Wolfgang Höller talked to Dr. Franz Mohr, Head of the Department for Execution and Insolvency Law at the Federal Ministry of Justice, about the process of drafting laws, the restructuring directive and more.

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17 December 2021

austria

M.Simsa

Neuerungen im Restrukturierungs- und Insolvenzrecht

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17 December 2021

austria

M.Simsa

Die neue Restrukturierungsordnung (ReO)

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CZ: Schoenherr Journal Edition 11

The Schoenherr Journal, published by Schoenherr's Prague office, examines the latest important legal developments in the Czech Republic.

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01 September 2021

austria

M.Simsa

Die (überarbeitete) Restrukturierungsordnung

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Long-awaited bill on preventive restructurings finally released. What changes will it bring to Czech insolvency law?

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23 June 2021

austria

M.Simsa

Österreich: Die Tücken der neuen Restrukturierungsordnung

Am 16.06.2021 wurde von der Bundesregierung der Entwurf der neuen Restrukturierungsordnung (ReO), mit der die RL (EU) 2019/1023 (RestrukturierungsRL) umgesetzt wird, beschlossen (siehe hier). Die Regierungsvorlage wird nun im Parlament behandelt und soll im Juli 2021 in Kraft treten (siehe unseren Legal Insight als Übersicht). 

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10 May 2021

austria

M.Simsa

(Be)sicher(t) durch die Insolvenz?

Forderungen von Absonderungsgläubigern sind insgesamt auf den Wert der jeweiligen Sicherheit im Zeitpunkt der Bestätigung eines Sanierungsplans begrenzt. Damit ist der OGH in seiner aktuellen Entscheidung 17 Ob 12/20v von seiner bisherigen Rechtsprechung abgewichen.

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publication

07 April 2021

austria

M.Simsa

Die neue Restrukturierungsordnung

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media coverage

01 March 2021

austria

M.Simsa

Einzelne Gläubiger können Sanierung nicht mehr verhindern

Die neue Restrukturierungsordnung ermöglicht beschleunigte Verfahren, wenn sich Schuldner mit Hauptgläubigern geeinigt haben

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media coverage

25 February 2021

austria

M.Simsa

Erleichterung von Unternehmenssanierungen ist ein richtiger Schritt

Der Regierung hat diese Woche den langerwarteten Entwurf der Restrukturierungsordnung veröffentlicht. Damit wird eine EU-Richtlinie in Österreich umgesetzt

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23 February 2021

austria

M.Simsa M.Ebner

Newsflash: Keine Macht dem hold-out – die neue Restrukturierungsordnung

Am 23.02.2021 wurde der lang erwartete Entwurf der Restrukturierungsordnung veröffentlicht. Mit dem Entwurf soll die Richtlinie (EU) 2019/1023 (RestrukturierungsRL) in Österreich umgesetzt werden.

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roadmap

"The key to success is the ability to adapt." (Confucius)

But is there only one way to successfully adapt local insolvency laws to limit the negative economic consequences of the COVID-19 pandemic?

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28 December 2020

czech republic

N.Rosová

The second Covid-related package changes insolvency law. What will it bring to corporate debtors and their creditors?

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28 September 2020

austria

M.Ebner U.Rath

Austria: Covid-19: Welche Unterstützungsleistungen der öffentlichen Hand kann ich beantragen?

Die durch die COVID-19 Pandemie verursachten wirtschaftlichen Auswirkungen betreffen eine Vielzahl von Unternehmen. Die Politik hat bereits mehrere Maßnahmen zur Erhaltung der Zahlungsfähigkeit und Überbrückung von Liquiditätsengpässen für die heimische Wirtschaft verlautbart.

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17 September 2020

austria

M.Simsa

Fortwährende Unsicherheiten der Aufrechnung im Sanierungsverfahren

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Hungary: The time needed for liquidation and forced deletion procedures has been extended due to coronavirus

On 28 May 2020, the Hungarian Government adopted amendments to the laws on company liquidation and forced deletion procedures to cushion the impact of the global coronavirus pandemic on the economy.

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Czech Republic: LEX COVID – Changes to insolvency proceedings

The coronavirus pandemic has made life complicated for almost all businesses, especially from the financial point of view. Businesses thus face an increased risk of bankruptcy and subsequent insolvency proceedings.

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23 April 2020

romania

M.Roibu

Romania: Are Romanian companies ready for post-pandemic tax audits?

As part of the preventive measures taken to mitigate the impact of the COVID-19 pandemic, the Romanian tax authorities have limited the number of tax audits at taxpayers' premises for the duration of the state of emergency.

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Corona Crisis: Amendment of the obligation to file for insolvency in CEE

With the fourth law on COVID-19, the Austrian legislator has suspended the obligation of an overindebted debtor to file for insolvency until 30 June 2020, irrespective of the cause of the over-indebtedness.

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06 April 2020

austria

Austria: COVID-19 - Update Insolvenzrecht

Die COVID-19-Pandemie und deren wirtschaftliche Auswirkungen führten bisher zu insgesamt fünf umfassenden COVID-19 Gesetzespaketen.

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Czech Republic: State supports actions to mitigate the impact of the pandemic

Czech businesses and citizens have recently been affected by the adverse effects of the state of emergency declared due to COVID-19 and related emergency measures taken by the government or the Ministry of Health.

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24 March 2020

austria

Coronavirus – Auswirkungen auf die Insolvenzantragspflicht?

Das Coronavirus stellt Unternehmen vor große Herausforderungen unterschiedlicher Art. Der eingeschränkte Betrieb, Stornierungen und das Ausbleiben von Kunden können auch bei sonst gesunden Unternehmen zu Liquiditätsproblemen führen und im Extremfall die Pflicht auslösen, einen Insolvenzantrag zu stellen. Zwar hat der Staat Hilfsmaßnahmen angekündigt, die Frage ist aber, wie rasch diese Maßnahmen kommen, wie schnell sie greifen und ob sie ausreichend sind.

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23 March 2020

romania

G.Bădescu

Romania: State aid available to Romanian companies in the COVID-19 pandemic

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Financing in times of crisis - Austrian Chapter

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The Restructuring Directive: Where do we go from here?

Pre-insolvency restructuring frameworks: The race has begun – with some early front runners

 

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05 November 2019

austria

Austria: Pre-emptive right on shares unenforceable in insolvency proceedings?

Shareholders of Austrian limited liability companies usually want to have influence over whom they are associated with. That's why shareholders often agree on a pre-emptive right (Aufgriffsrecht) to purchase existing shares in certain cases, e.g. in case of insolvency proceedings against a shareholder.

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07 October 2019

austria

Supreme Court finds insolvency related avoidance claims assignable - Austria

The Austrian Supreme Court has recently found that insolvency related avoidance claims can be sold. This may open a whole new business segment and will most certainly have a material impact on defendants in avoidance proceedings.

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newsletter

18 July 2019

austria

Management's liability for payments upon onset of insolvency

A financial crisis and situations where insolvency is imminent are not only challenging for a company and its management, but also entail significant liability risks for management in the case of subsequent insolvency proceedings.

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24 June 2019

austria

New EU Restructuring Directive: A game changer for restructurings?

The list of successful restructurings outside insolvency proceedings is as long as it is confidential. Every year, companies of all sizes are stabilised and sustainably restructured without the stigma of insolvency proceedings.

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01 April 2019

austria

M.Simsa

Good news for creditors: Austrian Supreme Court strikes down significant impediment to creating valid collateral in Austria

The Austrian Supreme Court has abolished its former line of decisions on the recognition of collateral granted by way of security transfer (Sicherungsübereignung) under foreign jurisdiction. From now on, Austrian courts will have to recognise such collateral even if it does not comply with Austrian publicity requirements (Pubilzitätserfordernissen).

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Croatia: Agrokor's administration proceedings are entering the final stage

After almost two years, the extraordinary administration proceedings over Agrokor and 77 of its Croatian group companies is entering its final stage.

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press release

14 February 2019

romania

S.Guţiu G.Bădescu

Romania: Schoenherr Bucharest wins two Client Choice Awards 2019

Schoenherr Bucharest received two Client Choice Awards from the International Law Office ("ILO") and Lexology. Georgiana Badescu (partner, Bucharest, competition) won the exclusive award for Romania in the competition & antitrust category, and Emeric Domokos-Hancu (partner, Bucharest, dispute resolution and insolvency & restructuring) was recognised as exclusive winner for Romania in the insolvency & restructuring category.

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The fall of Agrokor - a partial history

Like any good crime novel, the fall of Agrokor had it all: the fallen hero turned villain, a looming public crisis, political intrigue and a packed storyline with many twists and turns. We have compiled a timeline with some of the most crucial events from this financial thriller.

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press release

28 June 2018

austria

M.Simsa

Austria: Schoenherr supports KIKA/Leiner on sale to SIGNA

Schoenherr has supported the KIKA/Leiner Group to stave off looming insolvency proceedings and has thus enabled the successful sale of the furniture retail group to SIGNA Group. 

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newsletter

09 April 2018

austria

Austria: Responsibility to investigate - an update on avoidance risks

Following the opening of insolvency proceedings, the insolvency receiver typically tries to enlarge the insolvency estate by asserting voidance claims. Legal acts that occurred within certain suspect periods prior to the opening of insolvency proceedings might be declared void. Creditors may mitigate certain avoidance risks by investigating the debtor's financial situation when conducting legal transactions.

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press release

31 January 2018

austria

M.Simsa

Austria: Schoenherr successfully steers KIKA/Leiner away from financial distress

Schoenherr has supported the Austrian furniture retail group KIKA/Leiner to stabilise in the face of looming liquidity problems stemming from a crisis at shareholder level.

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Confidentiality in restructuring

Successful restructurings typically depend on a smooth and swift process. All information relevant for the restructuring must be available to the creditors, and must be kept confidential. In addition, legal duties of secrecy must be considered. Finally, the effective restructuring of a debtor's business needs to receive as little attention as possible from third parties (eg customers, the market, suppliers).

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newsletter

07 November 2017

croatia

DIP (supersenior) Financing in Croatian Insolvency

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13 September 2017

hungary

G.Szalóki

Closer to market needs - recent amendments to the Hungarian insolvency regulation

The amendment to the Hungarian Insolvency Act came into force on 1 July 2017, with the aim of enhancing the protection of beneficiaries of security interests, and clarifying the position of creditors in liquidation proceedings, which are secured by call option, security assignment or pledge over future receivables.

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04 July 2017

austria

Austria: Major Changes in Personal Bankruptcy Law

On 28 June 2017 the Austrian Parliament passed the government's legislative proposal on insolvency law (Insolvenzrechtsänderungsesetz 2017). 

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newsletter

27 June 2017

austria

Recast of the EU Regulation on Insolvency Law Applicable as of Today

The EU Regulation on Insolvency Law 1346/2000 (EIR) was considered a milestone in the cross-border coordination of national insolvency proceedings. The recast of the EU Regulation on Insolvency Law 2015/848, applicable to insolvency proceedings opened after 26 June 2017, considers substantial developments in national insolvency laws.

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New Developments in Czech Insolvency Law

An extensive amendment to Act No. 182/2006 Coll., on Insolvency (the "Insolvency Act") will come into effect on 1 July 2017 (the "Amendment").

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newsletter

24 January 2017

austria

M.Simsa

Freeze! Securing a debtor's assets in a foreign country can be a difficult and lengthy exercise - a new EU Regulation will change this.

Suppose you were a German bank lending to a Spanish debtor under a loan agreement governed by German law. Once your Spanish debtor stops paying, the bank would have to obtain a German legal judgment and would then have to enforce it in Spain. 

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press release

16 January 2017

austria

M.Simsa C.Lindinger

Austria: Schoenherr promotes restructuring expert Miriam Simsa to contract partner

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roadmap

Investigative Duties for Counterparties: From Supplier to Detective?

When dealing with companies in financial distress, counterparties have certain investigative duties. But just how far do these duties go?

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Set-Off and Netting Against a Bulgarian Bank Placed Under a Moratorium

The validity of a set-off against a bank in reorganisation has become hotly debated among Bulgarian lawyers in the context of the reorganisation imposed on one of the largest local banks.

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New Initiatives for Pre-Insolvency Restructurings

In financial distressed situations, waiting until the last minute is not a smart idea. Still, insolvency laws do not provide for pre-insolvency restructurings.

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newsletter

12 August 2014

moldova

A.Guzun

Moldova: Finally! Liquidating a Company is Now a Mission Possible

On 29 May 2014, the Moldovan Parliament passed the Act No. 90/2014 on amending and supplementing of certain legislative acts (Act No. 90). Act No.90, which entered into force on 27 June 2014, implements simplified rules on the liquidation of companies in Moldova (in particular, at the decision of their shareholders), namely by inter alia amending the Civil Code of Moldova, Act No. 845/1992 on Entrepreneurship and Enterprises, Act No. 220/2007 on State Registration of Companies and Individual Entrepreneurs.
What was previously regarded as a mission impossible, has now become a process with fewer formalities and less time required.

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Restructuring Trusts – A More Efficient Way to Recover Debt?

In times of financial difficult and a challenging market environment, establishing a restructuring trust provides an insolvency-proof structure that meets the demand of the financing banks for an immediate change of control in the company while ensuring a professional M&A process with an upside for all stakeholders.

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