restructuring & insolvency news
Read through our restructuring & insolvency experts' articles and publications:
Unternehmen retten oder scheitern lassen: Juristen streiten übers Insolvenzrecht
Die große Insolvenzwelle wird für nächstes Jahr erwartet. Während manche Experten auf eine Bereinigung des Wettbewerbs warten, fordern andere, Sanierungen zu erleichtern
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.
16 July 2020
croatia czech republic hungary poland romania serbia slovenia austria
V.Kobe I.Armașu M.Antczak A.Damaschin M.Ebner M.Florea P.Gorše O.Havlíček W.Höller P.Kapica P.Kojdić K.Krušlin* D.Obradović D.Radwański N.Rosová M.Simsa G.Szalóki P.Wetter
CFO Crisis Management Checklist – CEE edition
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.
Sanierungsinstrumente in der Krise
Gerade in aktuellen Krisenzeiten stellt sich für viele Unternehmer die Frage, wie sie ihr Unternehmen bestmöglich sanieren können, um so das Fortbestehen des Unternehmens zu sichern.
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.
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.
09 April 2020
bulgaria croatia czech republic hungary moldova poland romania slovakia slovenia austria
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.
Bulgaria: Insolvency during the state of emergency and creditor protection
Bulgaria has been in a state of emergency since 13 March due to the COVID-19 outbreak. On 23 March the Parliament voted on a special State of Emergency Act (COVID-19 Act) which suspended all court, arbitration and enforcement terms and proceedings during the state of emergency, currently in force until 13 April.
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.
Czech Republic: Overview of the COVID-19 support measures currently available by the Czech public sector
The Czech public sector provides a number of support measures to companies and natural persons affected by the COVID-19 pandemic.
Slovenia: Government anti-coronavirus support schemes for businesses
On 25 March 2020, the Government of Slovenia announced a EUR 2bln rescue package intended to mitigate the adverse and diverse effects of the COVID-19 pandemic. The package primarily seeks to maintain jobs by providing pay check support and tax relief to employers and introducing additional mechanisms to reduce the liquidity shock on businesses.
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.
The Serbian Commission for State Aid publishes a notice on the application of state aid rules during the coronavirus pandemic
In response to the ongoing coronavirus crisis, and following a similar announcement by the European Commission, on 17 March the Serbian Commission for State Aid Control ("Commission") published the Notice on the Application of the Rules for Granting State Aid in the Emerging COVID-19 Situation ("Notice").
cee overview - insolvency & restructuring
Increased Need for Restructurings on the Horizon?
Economic growth was relatively stable this past year in the CEE region. Despite global economic uncertainties caused by Brexit and trade disputes, businesses still benefited from high consumption and the availability of low-interest loans.
Schönherr berät den Vorstand der ÖBB-Holding beim Verkauf seiner Logistiktochter Q Logistics
Schönherr hat den Vorstand der Österreichische Bundesbahnen-Holding Aktiengesellschaft (ÖBB-Holding) beim Verkauf ihrer Logistiktochter Q Logistics GmbH beraten.
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.
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.
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.
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.
Sanierung ohne das Stigma einer Insolvenz
First published on Der Standard, 30.04.2019
Eine neue EU-Richtlinie schafft einheitliche Rahmenbedingungen für Unternehmenssanierungen außerhalb von Insolvenzverfahren. Bei der Umsetzung in Österreich sollte der Gesetzgeber Spielräume innovativ nutzen.
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).
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.
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.
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.
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.
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.
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.
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).
Schönherr berät SALESIANER MIETTEX beim Erwerb der insolventen Wozabal-Gruppe
Schönherr hat die SALESIANER MIETTEX GmbH ("SALESIANER MIETTEX") beim Erwerb der insolventen oberösterreichischen Wozabal-Unternehmensgruppe, sowie bei der Akquisitionsfinanzierung beraten.
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.
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.
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").
Austria: Schoenherr named "Austrian Law Firm of the Year" and awarded for "European Restructuring Deal: HETA" by IFLR
Schoenherr was named "Austrian Law Firm of the Year" by renowned legal publisher International Financial Law Review ("IFLR") at the IFLR European Awards Ceremony held in London on 20 April.
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.
Austria: Schoenherr promotes restructuring expert Miriam Simsa to contract partner