Former Clifford Chance Senior Associate Pavel Bogusky has joined the Restructuring, Insolvency, and Bankruptcy practice of Dentons’ Prague office as a Partner.
Debt Collection Series-4: Collection of Debts from Bankrupt Entities in Turkey
In the ordinary course of commercial life, “bankruptcy” may be inevitable for financially distressed companies. In such case, the question arises with respect to the status of receivables from the bankrupt entity and how they will be collected.
Bulgaria – Insolvency in the Spotlight
The July 17, 2021 deadline for implementing Directive (EU) 2019/1023 of the European Parliament and of the Council of June 20, 2019, on preventive restructuring frameworks, on discharge of debt and disqualifications, and on measures to increase the efficiency of procedures concerning restructuring, insolvency, and discharge of debt, and amending Directive (EU) 2017/1132 is quickly approaching, leaving little time for EU Member States to adjust their national legislations to its requirements.
Long-awaited Bill on Preventive Restructurings Finally Released. What Changes Will It Bring to Czech Insolvency Law?
The Czech Ministry of Justice recently published a bill on preventive restructurings (the "Bill") implementing the directive on preventive restructuring frameworks which will introduce a brand-new legal tool preventing the insolvency of viable enterprises in temporary financial difficulties.
Post-Pandemic Rebound – Boards Taking the Lead in Financial Restructuring
We are now one year on from the first lockdown, and although many worried in the early days of the pandemic that Romania’s court system might not be able to cope with the large number of insolvencies that were expected, in fact the highly-anticipated wave of restructurings is yet to happen, as the debt moratorium which was enacted and then extended and the availability of the state aid package as well as the generally supportive approach of the lenders have helped companies manage their debt service and need for liquidity. While there is no shortage of funding, the uncertainty of the lockdown period and its impact on future developments have resulted in more amend-and-increase or amend-and-extend transactions, with borrowers adding to their existing lender groups rather than seeking a full refinancing.
Debt Collection Series-2: How Can a Foreign Company/Individual Collect Its Due Receivables in Turkey?
International trade has grown exponentially, and international trade undoubtedly means international debt collection. Especially, while the number of financially distressed companies is rapidly increasing due to the Covid-19 pandemic, international debt collection has become more important than ever. Debt collection proceedings are in general similar for both Turkish and foreign companies and individuals. Accordingly, this article highlights the significant points on how a foreign company or individual can collect its receivables in Turkey.
Debt Collection Series-1: Interim Attachment Order Against Debtors in Turkey
Interim attachment is a provisional remedy under the Enforcement and Bankruptcy Law No. 2004 [the “EBL”] which individuals or legal entities can request for their monetary claims. Thanks to this institution, the debtor’s assets could be frozen to secure due yet unsecured debts, and as a result, the debtor would be forced to pay its debt.