The UK, Dutch and German legislatures have been focused on significant changes to their national corporate and insolvency restructuring laws. While a new Dutch restructuring procedure (the “Dutch Scheme”) can be used since 1 January 2021, in the UK a new restructuring procedure (the “UK Restructuring Plan”) was introduced in Part 26A of the Companies Act 2006 and became effective on 26 June 2020. In Germany, the long-awaited bill to introduce a new pre-insolvency business stabilization and restructuring regime (the “German Scheme”) into German law has been adopted in December 2020 and the German Scheme is now also available since 1 January 2021.
February 2, 2021
