Schoenherr | Austria | 16 Sep 2013
The Insolvency Act has recently been amended to provide for an obligation on majority shareholders of insolvent Austrian or foreign capital companies…
Schoenherr | Austria | 10 Jul 2013
With effect as per 1 July 2013, the Austrian legislator has enacted an amendment to the Limited Liability Companies Act (GesRÄG 2013) providing…
Schoenherr | Austria | 10 Sep 2012
Capital measures are common reorganisation measures when a capital company is in financial crisis, including eg injection of fresh capital by way of a capital increase.
Schoenherr | Poland | 4 Jun 2012
According to article 11 of Poland’s Bankruptcy and reorganisation law as of 28 Feb-ruary 2003 (Journal of laws 2009, No. 175, position 1361, as amended), a debtor who is a legal person (including, in particular, a limited liability company) is considered to be insolvent when the value of its liabilities exceeds the value of its assets, even if the debtor continues to pay its liabilities......
Schoenherr | Slovenia | 7 Mar 2011
The economic crisis presents a real-life test for the Slovenian insolvency legislation, unequalled in its young history.
Schoenherr | Austria | 1 Mar 2011
While in other jurisdictions creditors of an insolvent company may swap their debts into equity, creditors in Austria are still confronted with a "take it or leave it" approach as to the proposed quota payment to unsecured creditors.
Schoenherr | Romania | 14 Feb 2011
The Romanian legal framework on insolvency procedure has been consistently improved following the enactment of Insolvency Law no. 85 (Law 85), which entered into force on 21 July 2006.