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Russian Federation: Newly Adopted Amendments to Insolvency Law Allow Some Citizens to Go Through Bankruptcy but Avoid Court Proceedings

(Nov. 25, 2020) On September 1, 2020, Federal Law No. 289-FZ on Amendments to the Federal Law on Bankruptcy entered into force. This law, which was signed by President of the Russian Federation Vladimir Putin on July 31, 2020, allows some categories of Russian citizens to declare bankruptcy while avoiding court proceedings and without paying […]

Ecuador: Humanitarian Support Law Enacted to Address COVID-19 Economic Emergency

(Sept. 21, 2020) The Organic Law on Humanitarian Support, enacted on June 22, 2020, declares COVID-19 an economic emergency in Ecuador and seeks to mitigate the health, economic, and social crises it has caused. The Law includes a provision on the termination of employment relationships due to unforeseeable circumstances or a force majeure. Other key […]

Italy: Urgent Economic Measures Adopted in Response to COVID-19 Damage

(Sept. 18, 2020) A law approving urgent measures for the support and revitalization of the national economy in response to the negative impacts of the COVID-19 pandemic entered into force in Italy on August 15, 2020. Decree-Law No. 104 of August 14, 2020 provides additional aid to employers, bonuses for workers in certain sectors, special […]

Italy: New Decree-Law to Ensure Liquidity for Distressed Companies Enters into Effect

(Apr. 21, 2020) On April 9, 2020, Decree-Law No. 23 (D.L. No. 23), which guarantees liquidity for companies in distress as a result of the coronavirus emergency, entered into effect in Italy (Misure Urgenti in Materia di Accesso al Credito e di Adempimenti Fiscali per le Imprese, di Poteri Speciali nei Settori Strategici, nonche’ Interventi […]

Iceland: Central Bank Eases Currency Restrictions, Ends Financial Crisis Capital Controls

(May 16, 2017) On March 12, 2017, the Icelandic Central Bank announced that it had adopted new currency exchange rules and entered into agreements to purchase Icelandic krónur from foreign holders. (Central Bank of Iceland Concludes Agreement with Owners of Offshore Króna Assets, ICELANDIC CENTRAL BANK (Mar. 12, 2017); New Rules on Foreign Exchange, ICELANDIC CENTRAL […]

Iceland: Supreme Court Convicts Bankers in Market Manipulation and Fraud Case

(Nov. 10, 2016) On October 6, 2016, the Icelandic Supreme Court handed down a judgment in the Kaupthing case, in which nine bank officials were convicted of fraud and market manipulation in connection with the Icelandic banking crisis of 2008 when the Kaupthing bank bought its own stock in order to keep its value artificially […]

Greece: New Bill to Abolish Tax Breaks for Members of Parliament, Introduce Salary Cuts for Ministers

(Aug. 14, 2015) On August 11, 2015, the Greek government discussed legislation that would abolish tax breaks for Members of Parliament and institute salary cuts for Ministers, heads of public administrations, and heads of independent administrative authorities. (The Draft Bill on Abolishing Tax Breaks for Lawmakers, INTELLIGENT-NEWS.COM (Aug. 11, 2015).) The legislation is part of […]