The Corona Crisis leads worldwide to critical situations for companies.
In light of this, Digitorney has asked lawyers from various countries specialized in restructuring law for recommendations on what needs to be done and which solutions are at hand to weather the Corona Crisis.
This part of our series focuses on Venezuela:
1) When does a company need to file for insolvency in Venezuela?
Venezuela has two insolvency procedures, the moratorium procedure (atraso) and the bankruptcy procedure (quiebra). Moratorium proceedings may be filed only voluntarily by the company. Bankruptcy proceedings may be filed voluntarily or involuntarily. MORE
2) What liability risks exist for the management in Venezuela in a corporate crisis?
Under the rules of the Venezuelan Code of Commerce, if a company’s net worth is equal to or less than two-thirds but more than one-third of its stated capital, the management of the company is required to call a meeting of the shareholders to consider whether to [...] MORE
3) Is there any state aid available for companies in Venezuela due to the Corona crisis?
The Venezuelan government has implemented support or protection measures for workers and employees, as well as for certain taxpayers, business and individuals. MORE
4) What immediate measures should a company from Venezuela take if it is affected by the Corona crisis?
Companies need to evaluate on a case-by-case basis whether Covid-19 or the governmental measures taken in connection with Covid-19 trigger a force majeure or act of God clause within their specific contracts […] MORE
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