The English scheme of arrangement is a very popular European restructuring tool. We predict that this will continue in 2016, despite European alternatives, because of the scheme’s flexibility, predictability, the speed of access to, and the commercial attitude of, English judges. However, the courts have put out a clear message that those who use schemes need to have done their homework. This bulletin considers what 2016 might bring for the English scheme.
La calificación de los créditos derivados de un contrato de cobertura en un escenario de concurso (Sentencia del Tribunal Supremo, de 18 de noviembre de 2015)
La semana pasada el Tribunal Supremo ha dictado una resolución por la que establece como un requisito necesario para que a un acuerdo marco le resulte aplicable el Real Decreto-ley 5/2005, que, bajo el acuerdo marco correspondiente, se hayan suscrito más de una operación financiera. Como consecuencia, el Tribunal Supremo ha entendido que los créditos bajo un acuerdo marco bajo el que sólo se ha suscrito una operación financiera deben ser calificados como créditos concursales en lugar de créditos contra la masa, al no resultar de aplicación el artículo 16 del Real Decreto-ley 5/2005.
Last week, the Supreme Court has stipulated, as a pre-requisite for a master agreement being eligible under the special regimen provided for under the Spanish Collateral Act, that within the scope of the said master agreement more than one financial transaction must have been subscribed. As a consequence, the Supreme Court considered the claims under a single transaction master agreement as insolvency claims and not superprivileged.
On 16 November 2015, the legislative decrees implementing Directive 2014/59/EU (Bank Recovery and Resolution Directive - BRRD) in Italy were published in the Italian Official Gazette (Gazzetta Ufficiale) and entered into force.
As mentioned in our eAlert of 1 October 2015, on 15 August 2015 Law No. 114/2015 (the Delegation Law) entered into force providing for a delegation of powers to the Italian Government to implement Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms (the BRRD) in Italy. The delegation of powers expires after a period of 3 months, meaning that the actual implementation of the BRRD should in theory occur by the deadline of 15 November 2015.