Euro zone finance ministers discussed on Monday ways to make sovereign debt restructuring easier and more predictable as they seek to put together a package of reforms for December to integrate the single currency area more closely. The ministers broadly supported the introduction of “single-limb” Collective Action Clauses (CACs) in euro zone bonds, which would allow for a single restructuring decision to encompass all bonds, Reuters reported. Existing CACs require separate restructuring for separate types of bonds issued by the government.
The Supreme Court approved Binani Cement Ltd.’s sale to UltraTech Cement Ltd. today, upholding the National Company Law Appellate Tribunal’s verdict on the insolvency bids, BloombergQuint reported. The two-judge bench headed by Justice RF Nariman quashed Dalmia Bharat’s plea challenging the verdict, saying there was no infirmity in approval granted by the NCLAT, Bloomberg reported. The appellate tribunal had on Nov 14.
Operating losses at Irish explorer Botswana Diamonds increased by almost 45 per cent last year as the company lamented a lack of investment and a sector that is “out of favour”. The company, which has been heavily involved in diamond exploration in southern Africa since the 1980s, said losses for the year ended June 30th, 2018, grew to €556,407 from €310,898 the year before, The Irish Times reported. The company’s annual results show the increased losses can largely be attributed to a charge of €179,524 for the “impairment of exploration and evaluation assets”.
Nissan announced this morning that it planned to remove Mr. Ghosn as its chairman, saying an internal investigation had found that for years he underreported his salary by millions of dollars and committed other acts of “misconduct,” the International New York Times reported. Nissan said it was working with the Japanese authorities. According to news reports, prosecutors are preparing to arrest Mr. Ghosn. The developments could bring about a swift fall for Mr.
Euro-zone finance ministers remain worried about Italy’s budget row with the European Commission and are waiting for the next move from the EU executive this week before formally stepping up their pressure on Rome, top officials said on Monday. The ministers are in Brussels for an extraordinary meeting on euro-zone reform and Italy’s fiscal plans are not on the agenda, but Dutch finance minister Wopke Hoekstra expressed the concerns as he entered the Eurogroup talks, The Irish Times reported. “We are all worried about the existing situation.
The High Court has approved payments of more than €20 million out of the Insurance Compensation Fund to meet a 35 per cent shortfall in awards concerning motorists insured by the collapsed Malta-based insurer Setanta Insurance, The Irish Times reported. The payment orders were sought by the State Claims Agency and were granted on Monday by the President of the High Court, Mr Justice Peter Kelly. They relate to 1,268 eligible claims and will involve total payments of €20,647,966, representing an additional 35 per cent of money due.
Foreign investors in Italy’s bond market shed a net €1.5bn of government debt in September, in the latest evidence that the market jitters of the past six months have eroded their willingness to hold Italian paper, the Financial Times reported.
A weak set of finance data points to a deepening Chinese growth slowdown into 2019, highlighting the government’s challenge in getting loans to private companies and other cash-starved parts of the economy, the Financial Times reported. The data were released amid a debate within the bureaucracy about how best to encourage the banking system to overcome its reservations and lend more to the private sector.
Brexit is already weakening the UK’s grip on Europe’s capital markets, denting London’s status as a hub for millions of deals each day. Key parts of the trading infrastructure for equities, sovereign debt and repo markets are setting up in the Netherlands and Italy, the Financial Times reported. Banks are moving jobs to Paris and Frankfurt. This is “an invisible revolution in the European capital markets”, says Merel van Vroonhoven, chief executive of the AFM, the Dutch regulator.
India’s central bank has given ground to government pressure and agreed to reassess its management of reserves and treatment of troubled banks, as prime minister Narendra Modi seeks to reinvigorate the economy ahead of a general election, the Financial Times reported. The moves were announced by the Reserve Bank of India following a nine-hour meeting of its board of directors, the first since differences between the RBI and the government burst into the open last month.
Resources by Country & Region
Like its predecessor, the European Insolvency Regulation (Recast) (hereafter ‘EIR (recast)’) sets out rules to (among others) establish which court has jurisdiction to open a crossborder insolvency case. In terms of ‘jurisdiction’, main insolvency proceedings still take place before the courts of the European Member States where the debtors’ centre of main interests (‘COMI’) are situated.
Find your case: the INSOL Europe European Insolvency Regulation Case Register - by Prof. Reinhard BORK
First launched in 2011 at the INSOL Europe Annual Conference, the INSOL Europe European Insolvency Regulation Case Register is a database that summarises cases from first instance and appeal courts of Member States of the European Union, as well as the CJEU, that deal with a significant point relating to the European Insolvency Regulation (both Regulation EC 1346/2000 and Regulation EU 2015/848). It is an internet-based system within which information on court decisions and judgments relating to the European Insolvency Regulation (‘EIR’) is collected and disseminated.
On 11 October 2017 the Senato della Repubblica approved the final version of a law aimed at systemically reforming Italian insolvency law, which in its fundamentals dates back to 1942. Law no. 155/2017 (‘the act’) has been published on the Gazzetta Ufficiale on October 30, 2017 , and entered into force on 14 November 2017 (Year 158, No. 254). This reform is based on the preparatory work of the ‘Rordorf Commission’, a group of experts appointed by the Ministry of Justice in January 2015 with the task of writing a reform proposal to modernise insolvency statutes.
This updated edition describes the framework of the European Insolvency Regulation Recast (adopted in June 2017), reviews its major rules, highlights the differences from the old EIR 2000, and makes references to the most important and recent cases of the Court of Justice of the European Union. An essential guide for non-European judges, practitioners and scholars who are confronted with this domain of law, as well as anyone dealing with EU-related cross-border cases, this book serves as a concise and comprehensive introduction to the EIR Recast.
Chapter 15 for Foreign Debtors covers all aspects of the UNCITRAL Model Law on Cross-Border Insolvency as well as chapter 15 of the Bankruptcy Code, and provides details about the Foreign Representative, avoidance actions, creditor protections, concurrent proceedings, comity and much more. The book also includes an extensive appendix filled with more than 500 pages of sample case documents and forms related to chapter 15 proceedings.
This book is the latest addition to our list of publications and it provides basic information on Islamic finance. It is meant to be a useful reference tool to the majority of insolvency practitioners who do not work in this field. The chapters in this book were selected on the basis that it is expected that most INSOL members currently have very limited understanding of Islamic finance.
The book has 10 chapters, a country study, and an annexure with a glossary of Islamic finance terms. Following the introductory chapter there are chapters on: