Greece extended its budget surplus last year, reflecting the leftwing Syriza government’s expectations of a record-busting figure, in the latest sign of Athens pleasing investors after a decade-long debt crisis that took it to the brink of leaving the eurozone. One of the bloc’s poorest members showed a surplus of 1.1 per cent of gross domestic product for 2018, compared with a revised 0.7 per cent for the previous year, and a far cry from its 5.6 per cent deficit of 2015, its statistics office said on Tuesday. Figures published in December for the first 11 months of 2018 had shown that Gre
French judges ordered former Prime Minister François Fillon to stand trial on charges of misusing public funds, in a case that torpedoed his 2017 bid for the presidency and cleared the way for the election of Emmanuel Macron. France’s financial crimes court charged Mr. Fillon with misappropriating public funds by employing his wife and two of his children as aides while he served in parliament, a person familiar with the matter said Tuesday. They also charged Mr.
One of Europe’s leading industrialists has said the continent’s largest companies will invest more money in jobs and innovation at home as the attractions of investing in China diminish and the US turns more protectionist. Carl-Henric Svanberg, chairman of the European Round Table of Industrialists and head of Swedish truckmaker Volvo, vaunted the merits of European stakeholder capitalism over the American and Chinese models, saying it was more sustainable despite the heavier burden of taxation and red tape. “I actually think it works better here than it does in the east and west.
The British government is considering giving lawmakers a vote on a critical piece of Brexit legislation as early as next week, a change of tack as it tries to kick-start the country’s stuttering exit from the European Union. British lawmakers returned to the Brexit treadmill Tuesday after an Easter break, to face the familiar conundrum: finding a deal on the U.K.’s exit from the EU that can win a majority in Parliament. Prime Minister Theresa May wants the U.K.
India’s Jet Airways is constantly engaging with the government and lenders for a resolution of the current debt crisis and will not leave any stone unturned to revive the airline, its chief executive officer Vinay Dube told television channel ET Now in an interview.
The Australian dollar dropped on Wednesday after weaker than expected inflation in the first quarter, raising expectations of a possible rate cut by the central bank. In quarter-on-quarter terms, consumer inflation was unchanged in March after a 0.5 per cent rise in the December quarter, according to the Australian Bureau of Statistics. That compared to a 0.2 per cent rise forecast by economists polled by Reuters. Consumer prices rose 1.3 per cent year on year in March, against February’s reading of 1.8 per cent. The reading was also below a Reuters poll forecasting a rise of 1.5 per cent.
Brazilian retailer Magazine Luiza on Tuesday announced it would start selling physical books online for pickup in its chain comprised of almost 1,000 stores, using its national footprint to compete with traditional booksellers and Amazon.com Inc.
A forensic audit of 200 top companies by the Ministry of Corporate Affairs has detected irregularities to the tune of Rs 1 lakh crore, including diversion of funds. Most of these companies have been referred to insolvency and resolution proceedings under the Insolvency and Bankruptcy Code. Irregularities detected in some top companies point to the collapse of corporate governance structures leading to liquidity stress in these entities.
Serbia's Bankruptcy Supervision Agency said it is selling assets of insolvent wheat and animal feed wholesaler Mlinostep. The auction will take place on May 24 at a starting price of 170.9 million dinars ($1.6 million/1.4 million euro), the Bankruptcy Supervision Agency said in a statement on Monday. The list of assets put up for sale includes warehouses, silos and land in Stepanovicevo, in northern Serbia. A deposit of 68 million dinars is required to participate in the auction. Mlinostep was declared bankrupt in November 2016.
The Deposit Guarantee Fund of Ukraine last week sold insolvent banks' assets worth UAH 80.26 million, the fund's press service reports. “Last week the assets of 25 banks, which are in the management of the Fund, were sold for UAH 80.26 million,” the report says. In particular, UAH 50.56 million was received from the repayment of fund creditors' claims, UAH 26.08 million from the sale of main banks' assets, and UAH 3.14 million from the sale of accounts receivable. Also, UAH 0.15 million was obtained from the direct sale of banks’ property.
Resources by Country & Region
When the Eagles wrote the song “New kid in town” for their famous album “Hotel California” released in 1977, they were not obviously thinking of the professional Portuguese restructuring player just introduced, which goes by the name of “corporate restructuring mediator” (hereinafter: CRM).
Nevertheless, the metaphor may be helpful to understand the expectations created by the introduction of a new player on the field and the contradictions involved in the general rules applying to the CRM.
For several years, consumer bankruptcy in Poland has been increasing. In our country, this instrument is still failing because it allows solving the debt problem for a small number of people.
In 2017, 5,535 people were delinquent, in 2016 only 4,436 people (out of 8694 applications filed for bankruptcy). In previous years, it was even worse (only 32 bankruptcies in 2014). Considering the number of applications submitted so far in 2018, a dramatic increase in the number of declared consumer bankruptcies can be expected next year.
In 2017, the U.S.’s largest trading partner was the European Union at $717 billion. Also in 2017, EU countries represented approximately 43% of foreign direct investment in the U.S.
All modern European systems of law in force today provide for some sort of liability system for directors of companies, triggered by situations related to insolvency. If in some cases the obligations of the directors or the liability cases are loosely defined (holding the directors liable if general duties are disregarded), other pieces of legislation provide detailed and specific situations for misconduct leading to personal liability.
On 29 March 2017, the Government of the United Kingdom activated Article 50 of the Treaty on European Union, formally commencing the UK’s exit from the EU.
The European Union (Withdrawal) Act 2018 fixed the exit date for 11pm on 29 March 2019. With only just over 6 months remaining until the UK officially divorces from the European Union, we summarise the current position and impact of withdrawal on EU-UK cross-border insolvency proceedings.
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: