Germany will give financial assistance to customers hit by the insolvency of Thomas Cook because the tour operator’s insurance cover has proved insufficient, Reuters reported today. “Damages that are not compensated by other parties will be settled by the federal government,” it said in a statement, confirming a report by broadcaster ARD. Insurer Zurich’s liability is capped at 110 million euros ($121 million) but it has already registered claims worth 250 million and experts estimate total claims will reach 300 million to 500 million euros, ARD said.
Resources by Country & Region
On 6 June 2019 the European Council formally adopted the directive on preventive restructuring frameworks, on discharge of debt and disqualifications, and on measures to increase the efficiency of procedures concerning restructuring, insolvency and discharge of debt, and amending Directive (EU) 2017/1132 (directive on preventive restructuring frameworks).
1.9 billed hours per lawyer per day or a utilisation rate of only 25% is a figure taken from the 2018 Legal Trends Report. And while most law firms see increasing the firm’s revenue and growing the client base among their top priorities, very few show interest in increasing efficiency.
At EU level, insolvency statistics are viewed as a means of measuring the efficiency of national insolvency frameworks from a cross-border investment angle. It is true that insolvency figures are generally used as a tool to measure the country’s good social and economic health. From a creditor’s perspective, these insolvency statistics can be used as an indicator to enable them to secure their choice in lending in one Member State rather than another. From a debtor’s point of view, figures can also highlight the successfulness of a specific type of proceedings rather than another.
Country reports from the Czech Republic and Germany by Petr Sprinz, Jiří Rahm, Michael Thierhoff and Axel Roth
The Czech Republic: In January, an amendment to the Bond Act came into effect. The amendment prepared by the Czech Ministry of Finance comprises new rules governing secured bonds as well as the introduction of a security agent in connection with bonds.
German ESUG: In 2012 the German legislator enacted a landmark reform of the German Insolvency Code aiming at three main goals...
Turkey introduces new legislation regarding mandatory mediation for commercial disputes by Orçun Çetinkaya and Burak Baydar
Turkey has recently adopted new legislation requiring application to mandatory mediation for commercial disputes before filing a lawsuit.
The Law on Starting Legal Proceedings for Monetary Receivables Arising from Subscription Agreements, numbered 7155, published in the Official Gazette, numbered 30630 and dated 19 December 2018, introduced new provisions to the Turkish Commercial Code, numbered 6102 (“TCC”) and to the Law on Mediation in Civil Disputes, numbered 6325 (“Mediation Law”).
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: