The chronically lossmaking Scunthorpe steelworks, which three years ago renamed itself British Steel, is to get a new, Turkish, owner, The Times reported. The UK government, which marshalled British Steel into insolvency earlier this summer, the latest failure of the hapless Meyohas brothers who run Greybull Capital, has named Ataer Holding as the preferred bidder for the sprawling Scunthorpe plant. Ataer is an arm of Oyak, Turkey’s military pension fund, and also owns nearly about 49 per cent of Turkey’s biggest steel group, Erdemir.
A total of 23 Ghanaian financial institutions have their licenses revoked because of insolvency, a statement from Ghana's central bank reached to Xinhua on Saturday, Xinhuanet reported. The 23 institutions were within the savings and loans as well as the finance house categories of the financial sector. Even after a reasonable period within which the Bank of Ghana has engaged with them in the hope that they would be recapitalized by their shareholders to return them to solvency, the statement said, the institutions had remained bankrupt.
The government plans to give debt waiver for "small distressed borrowers" under the insolvency law framework, according to a senior official. The proposed waiver would be offered as part of 'Fresh Start' provisions under the Insolvency and Bankruptcy Code (IBC), TimesNetwork reported. Corporate Affairs Secretary Injeti Srinivas said discussions have been held with the microfinance industry regarding criteria for the proposed waiver for small distressed borrowers from the economically weaker section (EWS).
Greece’s new finance minister has said that implementing sweeping tax reforms will be his “key priority” as his country seeks to boost growth and rebuild credibility with investors following a decade of international bailouts backed by the EU and IMF, the Financial Times reported. Christos Staikouras told the Financial Times that the centre-right New Democracy government is planning “a comprehensive tax reform that will have a four-year horizon and will accelerate growth”.
A rescue deal for British Steel is in sight after a Turkish investment group owned by the country’s military pension fund reached a provisional agreement for a takeover of the stricken company, The Irish Times reported. Under the terms of the agreement announced on Friday, Ataer Holding was named as the preferred bidder for Britain’s second-largest steelmaker. It now has two months to conduct due diligence and complete the paperwork.
Fitch Ratings has downgraded Argentina, citing concerns about the country’s capacity to repay its debt following a collapse in the peso triggered by the surprise victory of Peronist Alberto Fernández over incumbent president Mauricio Macri in recent primary elections, the Financial Times reported. The rating agency slashed Argentina’s rating to CCC and warned the country could lose market access should Mr Fernandez move sharply away from the policy path set forth by the current administration.
The Government has seen almost €6 billion wiped off the value of its stakes in the three surviving bailed-out banks in the past year, leaving a notional shortfall in its aim to recoup their rescue costs during the financial crisis, The Irish Times reported.
A judge in London said on Friday he would grant an Irish-owned company the right to seek to seize some $9 billion (€8.1 billion) in assets from the Nigerian government over an aborted gas project, The Irish Times reported. Process and Industrial Developments Ltd (P&ID) was awarded $6.6 billion in an arbitration decision over a failed project to build a gas-processing plant in the southern Nigerian city of Calabar. With interest payments, the sum now tops $9 billion – some 20 per cent of Nigeria’s foreign reserves.
China’s central bank on Saturday unveiled a long-awaited reform to its interest-rate mechanism, a move aimed at reducing financing costs for businesses struggling with a cooling economy, The Wall Street Journal reported. The People’s Bank of China said in a statement Saturday that it would replace existing benchmark interest rates with the Loan Prime Rate, which is based on real-world bank lending prices, as a reference for banks in pricing new loans.
The Argentine opposition candidate, Alberto Fernandez, said that the country would struggle under present conditions to repay a loan to the International Monetary Fund and he would seek to renegotiate the repayment terms, according to an interview published on Sunday by the newspaper Clarin, Reuters reported. “I would say that there is only one incontrovertible reality and that is that Argentina in these conditions is not able to repay the debts it took on,” said Fernandez, the favorite to win the October elections.
Resources by Country & Region
Blockchain brings value reconstruction to assets, including assets digitalisation, standardisation, registering, and precise pricing. In the “traditional” insolvency practice, there are always three pain points:
Italy: New Code of Company Crisis and Insolvency is close to being approved by Giorgio Cherubini and Giovanna Canale
On 8 November 8 2018, the Council of Ministers approved the Legislative Decree implementing the Law 155/2017. It consists of 390 articles, divided into four parts:
A set of amendments to the Latvian Insolvency Law and the Civil Procedure Law was adopted on 31 May 2018. The amendments partially entered into force in July, another part will enter into force in 2019 and some of the amendments still require adoption of secondary legislation. The scope of the amendments is rather broad and this review focusses on several of the issues covered by them.
As a non-EU member, Norway has never been a part of the European Insolvency Regulation (EIR), and the international elements of Norwegian Insolvency law have arguably been ready for revision for decades.
After Brexit it is highly likely that the EIR will no longer apply to Britain, and Britain will be in a similar situation as EIR outsiders like Norway and Denmark. The question of mutual recognition of bankruptcies between EIR-countries and “outsiders” therefore seems to be a hotter topic after Brexit.
On 18 October 2018 a Ukrainian parliament – Verkhovna Rada – adopted the very first Ukrainian Insolvency Code. The adopted Code underwent more than 1 300 amendments of which approximately 40% were rejected. Having an extremely high support from international lenders, such as IMF and WB, the country obtained a brand-new law for dealing with distressed debt, applicable both to natural and legal persons.
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: