Welcome to issue 16 of Restructuring Global Insight, bringing you reports on breaking legal developments in restructuring law across borders and in jurisdictions around the world. This issue features: AFRICA ■Institutionalizing secured lending to SMEs – a key to growth of the economy in the African region CONTINENTAL EUROPE ■Pro-business reform of Polish bankruptcy law – January 2016 National bank of Ukraine relaxes certain restrictions on currency market UK ■LMA syndicated loans: separate and independent rights for lenders – can we go at it alone?

Africa’s abundant natural resources, its growing renewable energy market and the increasing demand for infrastructure project investment means investors continue to be drawn to the continent. Our aim with Inside Africa is to enable anyone active in Africa or doing business across the continent to access knowledge gained from working on the ground in more than 45 African jurisdictions. Read more.

We are pleased to announce the launch of Inside Africa, a new microsite for sharing our vast knowledge and insight into Africa across a wide variety of industries. Inside Africa is a high-end, distinctive resource for businesses operating across the continent and beyond. The microsite has been created in direct response to increasing interest in Africa’s growth, particularly from international investors seeking to develop or expand their operations, but without the depth of “on the ground” insight they require.

Welcome to the inaugural edition of the Insolvency and Business Restructuring Guide for Africa 2015. As head of the Insolvency, Business Rescue and Restructuring practice group at Werksmans, it is a pleasure to bring you this publication which is being launched in collaboration with all of our LEX Africa member firms in over 20 jurisdictions across the continent. The purpose of the guide is to share pertinent data and information with all of you which will provide you with a better understanding of each of the relevant jurisdictions' approach to insolvency and restructuring matters.

by DLA Piper - Jasna Zwitter-Tehovnik, Partner and Joze Vranicar, Associate During the 1990s and up to the beginning of the recent financial crisis, the economies of Central and Eastern European countries experienced rapid growth. The privatisation of state-owned industries and the general opening-up of the market attracted foreign investment. Austrian banks invested heavily in the area and as a result, now hold a significant number of non-performing loans, secured on assets located within the CEE.

by DLA Piper - Michelle Ni Ghaboid, Senior Associate In the Q1 2014 edition of Global Insight, we discussed the progress already made in respect of the Proposed Amendments to the EC Insolvency Regulation as of April 2014. The European Parliament and the Council of the European Union have now considered the Commission’s proposed amendments. Read more

The long anticipated new Companies Act No. 71 of 2008 (the Act) became effective in South Africa on 1 May 2011. The Act fundamentally re-writes South African company law and accordingly will have far reaching effects. Chapter 6 of the Act, which deals with business rescue, effectively replaces the existing judicial management provisions of the old Companies Act No. 61 of 1973 (the old Act), with a modern business rescue regime. Chapter 6 of the new Companies Act introduces proceedings to rehabilitate companies that are financially distressed.

In South Africa the landscape upon which Insolvency Practitioners (IPs) are required to practise is still undergoing major revision, both in regard to legislation and policy. Appointment of IPs IPs are appointed by the Master of the High Court (the Regulator charged with such function), dependent upon the jurisdiction in which an order of sequestration (ie personal bankruptcy) or liquidation is granted.

Appointment IPs may be appointed to any type of insolvency proceeding. Once appointed to a particular assignment, the IP is responsible for the proceeding. Where an insurance company becomes insolvent the same IPs are able to deal with such proceedings. IPs may be appointed by court or by creditors. Qualifications According to the Companies & Allied Matters Act 1990, there is no minimum qualification a person has to satisfy to act as an IP. In practice, however, qualified lawyers and accountants act as IPs.