On 22 June 2018, the Eurogroup reached what was termed a “historic” deal on a debt relief for Greece, a momentous achievement and the final step for Greece’s return to economic normality, after almost a decade of European and IMF bailouts. The debt package was portrayed in the public domain as “an historic moment for the Eurozone”, “the end of the Greek crisis” and even “the biggest act of solidarity that the world has ever seen”. However, the same enthusiasm is not shared by all. Concerns still persist that the agreed measures are not sufficient to restore debt sustainability.
Resources Per Country
- Czech Republic
- Isle of Man
- San Marino
- United Kingdom
- Vatican City
On 21 August 2018, the Committee on Legal Affairs of the European Parliament adopted Angelika Niebler’s Report on the European Commission’s Directive Proposal on preventive restructuring frameworks, second chance and measures to increase the efficiency of restructuring, insolvency and discharge procedures and amending Directive 2012/30/EU. Indeed, the committee on Legal Affairs recommended that the European Parliament’s position adopted at first reading under the ordinary legislative procedure (Article 294 TFUE) should amend the European Commission’s Directive Proposal.
Insolvency and restructuring could be described as the corporate equivalent of critical care – bringing together multiple expert practitioners to provide life- support to some companies, and help them on the road to recovery, and palliative care to others.
The book Transaction Avoidance in Insolvencies is now seeing the publication of its 3rd edition. The text consists of no less than 26 chapters and covers 639 substantive pages and over 100 devoted to the tables and index. The heart of the work is to be found in the four chapters on the key provisions of transaction avoidance.
Published on 22 November 2016, the initial version of the Directive proposal contains a number of provisions in three distinct main parts, namely preventive restructuring frameworks (Title II), second chance for entrepreneurs (Title III) and measures to raise the efficiency of restructuring, insolvency and second chance (Title IV).
The other titles are horizontal in scope, for example, Title I contains a provision on the availability of early warning tools for debtors, be they legal or natural persons engaged in a trade, business or professional activity (entrepreneurs).
I would like to update you regarding some of INSOL Europe projects; our collaboration with AIJA, with DAV, the INSOL Europe local country directors and the 2018 Annual Congress, which will take place in Athens, Greece from 4-7 October.
UNCITRAL’s Working Group V(Insolvency Law), at its 53rd session in New York, has just completed work on the model law on recognition and enforcement of insolvency-related judgments (‘JudgmentsML’). The Judgments ML, together with a draft guide to enactment, will be submitted to the UNCITRAL Commission for finalisation and adoption within the year.If adopted, Member States will be invited to incorporate the Judgments ML into their national laws in order to harmonise cross-border enforcement and recognition of insolvency-related judgments.
The much talked-of Decree No.8 “On the Development of Digital Economy” has been in effect since March 28 of this year (further referred to as the “Decree”). Among other things, it is aimed at the creation of conditions for implementing the Blockchain technology in the Belarusian economy and it secures the terms of Blockchain itself in the legal environment of Belarus (smart contract, token, owner and offering of tokens), and it introduces the definitions of crypto-currency, its operator and the operator of its exchange, the e-wallet, mining etc.
In the last few decades the promotion of a corporate rescue culture has been a key objective for many EU jurisdictions, but particularly since the 2008 financial crisis, corporate rescue has been at the top of the agenda. Although the significance of corporate rescue is not to be underestimated, it can be argued that consumer bankruptcy carries no less significance. The adverse impact of consumer bankruptcy has been intensely experienced at very large scales in countries like Greece and Cyprus.
The Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) applies since 25 May 20181.
In the digital age, the General Data Protection Regulation (GDPR) was designed to harmonise data privacy laws across Europe, to protect and empower all EU citizens’ data privacy and to reshape the way organisations across the European Union (EU) approach data privacy.