EUROPEAN UPDATE: Don’t Be Misled by the Wording: There Is No Scheme of Arrangement in Spain (citation: Adam Gallagher and Natalia Gómez, Don’t Be Misled by the Wording: There Is No Scheme of Arrangement in Spain, XXXIII ABI Journal 2, 48-49, 94-95, February 2014) - Adam Gallagher and Natalia Gómez

The State Duma of the Russian Federation has adopted amendments to the Law on Bankruptcy in part determining material liability of persons, controlling the actions of the debtor, of the debtor’s management and members of the liquidation commission, whose actions lead to its bankruptcy. The amendments came into force on 30th of July 2013.

The benefits of belonging to a group of companies are well known. The integration of companies within a group not only improves each of the companies’ individual competitive position within their respective market but also (and most important)represents an upgrade of their position when dealing with third parties and in particular regarding the access to external finance

The U.S. Court of Appeals for the 1st Circuit (Maine, Massachusetts, New Hampshire and Puerto Rico) on 24 July 2013 ruled that Sun Capital Partners was jointly liable with one of its portfolio companies for a $4.5 million withdrawal liability from a multi-employer pension plan

Michalis A. Loizides and Panayiota Georgiou report on the recently enacted law for resolution of credit institutions in Cyprus.

Steven Kroesbergen discusses the guarantee function of the EIR provisions applicable to set-off.

The European Commission has today set out a series of common principles for national insolvency procedures for businesses in financial difficulties. The objective is to shift the focus away from liquidation towards encouraging viable businesses to restructure at an early stage so as to prevent insolvency. http://europa.eu/rapid/press-release_IP-14-254_en.htm

A summary of the final paper from the 2013 Richard Turton Award winner, Advokat Danuta Brzezińska

The Office of the Superintendent of Financial Institutions (OSFI) has issued a notice dated March 5, 2014, directing banks, trust companies, insurers and other federally regulated financial institutions (FRFIs) to immediately freeze assets of the former Ukranian president, Viktor Yanukovych, and his close associates and to refrain from having any dealings with these individuals.

Explaining the new case law of the Portuguese Supreme Court regarding property exchange.