When interest rates soared last week on Irish government bonds, it served as a grim warning to other indebted nations of how difficult and even politically ruinous it could be to roll back decades of public sector largess, the International Herald Tribune reported. An Irish bond market already in free fall plunged further after Ireland announced on Thursday that it planned to nearly double its package of spending cuts and tax increases to try rein in its huge deficit.

EUROPEAN UPDATE: (citation: David L. Barrack, Jami Mills Vibbert, Johnathan C. Bolton; “English High Court Recognizes, Enforces U.S. Court Judgments in Adversary Proceedings” XXIX ABI Journal 9; 30-31, 78; November 2010) - David L. Barrack, Jami Mills Vibbert, Johnathan C. Bolton

Whether a company is facing solvency problems, management upheaval or other serious problems attracting attention, ensuring sensible communication tactics are not thwarted by its own management and processes is often the hardest part of mounting a successful defence of its reputation. The tactics for stopping a crisis becoming a PR disaster are well known and have been extensively documented, so why do wellresourced companies with lots of bright people (ranging right up to giants like Toyota and General Motors) sometimes make such a disaster of it?

Introduction The Insolvency Act (267/1942) sets out two procedures for resolving a company's financial difficulties by private arrangement: composition and a debt restructuring agreement. Composition is a judicial tool, set out in Article 160 of the act, whereby an insolvent company which can still pay part of its total debt submits a scheme of arrangement to its creditors with a view to avoiding a declaration of bankruptcy. A debt restructuring agreement, provided for by Article 182(2) of the act, is an out-of-court procedure whereby the insolvent company may enter into an agreement with

Even people who have known Axel A. Weber for years are not quite sure why he has breached European Central Bank etiquette — and dimmed his chances of becoming Europe’s top central banker — by discussing policy spats outside the clubhouse, the International Herald Tribune reported. As the default favorite to succeed Jean-Claude Trichet as president of the bank a year from now, the safe path for Mr. Weber would simply be to keep a low profile. Instead, Mr.

The Court of Appeal today ruled in favour of the senior lenders in the ongoing restructuring of the European Directories Group. Overturning the earlier decision of the High Court, the Court of Appeal found that the Security Trustee was authorised to release guarantee liabilities and security as part of a senior lender proposed restructuring plan. Senior lenders will be reassured by a judgment which sought to give effect to the commercial rationale behind intercreditor arrangements.

Judges who adjudicate in bankruptcy cases admit that, in practice, preparing a petition for bankruptcy within two weeks of the moment at which the company ceases to pay its debts, as the law requires, is extremely difficult.

As a general rule, the right to exercise authority in a bankruptcy estate belongs to the creditors. It is the duty of an administrator of a bankruptcy estate to arrange, among other things, the management of the bankruptcy estate and to oversee the management and maintenance of the assets of the bankruptcy estate.

The UK Supreme Court (UKSC - pictured) has handed down its long anticipated judgment in Radmacher (formerly Granatino) (Respondent) v. Granatino (Appellant) [2010] UKSC 42. The case concerns the validity of pre-nuptial marriage agreements in English law.