Trust, Parallel Debt Mechanism under N.Y. Law Are Now Recognized in French Insolvency Law (citation: Annerose Tashiro, Patrick Ehret and Frank Tschentscher, Trust, Parallel Debt Mechanism under N.Y. Law Are Now Recognized in French Insolvency Law, XXXI ABI Journal 1, 30-31, 65, February 2012) - Annerose Tashiro, Patrick Ehret and Frank Tschentscher

What are the main lessons to be learned from the international crisis in order to improve insolvency laws? Insolvency practitioners from the United States, Canada, England, Germany and France gave their fascinating ideas and opinions at an international colloquium held in Paris on 18-19 April 2011 under the high patronage of the French Ministry of Justice.

France, the birthplace of the enlightenment and much of modern philosophy, is proud of its history of embracing big ideas.

Two categories of insolvency practitioners can be appointed, namely: judicial administrators and judicial liquidators, and these two types of insolvency practitioners are generally known to have a monopoly on all insolvency proceedings in France. Legally no specialisation is required for an IP to be appointed. An IP’s reputation however may be a significant consideration in favour of being more easily appointed for certain types of cases.

EUROPEAN UPDATE: France's New Fast-Track Safeguard Law (citation: Adam Gallagher, France’s New Fast-Track Safeguard Law, XXX ABI Journal 2, 30-31, 75-76, March 2011) - Adam Gallagher

The French strikes and demonstrations over a proposed increase in the retirement age have lasted for weeks and attracted wide sympathy in a society whose work force is less than 10 percent unionized. But the proposal will soon become law, setting the stage for confrontations with France’s unions, which continue to starve the country of gasoline, diesel and other petroleum products, and are pressing for demonstrations afterward, the International Herald Tribune reported.

With the recent boom in the issuance of European high yield bonds, complex pari passu senior secured loan / high yield bond combination financings have become more prevalent. In these financings, there is a need to balance the interests of senior lenders and high yield bondholders who, really for the first time, now find themselves at the same level in the capital structure and sharing security. While the market is clearly still evolving, a number of recent deals have taken a similar approach on one of the most difficult intercreditor issues – control over security enforcement.

Welcome to the fifth edition of this publication which has been compiled by the Salans Global Corporate Group comprising experienced lawyers from each of our 22 offices. Previous editions have dealt with: the establishment of companies and partnerships in key jurisdictions; the use of warranties in international acquisitions; the issue and transfer of securities in key jurisdictions;and governmental approvals and third party consents in corporate transactions.