On 16 June 2014, the British Government published the findings and recommendations of an independent review into pre-pack administrations (pre-packs), carried out by Teresa Graham CBE. The review was commissioned by Vince Cable, the Secretary of State for Business, Innovation and Skills, to address continued disquiet about the merits of pre-packs, particularly among unsecured creditor groups. Click here to read more

For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments.

By Louise Verrill and Paul Durban (Brown Rudnick LLP) Overview The financial crisis has thrown into sharp relief the limited scope of resolution tools to deal with failing financial institutions in Europe. Despite the fact that bank insolvency law is an important part of the European Union (EU) regime, the EU has faced hurdles and delays over the years in agreeing on a set of common principles.

For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments.

EUROPEAN UPDATE: Pension Trustees' "Loan-to-Own" Strategy: A Growing Trend? (citation: Adam Gallagher, Julia Chirnside and Dawn Heath, Pension Trustees’ “Loan-to-Own” Strategy: A Growing Trend?, XXXIII ABI Journal 5, 36-37, 111-12, May 2014) - Dawn Heath, Julia Chirnside, Adam Gallagher

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

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

Insight issued regarding a ruling handed down on CGT liability for receivers and liquidators.

Topics of discussion include: Recently announced consultation on regulation and fees. The Scottish Coal case. Discussion on the Chapter 15 database on the site, and it was noted that there had been no cases added since 2011.

The Financial Services (Banking Reform) Act 2013 (“Banking Reform Act”) received Royal Assent on December 18, 2013.