As of January 1, 2018, those who file a petition for declaration of bankruptcy of a company will face stricter liability in Slovakia, which could even result in their disqualification to sit on boards of Slovak companies, The National Law Review reported. In addition to the obligation to pay a contractual penalty in the amount of €12,500, an executive or board members who fail to file a bankruptcy petition will be liable for damages incurred by the creditors as a result of breach of such filing obligation.

Creditors of Toys ‘R’ Us UK overwhelmingly approved the struggling retailer’s restructuring plan at a meeting yesterday, enabling it to stave off a collapse into administration, Reuters reported. Earlier this month the British arm of Toys ‘R’ Us Inc of the United States, which filed for bankruptcy protection in September, said it would seek creditor approval for a Company Voluntary Arrangement (CVA). The plan will see the closure of at least 26 of its 105 British stores in 2018 and reduced rent on the stores that stay open.

The European Commission has approved under the EU Merger Regulation Lufthansa's proposed acquisition of certain Air Berlin assets, through the entity Luftfahrtgesellschaft Walter GmbH, according to a press release. The decision is conditional on Lufthansa's compliance with commitments to avoid competition distortions. The Commission decision only concerns Lufthansa's proposed acquisition of LGW. This is because Lufthansa decided to drop the rest of the initially proposed transaction, i.e. its acquisition of NIKI Luftfahrt GmbH, during the course of the Commission's merger review process.

The European Union raised the stakes against Poland over judicial overhauls Brussels calls undemocratic, laying the groundwork for an unprecedented punishment after months of acrimony, the Wall Street Journal reported. The EU’s executive body on Wednesday triggered a never-used sanctions procedure known as Article 7 and informally dubbed the “nuclear option,” taking an unprecedented step aimed at bringing Poland back into line. However, the move risks alienating Warsaw even further from its European counterparts while exposing the EU’s weakness in enforcing its political vision.

Toys “R” Us Inc.’s U.K. unit, which is at risk of collapse, faces questions from lawmakers about a reported surge in payments to its former managing director, Bloomberg News reported. The loss-making British arm of the U.S. toy retailer boosted Roger McLaughlan’s pay to 1.3 million pounds ($1.7 million) in the year ended Jan. 30, 2016, from 1 million pounds and 356,000 pounds in the previous two years, Frank Field, the chairman of the House of Commons’ Works and Pensions Committee, said in a Dec. 18 letter to Toys “R” Us U.K.’s current head, Stephen Knights.

The European Central Bank should take charge of regulating big investment banks in the eurozone, according to a proposal to be presented by the European Commission, the latest move to stop individual European countries from luring Brexit-hit banks with the promise of looser rules, The Wall Street Journal reported. Currently, banks’ European broker-dealer operations are overseen by a patchwork of national authorities. The commission, the EU’s executive arm, wants to forestall local regulators from offering sweeteners to entice large investment banks like Goldman Sachs and J.P.

Troubled French steelmaker Ascometal has drawn interest from four potential buyers, union officials said on Tuesday, with commodity group Liberty House and Swiss steel firm Schmolz + Bickenbach confirming their interest, Reuters reported. Ascometal, which employs more than 1,300 people, filed for court protection last month after weak steel and oil markets in the past two years undermined an attempted recovery following a previous buyout in 2014.

Air Berlin’s unit Niki can keep its valuable runway slots while Austria’s Transport Ministry examines its insolvency filing, the airspace regulator said amid growing interest in the carrier from potential bidders, Reuters reported. Niki filed for insolvency last week after Germany’s Lufthansa, which is buying other parts of Air Berlin, scrapped plans to buy Niki, grounding the airline’s fleet and stranding thousands of passengers. Niki’s workers’ council chief said on Dec.

Toys “R” Us Inc.’s plans to restructure its U.K. operations face defeat in a creditor vote, jeopardizing the local business’s chances of avoiding insolvency, Bloomberg News reported. Pension Protection Fund, which is acting for the U.K. arm’s pension plan, understands that creditors will reject the court-led restructuring proposal at a Dec. 21 meeting, Chief Executive Alan Rubenstein said in a letter to Frank Field, the chairman of the House of Commons’ Work and Pensions Committee. Pension Protection has filed a proxy vote against the planned Company Voluntary Arrangement.

Bidders for insolvent airline Niki have until Thursday to submit their offers for the Austrian unit of collapsed Air Berlin, its administrator said on Monday, Reuters reported. “None of the possible buyers have presented a binding, fully financed offer, but there are indications of interest,” Lucas Floether told German news agency DPA. “We have set a deadline for binding offers for midday on Thursday,” he said, while declining to provide details on the bidders.