Key points

• Where main proceedings have been opened in one member state, secondary proceedings may be opened in another member state where the debtor has an establishment. The effects of the secondary proceedings shall be restricted to the assets in that territory.  
• Local law and court discretion may apply to the opening of secondary proceedings and may be exercised, but these should not be discriminatory.

The Facts

I. Medio ambiente En materia medioambiental destacamos la aprobación de  las siguientes normas en estos últimos meses: 1. La Ley 11/2014, de 3 de julio, por la que se  modifica la Ley 26/2007, de 23 de octubre, de  Responsabilidad Medioambiental. Tiene por objeto  adaptar la actual normativa en materia de responsabilidad  ambiental para adecuarla a lo regulado por la  Directiva 2013/30/UE, del Parlamento Europeo y  del Consejo, de 12 de junio del 2013.

In the Schmid case the European Court of Justice ruled on the issue of jurisdiction of the Courts of a Member State ofthe EU where an insolvency procedure was commenced, whose receiver started a claw-back action against a defendantdomiciled in a non-Member State

The Case

The Official Journal of the European Union of July 31, 2014, published the European Commission Guidelines establishing the conditions under which state aid for rescuing and restructuring non-financial undertakings in difficulty can be considered compatible with the domestic market. The Commission has been applying these Guidelines since August

Introduction

On Monday 17 November 2014, Weil held its inaugural European Distressed Investor Conference at The Dorchester in London. A summary of the key discussion points follows.

Panel A:

De Europese Commissie heeft op 15 mei 2014 de definitieve versie van de Europese verordening betreffende het beslag op bankrekeningen goedgekeurd. Deze verordening is het resultaat van jarenlange besprekingen en kadert in het plan tot versoepeling van de invorderingsprocedures tussen Europese lidstaten.

1. What is the risk if a counter-party is located in an exiting member state?

On January 5, 2015, HM Treasury published the Bank Recovery and Resolution Order 2014 (“BRRO”) and the Banks and Building Societies (Depositor Preference and Priorities) Order 2014 (“BBSO”). The Banking Act 2009 (Restriction of Special Bail-in Provision, etc.) Order 2014 and the Banking Act 2009 (Mandatory Compensation Arrangements following Bail-in)  Regulations 2014 were published in December 2014.

Introduction: the New Guidelines in the Context of the State Aid Modernization Program