The German Government is required by the European Commission ("Commission") to seek repayment of €5.2 million in aid from the bicycle group, Biria. The aid comprised two guarantees and “silent participation” (investor received remuneration but no shares) by a public investment company and the German Land of Saxony to subsidiaries within the Biria group. Although Germany argued that the “silent participation” was provided upon market conditions, the Commission did not accept that it met the private market investor test.
The European Commission has published on its website an on-line questionnaire which aims to get opinions from all interested parties on the impact of Solvency II when compared to Solvency I. The closing date for completing the questionnaire is 23 March 2007.
The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) has published an Issues Paper on 'Risk Management and Other Corporate Issues'. The paper is not a formal consultation. Instead, it is part of CEIOPS' preparation for future work under the Solvency II project.
What and where is a company's ‘centre of main interest’ – its COMI – and why should you care? This is not an esoteric question but a live issue in determining which nation's courts and laws deal with international insolvency issues including administration and liquidation.
The European Commission has opened a formal investigation under EU State aid rules into financial aid totalling EUR 40.7 million that Italy intends to grant to Legler S.p.A., a denim textile producer. For several years Legler has had financial problems and is currently undergoing restructuring. To help with the restructuring, Italy proposes to grant loans of EUR 26.2 million, and to convert debts of EUR 14.5 million into capital.
Recent Developments
Re Joint Provisional Liquidators of Moody Technology Holdings Ltd [2020] HKCFI 416
The Hong Kong Court has explained why there is no inconsistency between: (a) its domestic insolvency law which does not permit the appointment of provisional liquidators purely for the purposes of restructuring the company; and (b) common law recognition of foreign "soft-touch" provisional liquidators.
What is a soft-touch provisional liquidator?
Covid-19 has brought about much uncertainty for businesses worldwide and it is timely for a special edition of Going Concerns to provide a "survival guide" in the following jurisdictions Singapore, the People's Republic of China ("PRC"), Hong Kong, United Kingdom and the United Arab Emirates ("UAE"). This special edition will also touch on recent legislation and stimulus packages introduced by governments of the above (where applicable) in response to the Covid-19 outbreak, which will impact both creditors and debtors.
Survival guide
Investors in non-performing loans ("NPLs") continue to look for new jurisdictions and opportunities to achieve attractive returns on capital. Much of the European NPL market is now in a relatively advanced state (particularly in the more mature parts of the market such as UK, Ireland, the Netherlands, Spain and, to a lesser extent, Italy). Funds are, therefore, looking further afield for NPL opportunities. One interesting jurisdiction, given the 1.71 trillion yuan (c.US $270 billion) of NPLs held by commercial banks, is China.
ISSUE 3 2017 FOCUS ON Brexit & the US Administration IN International News The Best Option for Dispute Resolution Brexit and the Free Flow of Data What to Expect from Trump’s FTC and DOJ in Terms of Merger Policy 2 International News EDITOR Andrea Hamilton Partner Brussels +32 2 282 35 15 [email protected] PUBLICATION EDITORS Aileen Devlin Kate Hinze CREATIVE SERVICES Jane Hanlon Cali Stefanos TABLE OF CONTENTS 3 Cross Border M&A: The Impact of Brexit, the Trump Ad