Journal of Corporate Renewal 16 June 2022 EUROPEAN Restructuring Outlook: CONSIDERATIONS FOR LENDERS BY TAYYIBAH ARIF, COUNSEL & OLA MAJIYAGBE, ASSOCIATE, DECHERT LLP As Europe prepared to emerge from the COVID-19 pandemic and navigate the resultant uncertain economic environment, Russia invaded Ukraine in February 2022, plunging the continent into disarray once again. The unprecedented pandemic followed on the heels of Brexit, which itself will have lasting impact on the region.
On 26 June 2019, the Directive on restructuring and insolvency[1] of the European Parliament and of the Council was published in the Official Journal of the European Union.
On July 4-5, GOLAW Senior Partner Sergiy Oberkovych participated in an international conference in Lugano, Switzerland dedicated to the reconstruction of Ukraine, which is suffering from Russian military aggression.
Uncertain times have a knock-on effect on all aspects of life including business. The pandemic, Brexit, ever-rising inflation and now an energy crisis against the backdrop of war in Europe have made many businesses face financial difficulty.
Suppliers and customers alike are facing extraordinary pressures, and this can affect key supply contracts. This has meant the importance of insolvency law and practice in this area has risen considerably.
What happens if a customer becomes insolvent?
On 30 June 2022, the English court handed down judgment and made a winding-up order in respect of Galapagos S.A., marking an important milestone in an almost three-year cross-border insolvency battle involving the English, German and European courts.
The decision also provides helpful guidance on the application of the Recast European Insolvency Regulation post-Brexit, as well as the extent to which pre-Brexit jurisprudence should still be considered retained in, or relevant to, English law.
Galapagos: The Facts
We developed this checklist as a tool and guide to necessary and optional elements to negotiate and document the principal agreement or deal document in an international or cross-border Joint Venture (“JV”) between a U.S. party or parties and one or more non-U.S. parties.
CJEU pronounces on “mobile conflict” and the effects of Brexit in relation to insolvency proceedings
Judgment by the Court of Justice of the European Union on March 24, 2022
El TJUE se pronuncia sobre el “conflicto móvil” y los efectos del Brexit en materia de insolvencia
Sentencia del Tribunal de Justicia de la Unión Europea de 24 de marzo de 2022
Insolvency Law Reform Bill published
On December 21, 2021, the Council of Ministers approved the Insolvency Law Reform Bill, which was published in the Official Gazette of the Spanish Parliament on January 14, 2022 (available here), and then initiated its passage through parliament as fast-tracked legislation.
Se publica el Proyecto de Ley de Reforma del Texto Refundido de la Ley Concursal
El 21 de diciembre de 2021, el Consejo de Ministros aprobó el Proyecto de Ley de Reforma de la Ley Concursal, que fue publicado en el Boletín Oficial de las Cortes Generales el 14 de enero de 2022 (disponible aquí). Se inició así su tramitación parlamentaria por el procedimiento de urgencia.