On 18 November 2009, the Commission approved a restructuring and asset relief package for KBC under the EC State aid rules. KBC is a Belgian integrated banking and insurance group, based primarily in Belgium and Central and Eastern Europe. KBC has received three aid measures to support it during the economic crisis: in December 2008 a recapitalisation of €3.5 billion; in June 2009, a second recapitalisation of €3.5 billion and an asset relief measure on a portfolio of Collateralised Debt Obligations (“CDO”). Approval of these measures was subject to KBC submitting a restructuring plan.
We are pleased to present this Summer 2011 edition of the CMS Restructuring and Insolvency in Europe Newsletter.
The 2014 collapse of the Corporate Commercial Bank (ranked 4th in the country) raised doubts about the accuracy of the overall liquidity ratio (34.80%) and asset value (approx. EUR 44.07 billion) of the banking sector in Bulgaria, not least because assets had been evaluated according to the internal rules of the respective credit institutions.
The consideration of the issues relating to TOPOIL begins in one of the three breakout sessions. This one considers whether some sort of restructuring process is appropriate and if so which might be the top options and their relative merits.
When we began analysing in depth the possibility of Britain exiting the European Union, 18 months prior to the June 2016 referendum, the HERBERT businessSMITH FREEHILLS consensus w07as very muchSECTION TITLE that Brexit was a remote prospect that either would never happen or not matter.
Fast forward just over two years and the reality could not be more different. In this updated edition of our Brexit legal guide, we take stock of the present situation, summarising the key developments since last year's vote and what is to be expected in the months ahead. 10 33 99
Simona Kornhaas v Thomas Dithmar (Case C-594/14)
The ECJ have ruled that a director of an English company that had entered into insolvency proceedings in Germany is liable to reimburse the company under German law for payments made after the company became insolvent.
The Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 (Regulations) to amend the structure of UK annual reports have been published and laid before Parliament.
The Financial Reporting Council (FRC) and institutional bodies have published the following guidance in relation to corporate governance and directors' remuneration in the last few months.
Al fine di mantenere la sopravvivenza e la proattività delle imprese durante la crisi coronavirus, in data 1o aprile 2020 l’Autorità Garante della Concorrenza e del Mercato (AGCM) ha adottato una comunicazione[1] sull’interpretazione dell’art. 103 del c.d. “Decreto Cura-Italia”[2], con la quale vengono sospesi i pagamenti delle sanzioni tanto in materia di concorrenza quanto di tutela del consumatore.
With respect to the dynamic course of events regarding COVID-19 – commonly known as the coronavirus – we address the threat of insolvency and related liability of the statutory bodies (Directors) and provide a list of practical mitigating steps