As more Turkish companies begin to report liquidity issues and economic pressures begin to bite, successful financial restructurings are likely to become increasingly critical to the prosperity of the Turkish economy

Only time will tell whether local processes will provide a suitable toolkit for large-scale corporate restructurings, or whether other international restructurings processes may also have a role to play.

The United Kingdom ("UK") has established itself as a leading restructuring destination in Europe.

1. Introduction

The Belgian legislature once again recently improved the statutory framework for business restructuring. Thus, any business - a broad concept that covers not only companies and non-profits but also independent contractors - in financial difficulty may request the opening of judicial reorganisation proceedings (procédure en réorganisation judiciaire), commonly referred to by insiders as "PRJ".

Under the 1992 ISDA Master Agreement, following an event of default, there is either an automatic termination or the non-defaulting party can serve a notice designating an Early Termination Date. There then has to be a determination by the non-defaulting party of the compensation that is owed by one party or the other. This is done by closing out the transactions, which involves determining gains or losses in replacing or providing the economic equivalent of the terminated transactions. Once that is done, a statement is served setting out the calculations.

Article 55 of the Bank Recovery and Resolution Directive (BRRD) (2014/59/EU) requires Member States to ensure that a bail-in clause is included in agreements containing liabilities of a regulated Member State financial institution which are governed by the law of a third country.

Una sentencia del Tribunal de Justicia de la Unión Europea (TJUE) avala sustituir una cláusula abusiva de vencimiento anticipado en un préstamo hipotecario por la aplicación del artículo 693.2 de la Ley de Enjuiciamiento Civil (LEC), según el cual es válido y no abusivo iniciar una ejecución hipotecaria por impago de al menos tres cuotas mensuales.

Immediately following the results of the UK referendum on exiting the EU in June 2016, we wrote about the potential impact of Brexit on cross-border restructuring and insolvency work. As we identified then, the key issue in this area is the potentially significant implications of losing the reciprocal effect of the EU Regulation on insolvency proceedings and the Brussels Regulation (recast). In this article we focus on the impact of the loss of recognition under the Insolvency Regulation.

RESTRUCTURING FOCUS ON 2019

JANUARY 2019

RESTRUCTURING: FOCUS ON 2019

CONTENTS

1

VIEW FROM THE TOP NEW MONEY CONSIDERATIONS SOMETHING FOR ALL INVESTORS? THE INTERCREDITOR MINEFIELD LESSONS FROM CLAIRE'S STORES GOVERNANCE THE SPECTRUM OF OPTIONS CHAPTER 11 FOR THE UK? BREXIT AND UK INSOLVENCY REFORM EU INSOLVENCY REFORM: A CHANGING LANDSCAPE INDEPENDENT RECOGNITION WEIL CONTACTS

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2 RESTRUCTURING: FOCUS ON 2019

VIEW FROM THE TOP

RESTRUCTURING: FOCUS ON 2019

3

The Irish Government is planning to take measures in the areas of settlement finality, insurance, and insurance distribution in the event of a 'no-deal Brexit'. The relevant measures are set out in Parts 7 and 8 of the Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Bill 2019 (the “Withdrawal Bill”), which was published on 22 February 2019. These measures are in addition to a number of measures already taken at EU level.

Settlement Finality