Cross-border insolvency law has been gaining importance in the EU’s legal system over the past few decades. Harmonising insolvency laws is a difficult process as the legal framework interacts with a myriad of domestic laws. In order to increase the effectiveness of cross-border insolvency proceedings, the original Council Regulation (EC) No 1346/2000 of 29 May 2000 on insolvency proceedings was replaced by new Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 the Insolvency Proceedings (Recast) Regulation (the “Recast”).
El rango de los créditos a favor de la Administración por restitución de subvenciones depende del momento de su concesión
Sentencia de la Sala Primera del Tribunal Supremo de 20 de noviembre de 2018
How would your business be impacted if one of your critical suppliers entered insolvency proceedings? What losses could you suffer, and how would you maintain continuity of supply?
Recent high profile collapses such as Carillion have highlighted this issue, with counterparties suffering significant disruption upon its failure. In the context of increasing financial uncertainty – not least because of Brexit – companies should take a hard look at their supply chain in order to assess and mitigate counterparty risk.
Welcome to this month's edition of our commercial and tech update, covering a wide range of topics from Facebook's lacklustre approach in dealing with IP infringement to further confirmation on the Courts' approach to liquidated damages.
(Mis)Adventures in advertising
In Short:
The Situation: In Bakhshiyeva v Sberbank of Russia, a debtor sought to restructure English law-governed debts pursuant to an Azerbaijani restructuring proceeding. In order to prevent certain dissenting creditors from commencing enforcement proceedings against the debtor in the UK, the debtor asked the English court to provide an indefinite stay.
On 14 November 2018, the Court of Justice of the European Union issued a judgment on jurisdiction for avoidance actions under the previous Insolvency Regulation.
In its decision of 12 February 2009, the Court had already established that the courts of the Member State with jurisdiction to open insolvency proceedings are competent for all the actions directly related to the insolvency.
All three institutions of the European Union have now approved the EU Preventive Restructuring Framework Directive. This is the EU's first attempt to "harmonise" insolvency laws across the Member States, that have disparate existing legislation. What does the Directive do and what will be its effect in practice?
The Directive
At the beginning of a new year it is customary to consider what the year ahead may bring. 2019 promises to be eventful not least with the UK's (planned) exit from the EU on 29 March 2019. Here's what to look out for in the next 12 months…
Brexit
Within the European Union, cross-border insolvency is governed by the Regulation on Insolvency Proceedings.[1] Since Switzerland is not a member state of the EU, the EU Regulation does not directly apply to cross-border insolvency matters that are related to Switzerland, which significantly complicated the conducting of such proceedings.
Goodbye 2018 and hello 2019! It is that time of year to take stock and review your cash flow for 2019.