On March 14, 2018 the European Commission presented the Second Progress Report on the reduction of non-performing loans (“NPLs”). The report comprises a memo and a factsheet, whose versions in English can be obtained on the website of the European Commission, which also distributed a press release (English version).
El pasado 28 de febrero la Comisión Europea publicó el Borrador de Acuerdo sobre la retirada del Reino Unido de la Unión Europea (“UE”).
On February 28 last the European Commission published the Draft Agreement on the withdrawal of the United Kingdom from the European Union (“EU”).
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Background
In our previous publication on the subject, we had discussed the changes introduced by the Ordinance dated 23 November 2017 (the Ordinance), amending the Insolvency and Bankruptcy Code, 2016 (Code) (see our Ergo Newsflash dated 24 November 2017).
Garrigues detected that there was no clear guideline that allowed notaries to issue another enforceable copy of the mortgage deed to funds that had acquired NPLs.
The Directorate-General of Registries and Notaries (Dirección General de los Registros y del Notariado or DGRN) has issued an important ruling, which will enable international investors acquiring NPLs (non-performing loans) from Spanish financial institutions to speed up their recovery significantly, especially if the debts are secured with a mortgage guarantee.
Background
The partly liberalized Indian economy has been aptly referred to in the Economic Survey of India 2015-16 as one that had transitioned from ‘socialism with limited entry to “marketism” without exit.
Given the vexed ‘twin balance sheet’ problem chafing both banks and corporates in India, the Insolvency and Bankruptcy Code, 2016 (IBC/Code) was a critical structural reform. Many issues have surfaced since the Code was operationalised and the courts and the Central Government have stepped in to iron out such issues in the last one year.
In its first detailed ruling on some of the substantive legal questions under the Insolvency and Bankruptcy Code, 2016 (Code), the Hon’ble Supreme Court (Apex Court) has delivered a landmark order in the matter of Innoventive Industries Ltd v ICICI Bank and Another with an expressly avowed objective of ensuring that all the courts and tribunals across the country take notice of a ‘paradigm shift in the law’ ushered in by the Code.
Brief Background
Background