Judges of Barcelona unify principles on certain points of insolvency law
International case law
European jurisprudence on universal and territorial procedures
Judgment of the Court of Justice of the European Union of April 18, 2024 (AIR BERLIN case)
The commercial judges of Madrid publish a guidefor the appointment of an expert on insolvency pre-pack
Public disclosure not required of appointment of expert in restructuring in the context of a pre-insolvency notice
Decision by Pontevedra Commercial Court No 3 on November 16, 2022
In the context of a pre-insolvency notice made on a confidential basis in which the debtor requests appointment of the expert in restructuring, Pontevedra Commercial Court took the view that the appointment does not have to be sent to the Public Insolvency Register to publicly disclose their identity.
No se exige publicidad del nombramiento del experto en reestructuración en el marco de una comunicación de negociaciones de carácter reservado
Auto del Juzgado de lo Mercantil núm. 3 de Pontevedra, de 16 de noviembre de 2022
Los jueces de lo mercantil de Madrid publican una guía para el nombramiento de experto en pre-pack concursal
The recent High Court decision in Re Petropavlovsk Plc [2022] EWHC 2097 (Ch) considers the interaction of UK insolvency procedure and the sanctions regime imposed on Russia.
Background
Administrators were appointed to the English holding company of Russian gold mining group, Petropavlovsk Plc, in July 2022. The holding company was not sanctioned but sanctions had affected its ability to refinance and to pay its debts as they fell due.
In Re Swiss Cottage [2022] EWHC 1495 (Ch), junior creditors argued that administrators appointed to two companies had exceeded their powers and breached their duties when selling two properties.
Background
On 7 July 2022 the UK government launched a consultation on the implementation of two model laws adopted by the United Nations Commission on International Trade Law (UNICTRAL): the Model Law on Recognition and Enforcement of Insolvency-Related Judgments and the Model Law on Enterprise Group Insolvency. The government claims that the consultation signals the UK's 'ongoing commitment to mutual cooperation and international best practice' in cross-border insolvencies.
Background
The court sanctioned one of two potential schemes of arrangement for Amigo Loans Ltd (Amigo) and approved a plan that provided for two possible outcomes.
Background
Amigo provided guarantor loans to customers with poor credit scores. Amigo owed customers and the Financial Ombudsman Service £375 million for customer complaints and was insolvent.