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Brexit and the end of the transition period: insolvency and pre-insolvency impacts from December 31, 2020 onwards

On February 28 last the European Commission published the Draft Agreement on the withdrawal of the United Kingdom from the European Union (“EU”).

European Union, Spain, United Kingdom, Insolvency & Restructuring, Public, Garrigues, Brexit, European Commission
The funds will be able to recover NPL's more quickly following a decision by the Directorate-General of Registries and the Notarial Profession

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.

Spain, Insolvency & Restructuring, Garrigues
An update on French insolvency law

Insolvency Proceedings

The French legislator has published the Law on the Modernisation of 21st Century Justice (n°2016-1547) on 18 November 2016, in order to complete the regulation of the four ordonnances issued over the two years before that date modifying insolvency law. Key changes applying to insolvency proceedings opened after 19 November 2016 are as follows:

France, Insolvency & Restructuring, Taylor Wessing