Garrigues detectó que no existía una directriz clara que permitiera a los notarios expedir a favor de los fondos adquirentes de los créditos fallidos otra copia de la escritura de hipoteca “con efectos ejecutivos”.
Selección de las principales resoluciones en materia de Reestructuraciones e Insolvencias.
La provisión con cargo a la masa como medida cautelar a favor de un acreedor contingente debe ser material
Auto de la Audiencia Provincial de Barcelona de 3 de abril de 2018
A provision out of assets available to creditors as injunctive relief for holder of contingent claim must actually be material
Decision by Barcelona Provincial Appellate Court on April 3, 2018
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”).
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.
Summary
The regulations governing personal insolvency in Austria will change on 1 November 2017. Whilst generally the regulations remain somewhat the same, some key debtor-friendly amendments have been effected.
The changes primarily concern mandatory quotas as well as the duration of the proceedings.
The following is an outline of the ‘new’ Austrian insolvency proceedings for natural persons.
Phase one – payment schedule
Background
Creditors of an insolvent entity file their claims against the entity with the insolvency administrator (Germany) or insolvency court (Austria). If a claim is accepted, it is registered in the insolvency table as an accepted claim and the creditor is listed as an insolvency creditor in the insolvency proceedings.
By order of the Commercial Court of Vienna from 30.11.2015, bankruptcy proceedings were opened against the assets of the food chain Zielpunkt GmbH. With liabilities amounting to approximately 237 million euros, the Zielpunkt insolvency is the biggest of 2015. Zielpunkt has 229 branches in total in Austria and employs 2708 employees. The insolvency administrator is trying to sell as many branches as possible. The acquisition of Zielpunkt branches by competitors, as by the two biggest grocers REWE and Spar, however, raises competition law concerns due to the large market share.