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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
Key PPSA decision: NSWSC confirms vesting of unperfected lessor's interest following insolvency of lessee

In the matter of Maiden Civil (P&E) Pty Ltd; Richard Albarran and Blair Alexander Pleash as receivers and managers of Maiden Civil (P&E) Pty Ltd & Ors v Queensland Excavation Services Pty Ltd & Ors [2013] NSWSC 852

Overview

Australia, New South Wales, Banking, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Collateral (finance), Interest
Recognition of a receiver's right to assert privilege as against a mortgagor company

Summary

In Carey v Korda [2012] WASCA 228, the Western Australian Supreme Court of Appeal (Court) has provided a timely confirmation that legal advisers engaged by receivers to provide advice in relation to a receivership are properly viewed as advisers to the receivers as principal, and not the mortgagor company.

The decision will no doubt be welcomed by insolvency practitioners, as it confirms that the legal advice, and the right to invoke the associated privilege, belongs to the receivers, not the mortgagor company.

Australia, Western Australia, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, South Africa Supreme Court of Appeal