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”).
On 25 May, the Insolvency Service published a consultation paper on options for reform of the UK's corporate insolvency regime. Their impetus is for the UK to remain at the forefront of insolvency best practice to ensure businesses, investors and creditors remain confident that best outcomes can be achieved when faced with financial difficulty, and to give a company the best possible chance to restructure its debts and return to profitability while protecting employees and creditors.
On 25 May, the Insolvency Service published a consultation paper on options for reform of the UK's corporate insolvency regime.
Lending to a foreign company? If you choose English law to govern your facility documents and provide for the English court to have exclusive jurisdiction, an English scheme may be a viable means of restructuring the debt later, if the need arises.
On December 21, 2011, in the High Court of England & Wales, Norris J handed down his judgment in Re Virtualpurple Professional Services Ltd [2011] EWHC 3487 (Ch), and in doing so he has become the first judge to cast real doubt on the decision of the Chancellor in Minmar (929) Limited v. Khalatschi [2011] EWHC 1159 (Ch). This is a welcome development and should at least begin the process of finally determining the correct formalities for an out-of-court appointment by directors where there is no qualifying floating charge holder.
Where lenders rely on floating charge security to make recoveries from companies in administration, some recent cases have massively increased the potential for administration expenses to swallow up those recoveries. The more well-known cases could just be the start. So, what are the potential risks? What can lenders do in the face of the law as it currently stands? What is going to happen next?
The Nortel decisions