Oil price movement through 2014 and into 2015 is a consequence of market fundamentals. Europe’s continued economic woes, paired with the slowdown in China’s economy, have led to a fall in demand for oil.

At the same time, the growing U.S. shale-oil boom (over which OPEC has no control) and the pick-up in drilling in Libya have led to an excess of supply. However, in the past few months the issue has switched from how quickly oil prices have fallen, to how much further they have to fall.

La Sentencia del Tribunal General del TJUE de 8 de abril de 2014 (asunto T-319/11), resuelve el re- curso de anulación parcial interpuesto por ABN Amro Group NV contra la Decisión 2011/823/UE, de la Comisión, que le impuso la prohibición de adquirir empresas de cualquier sector como una de las condiciones para considerar compatible con el mercado interior la ayuda pública que recibió del Estado holandés. La entidad ABN Amro había recibido ayuda pública para su recapitalización de entre 4.200 y 5.450 millones de euros, así como una ayuda de liquidez de 7.170 millones de euros.

An updated Statement of Insolvency Practice (SIP) relating to pre-packaged sales in administrations has been issued by the Joint Insolvency Committee, effective from 1 November 2013. The new SIP aims to provide greater clarity for creditors, with insolvency practitioners (IPs) having to provide earlier notification of the pre-packaged sale and more detail as to the circumstances surrounding, and terms of, the sale transaction.

A judgment recently handed down from the High Court clarifies the obligations of liquidators under the Data Protection Act 1998, providing them with greater personal protection from fines or other sanctions.

Reed Smith acted for the liquidators in their application for directions.

Background

El Real Decreto Ley 8/2013, de 28 de junio, de medidas urgentes contra la morosidad de las administraciones públicas y de apoyo a entidades locales con problemas financieros (publicado en el BOE de 19 de junio, convalidado por acuerdo del Congreso de los Diputados de 17 de julio), recoge una serie de medidas extraordinarias para ayudar a las Administraciones autonómicas y locales a reducir su deuda comercial acumulada.

Summary

The Supreme Court has today allowed an appeal against the decision of the Court of Appeal (14 October 2011) which, in certain circumstances in an insolvency situation, would have accorded “super priority” to a financial support direction made by the Pensions Regulator.

Yes it can, according to the most recent judgments of the Spanish high courts. The question was addressed in several Judgments issued by the High Court (HC) of Castilla-La Mancha (amongst others, the Judgment issued on 11 February 2013, in Appeal no. 320/2012, and the Judgment issued on 12 February 2013 on Appeal no. 321/2012) and by the High Court (HC) of Madrid in its Judgment no. 41/2012 of 21 January.

Sí se puede, según pronunciamientos recientes de los Tribunales Superiores de Justicia. Se trata de varias Sentencias dictadas por el Tribunal Superior de Justicia de Castilla-La Mancha (entre ellas, la Sentencia de 11 de febrero de 2013, recurso n.º 320/2012, y la de12 de febrero de 2013, recurso n.º 321/2012), y del Auto del TSJ de Madrid número 41/2012, de 21 de enero.

The English Supreme Court’s eagerly awaited decision on the Eurosail litigation, concerning how the “balance sheet” test for insolvency should be applied, was released today. The decision clarifies how courts should apply the balance sheet test, and what circumstances and facts must be taken into account in doing so.

Balance sheet test must take into account commercial context of company

A recent Isle of Man case, Interdevelco Limited v. Waste2energy Group Holdings plc, demonstrates that the debate around how courts should approach international insolvency legislation rages on. The decision emphasised the importance of the principle of universality, the concept that there should be one insolvency proceeding under which all creditors’ claims can be collectively assessed and administered. This approach contrasts with that taken by the Supreme Court of England and Wales in the two recent cases of Rubin v.