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Judges of Barcelona unify principles on certain points of insolvency law

International case law

European jurisprudence on universal and territorial procedures

Judgment of the Court of Justice of the European Union of April 18, 2024 (AIR BERLIN case)

The commercial judges of Madrid publish a guidefor the appointment of an expert on insolvency pre-pack

Public disclosure not required of appointment of expert in restructuring in the context of a pre-insolvency notice

Decision by Pontevedra Commercial Court No 3 on November 16, 2022

In the context of a pre-insolvency notice made on a confidential basis in which the debtor requests appointment of the expert in restructuring, Pontevedra Commercial Court took the view that the appointment does not have to be sent to the Public Insolvency Register to publicly disclose their identity.

No se exige publicidad del nombramiento del experto en reestructuración en el marco de una comunicación de negociaciones de carácter reservado

Auto del Juzgado de lo Mercantil núm. 3 de Pontevedra, de 16 de noviembre de 2022

Los jueces de lo mercantil de Madrid publican una guía para el nombramiento de experto en pre-pack concursal

山东胜通集团股份有限公司(以下简称“胜通集团”)债券信息披露违法案是证监会2021年证监稽查20起典型违法案例之一,相关中介机构均被行政处罚,备受资本市场关注。日前,青岛市中级人民法院(下称“青岛中院”)对“胜通债”虚假陈述诉讼案作出一审判决。

本案系北京金融法院“大连机床”判例后债券虚假陈述诉讼领域的又一经典判例,一审判决诸多亮点值得点赞:(1)新《证券法》实施后全国法院首例认定债券虚假陈述造成的债券投资损失应为投资差额损失而非债券票面本息;(2)全国法院首例在债券虚假陈述案件中剔除系统风险和非系统风险所致债券投资损失;(3)充分考察债券价格、交易量变化,突破性地认定发行人“澄清公告”发布日为揭露日;(4)创新性地认定案涉债券市场并非有效市场,应以破产清偿金额来确定债券基准价。

该案判决对债券虚假陈述投资损失的认定,标志着我国债券虚假陈述损失的司法认定思路已开始理性回归“损害填平”的侵权责任本质。此外,该案判决对债券虚假陈述揭露日和基准价方面的认定,进一步丰富了人民法院审理债券虚假陈述专业性问题的实践,积累了宝贵经验,具有相当的前沿性和示范性。

CJEU pronounces on “mobile conflict” and the effects of Brexit in relation to insolvency proceedings

Judgment by the Court of Justice of the European Union on March 24, 2022

El TJUE se pronuncia sobre el “conflicto móvil” y los efectos del Brexit en materia de insolvencia

Sentencia del Tribunal de Justicia de la Unión Europea de 24 de marzo de 2022

Insolvency Law Reform Bill published

On December 21, 2021, the Council of Ministers approved the Insolvency Law Reform Bill, which was published in the Official Gazette of the Spanish Parliament on January 14, 2022 (available here), and then initiated its passage through parliament as fast-tracked legislation.