On May 22, 2018, the United States Court of Appeals for the Fifth Circuit issued its decision in Franchise Services of North America v. United States Trustees (In re Franchise Services of North America), 2018 U.S. App. LEXIS 13332 (5th Cir. May 22, 2018). That decision affirms the lower court’s holding that a “golden share” is valid and necessary to filing when held by a true investor, even if such investor is controlled by a creditor.
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
Newsletter Administrativo Asturias y Castilla y León - Abril 2018
El pronunciamiento autonómico prima sobre el municipal en cuanto a la ubicación de instalaciones en lugares de interés paisajístico
RERE / IRC: Aprovadas novas regras de dedução de créditos incobráveis no âmbito de acordo de reestruturação
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”).
The Circuit Courts of Appeal have split on whether a prepetition transfer made by a debtor is avoidable if the transfer was made through a financial intermediary that was a mere conduit. Today, the Supreme Court unanimously resolved the split by deciding that transfers through “mere conduits” are not protected. This is a major (and adverse) decision for lenders, bondholders and noteholders who receive payments through an intermediary such as a disbursing agent.
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.