El Tribunal Supremo, en su sentencia número 513/2024, de 17 de abril (Rec. 2443/2020) ("la Sentencia"), confirma la válida legitimación del recurrente declarado en concurso de acreedores con suspensión de facultades, en tanto la administración concursal omitió el deber de sustituirlo en el procedimiento en trámite.
En los últimos años, sociedades y fondos han sido capaces de aumentar la rentabilidad de sus inversiones al implantar políticas ESG. Esta herramienta les ha permitido, no sólo una correcta mitigación de los riesgos, sino también aprovechar nuevas oportunidades, generar valor y mejorar la reputación corporativa, al mismo tiempo que contribuían al desarrollo sostenible y con impacto en la sociedad.
Insurers with unwanted runoff blocks of business should consider the latest guidance from insurance regulators on potential transactional structures that could mitigate this issue.
Dispute Resolution analysis: An application by a Russian trustee in bankruptcy has succeeded in striking out some parts of a defence to a claim that a share transfer was a sham or a transaction defrauding creditors. Other parts of the defence were not, however struck out.
Kireeva (as trustee and bankruptcy manager of Bedzhamov) v Zolotova and Basel Properties Limited [2024] EWHC 552 (Ch)
What are the practical implications of this case?
Dispute Resolution analysis: An application by the former administrators of a company for an increase in their remuneration has been dismissed, despite the Court concluding that they had standing to bring the application itself.
Frost and another v The Good Box Co Labs Limited and others [2024] EWHC 422 (Ch)
What are the practical implications of this case?
La Dirección General de Seguridad Jurídica y Fe Pública ha resuelto, en Resolución de 19 de febrero de 2024, que una sociedad concursada, en fase de liquidación, no puede nombrar un administrador único. La DGSJyFP excluye, implícitamente, que subsista cualquier rango de funciones representativas que no se vea afectada por el concurso, a pesar de lo generalmente defendido por la doctrina.
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Corporate / M&A
Avoidance action is an umbrella term for adversary proceedings that seek to unwind or avoid transactions that occurred before an insolvency filing. These actions are also referred to as “claw-back claims” because, by undoing a transaction, an asset or value is being clawed back into the insolvency estate.
Dispute Resolution analysis: In November 2023, Mr Justice Miles sanctioned restructuring plans under section 901F of the Companies Act 2006 in respect of two companies within the Atento group. The plans had significant creditor support, did not involve any cross-claim cram down and achieved a demonstrably better outcome for creditors than the alternative, a group-wide liquidation.
Re Atento UK Ltd [2023] EWHC 3076 (Ch))
What are the practical implications of this case?
El pasado 20 de julio de 2023 fue publicado en el Boletín Oficial de Estado el Real Decreto 668/2023, de 18 de julio, que modificó el Reglamento de planes y fondos de pensiones al objeto de completar la regulación e impulso de los planes de pensiones de empleo y reforzar así, el segundo pilar de la previsión social en España. Este artículo aborda las principales novedades del último desarrollo reglamentario y repasa algunos de los retos que persisten de cara a impulsar y consolidar el segundo pilar y motivar el ahorro.
Companies in Chapter 11 must publicly report substantial financial information — indeed, more information should be reported or available publicly in Chapter 11 than outside of Chapter 11. This paper analyzes what information must be publicly reported or disclosed under the securities laws, the Bankruptcy Code and Bankruptcy Rules; what debtors do to minimize public reporting; and what creditors can do to get the public reporting they deserve.
Debtors May Stop Public Reports Under the Securities Laws.