The German Insolvency Code requires the management of German limited liability companies (GmbH), stock corporations (AG) and other entities without personal liability to file for the commencement of insolvency proceedings no later than three weeks after the entity has become illiquid (zahlungsunfähig) or overindebted (überschuldet).  

New insolvency proceedings called “accelerated financial safeguard” (sauvegarde financière accélérée) were introduced into French law two years ago¹.

• Code Enforcement Liens: Section 73.101, Fla. Stat., entitled City to seek enforcement of its code enforcement liens by motion in condemnation action brought by City; City not required to bring separate action to enforce code enforcement liens – City of Boynton Beach v Janots, Case No. No. 4D11-2076 (Fla. 4th DCA October 10, 2012) (reversed and remanded) 

The Spanish Council of Ministers has approved the Royal Decree Law 24/2012 (the RDL 24/2012), for the restructuring and termination of Spanish credit entities. This RDL entered into force on 31 August 2012.

To successfully reorganize in Chapter 11, a bankrupt company may need to retain key employees who understand the company’s business and who can design and implement the company’s reorganization plan. Retaining and properly incentivizing these employees during a Chapter 11 case can be challenging for a number of reasons.

Judges Kevin Carey and Mary Walrath of the United States Bankruptcy Court for the District of Delaware issued opinions in In re Tribune Co.¹ and In re JER/Jameson Mezz Borrower II, LLC², respectively, that shake up the landscape for restructuring real estate investments with multiple layers of debt.

On August 28, 2012, the Special Tribunal related to Dubai World (the “Tribunal”) formally approved the restructuring of more than US$2 billion of debt of Drydocks World LLC and Drydocks World – Dubai LLC (together, “Drydocks”) under a syndicated term loan facility and separate hedging agreements, in the first restructuring approved under Dubai Decree No.

Introduction

Summary

Restructurings have become an integral part of the reality of the German debt and equity markets.