- La venta de la unidad productiva de las sociedades en concurso ha devenido en la actualidad un fenómeno habitual en los Juzgados Mercantiles, en especial de los de Cataluña que cuentan con el apoyo expreso de la Direcció General d´Industria de la Generalitat de Cataluña.
Esta solución concursal permite continuar con la actividad empresarial, asegura el mantenimiento de los puestos de trabajo y evita la destrucción del tejido empresarial.
This paper intends to briefly describe the amendment to article 36(4)(h) of the Restructuring and Resolution of Credit Institutions Act 9/2012 (“Act 9/2012”), introduced by Royal Decree Act 14/2013, passed on 29 November 2013 and published in the Official Journal of Spain on 30 November 2013 (the “Amendment”).
- Introduction
This paper intends to briefly describe the amendment to the Spanish Insolvency Act (“SIA”) approved by the Spanish Parliament on 19 September 2013 (the “Amendment”). Within the Amendment, we want to highlight two issues: (i) the changes introduced in Court homologation proceedings (see definition below), and (ii) the newly introduced out-of-court settlement procedure.
Quienes reclaman contra alguna medida colectiva de reestructuración (despidos, suspensiones, modificaciones sustanciales, movilidad geográfica, descuelgues de convenio) suelen denunciar que durante el período de consultas no se ha negociado de buena fe. Cuando las sentencias consideran que así ha sucedido declaran la nulidad de la correspondiente decisión, por disponerlo la Ley. Aunque suele pensarse en la negociación ex fide bona como deber de la empresa, hay que recordar su carácter bilateral.
Section 546(e) of the Bankruptcy Code offers a strong defense for holders of bonds, notes and other securities to preference and fraudulent transfer actions brought in bankruptcy proceedings. Essentially, any payment made to settle or complete a securities transaction, including repurchases and redemptions of bonds, notes and debentures, is protected from avoidance under the Bankruptcy Code. For many years, however, this powerful defense was rarely used. When the defense was raised, it was usually in the context of protecting payments made in leveraged buy-outs.
Can a secured creditor decide not to participate in a bankruptcy proceeding and thereby avoid any impact the bankruptcy may have on its lien? According to a recent decision by the United States Court of Appeals for the Fifth Circuit in S. White Transp., Inc. v. Acceptance Loan Co., 2013 WL 3983343 (5th Cir. Aug. 5, 2013), the answer appears to be that at least in the Fifth Circuit, the secured creditor can avoid the impact a bankruptcy plan has on its lien by simply declining to participate in the bankruptcy proceeding.
Over the last two decades, many companies faced with excessive asbestos-related liabilities have successfully emerged from bankruptcy with the help of section 524(g) of the Bankruptcy Code, which channels all asbestos-related liabilities of the reorganized company to a newly formed personal injury trust. The injunctive relief codified in section 524(g) is modeled on the channeling injunction first crafted in the bankruptcy case of Johns-Manville Corporation, once the world’s largest producer of asbestos-containing products.
In drafting the provisions of the Bankruptcy Code relating to nonresidential real property, Congress intended commercial landlords to be “entitled to significant safeguards.”1 Examples of the protections afforded to commercial landlords include requiring a debtor to remain current in its payment of post-petition rent;2 allowing landlords to drawdown on a letter of credit without prior bankruptcy court approval;3 permitting landlords to setoff pre-petition unpaid rent against a security deposit and/or lease rejection damages;4 recognizing that a tenant’s possessory rights in nonresident
Con la finalidad de agilizar la tramitación de los procedimientos de ejecución, reforzar las expectativas de cobro del deudor, dotar de mayor seguridad jurídica al mercado, y en última instancia, para tratar de dar respuesta a algunos de los problemas económicos –y socialesde los últimos tiempos, el Proyecto de Ley Orgánica de Reforma del Código Penal (en adelante, “el Proyecto de Reforma”) propone una nueva regulación de los delitos de alzamiento de bienes e insolvencia punible.
On August 8, 2013, the Executive Life Insurance Company of New York (ELNY) Restructuring Agreement closed, following the denial of the last relevant appeal of the trial court’s Order of Liquidation and Approval of the Restructuring Agreement in May 2013.