In the February 2024 edition of the Restructuring Department Bulletin, we highlight recent decisions and developments impacting the restructuring arena and share the latest news on the Paul, Weiss Restructuring Department.
In the February 2024 edition of the Restructuring Department Bulletin, we highlight recent decisions and developments impacting the restructuring arena and share the latest news on the Paul, Weiss Restructuring Department.
Alice Belisle Eaton and Billy Clareman Discuss Latest Restructuring
Developments at PLI Event
Practising Law Institute’s “Recent Developments in Distressed Debt, Restructurings,
and Workouts 2024” featured restructuring partner Alice Belisle Eaton and
litigation partner Billy Clareman. Co-chair Alice delivered opening remarks and
spoke on “Market Update: Distressed Debt and Restructurings,” “Corporate
Governance, Officer and Director Risks and Claims in Distressed Situations” and
Election of Joe Graham to Partner
Joe Graham was elected partner in the New York office. This year, Joe played a leading role in the chapter 11 cases of Avaya, Benefytt and Diamond Sports. He regularly advises on out-of-court restructurings, bankruptcy litigation and distressed investments. Joe earned his J.D., magna cum laude, and his B.A. from the University of Notre Dame.
Kelley Cornish Inducted into “M&A Advisor Hall of Fame”
In the November 2023 edition of the Restructuring Department Bulletin, we highlight recent decisions and developments impacting the restructuring arena and share the latest news on the Paul, Weiss Restructuring Department.
In the October 2023 edition of the Restructuring Department Bulletin, we highlight recent decisions and developments impacting the restructuring arena and share the latest news on the Paul, Weiss Restructuring Department.
On 7 December 2022, the European Commission published a draft directive aimed at harmonizing certain aspects of insolvency law. The intention behind this directive is to mandate the inclusion of "pre-pack proceedings" in national insolvency laws across the European Union ("EU"). Although Türkiye is not a member of the EU and does not have specific rules for governing pre-pack insolvency sales, it does have procedures that are similar, if not an identical, to pre-pack proceedings.
In this article we will take a closer look at Türkiye's pre-pack-like institution.
The pre-pack insolvency sale is not currently regulated under Bulgarian law.
The Bulgarian law currently regulates the implementation of a recovery plan as a stage of opened insolvency proceedings, such recovery plan may provide for the sale of the business as a going concern, or the sale of a business as a going concern prior to opening insolvency proceedings. The recovery plan is described in more detail below.
In late 2022, the European Commission proposed a new Directive with a view to harmonise certain aspects of insolvency law. One of the most important innovations to be introduced in this Draft Directive is pre-pack proceedings.
What is a pre-pack sale?
Only a year ago, Slovakia transposed EU Directive 2019/2023 on preventive restructuring frameworks with an intention to reform insolvency proceedings and make them more effective.
The Bulgarian government has introduced a new form of insolvency regime directed at merchants effective from 1 July 2023. In this new framework, a merchant is distinctly defined as an individual involved in business or practising a craft or a liberal profession. The criterion for the classification is the nature and scale of the operations, which should not necessitate conducting activities in a purely commercial manner.