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OAS Chapter 15 decision sheds new light on cross-border insolvency practice, but may add complexity to financial institutions' global credit risk management

In an interesting decision with important implications for both Chapter 15 practice and financial institutions’ global credit risk analyses, a US Chapter 15 court (the “Court”) granted recognition of a number of Brazilian proceedings involving entities within the OAS Group.  See In re OAS S.A. et al., Case No. 15-10937 (SMB) (Bankr.

USA, Banking, Insolvency & Restructuring, Litigation, Dentons, Credit risk
Wetsvoorstellen civielrechtelijk bestuursverbod en herziening strafbaarstelling faillissementsfraude aangenomen door de Tweede Kamer

Op 23 juni 2015 zijn de wetsvoorstellen civielrechtelijk bestuursverbod en herziening strafbaarstelling faillissementsfraude door de Tweede Kamer aangenomen. Beide wetsvoorstellen behoren tot het Wetgevingsprogramma Herijking Faillissementsrecht en zijn gericht op fraudebestrijding. Deze wetsvoorstellen zullen mogelijk op 1 januari 2016 in werking treden. 

Netherlands, Insolvency & Restructuring, Stibbe
Wetsvoorstel Wet continuïteit ondernemingen I

Het wetgevingsprogramma Herijking Faillissementsrecht bestaat uit drie pijlers, te weten (i) fraudebestrijding; (ii) versterking van het reorganiserend vermogen van bedrijven; en (iii) modernisering van het faillissementsrecht.

Netherlands, Insolvency & Restructuring, Stibbe
Recast insolvency regulation: new rules and focus on cross-border restructuring

On 20 May 2015 the recast EC Regulation on Insolvency Proceedings (2015/848) (Recast Regulation) was adopted and will apply to insolvency proceedings opened after 26 June 2017 in Member States (other than Denmark). Broader in scope than the original Regulation (1346/2000) (Regulation) it replaces, the Recast Regulation introduces new rules on centre of main interests (COMI) and secondary proceedings as well as a framework for coordinating group insolvency proceedings and better communication. Helen Anderson considers the changes of most interest to banks and other lenders.

European Union, Insolvency & Restructuring, Dentons
Saudi Arabia update May 2015

1 Legal Developments

1.1 New Saudization Rules Proposed

Saudization is the colloquial term used to refer to Saudi Arabia’s official government policy of encouraging the employment of Saudi Arabian nationals in the private sector. The policy of Saudization is enforced and implemented through several programs and regulations in Saudi Arabia, including the Nitaqat Program.

Saudi Arabia, Capital Markets, Corporate Finance/M&A, Employment & Labor, Insolvency & Restructuring, Dentons
New provisions for secured creditors in the Spanish Insolvency Act

A new milestone has been reached in the reform process of the Spanish Insolvency Act. On 25 May, the draft bill of the Law 9/2015, of urgent measures in insolvency proceedings, has finally been enacted as law. The new rule “validates” many of the modifications introduced by the latest Royal-Decree Laws, with some changes.
 

Spain, Insolvency & Restructuring, Dentons
The small business, enterprise and Employment Act

When will the insolvency-related provisions come into force?

Following Parliamentary approval in March 2015, there has been a level of uncertainty around the implementation timeline for certain company law and insolvency provisions. In particular, many of the changes to the Insolvency Act 1986 will come into force without transitional provisions and so will apply automatically to existing insolvency proceedings.

United Kingdom, Insolvency & Restructuring, Dentons
The Court of Appeal in The Hague: the bank did not obtain a right of pledge on moveable assets subject to a retention of title (eigendomsvoorbehoud) because the pledgor went bankrupt prior to satisfaction of its obligation to pay the purchase price for those assets

In its judgment dated 2 September 2014, the Court of Appeal in The Hague ruled that moveable assets obtained subject to a retention of title (eigendomsvoorbehoud) should be considered future assets, and that ownership of such assets will be acquired after satisfaction of the relevant condition precedent (typically, full payment of the purchase price). A right of pledge over future assets created in advance will not be valid if the pledgor goes bankrupt before acquiring ownership of such assets.

Netherlands, Banking, Insolvency & Restructuring, Litigation, Stibbe, Bankruptcy, Condition precedent, Title retention clause, Court of Appeal of England & Wales
Dutch Supreme Court reconsiders its 1989 Vis q.q./NMB judgment: all money transfers credited to a payee's bank account after bankruptcy of the payor must be reimbursed to the payor's bankrupt estate

In a judgment dated 20 March 2015, the Dutch Supreme Court ruled that all banks and intermediaries involved in the execution of a bank transfer, including the bank responsible for recording receipt of the bank transfer into the account held with it by the payee, qualify as parties whose services are directly or indirectly used by the payor in connection with the bank transfer.

Netherlands, Banking, Insolvency & Restructuring, Litigation, Stibbe, Bankruptcy, Supreme Court of the Netherlands
De curator als overtreder

Een failliet bedrijf kan aanlopen tegen handhavingsacties van bestuursorganen. Hierbij kan bijvoorbeeld worden gedacht aan verontreiniging van gronden onder een industrieel bedrijf, waartegen het bestuursorgaan optreedt door oplegging van lasten met sanering van de gronden als doel. Het bestuursorgaan komt dan de curator als beheerder van de boedel tegen. Kunnen bestuursorganen die bevoegd zijn om tegen bepaalde overtredingen op te treden nu de curator aanspreken tot naleving van de wettelijke verplichtingen ten aanzien van de milieuverontreiniging die voorheen op de onderneming rustten?

Netherlands, Insolvency & Restructuring, Stibbe