The UK Court of Appeal recently considered the liability of issuers to secondary market investors under the Misrepresentation Act 1967 (the “1967 Act”) in the case of Taberna Europe CDO II Plc v Selskabet (formerly Roskilde Bank A/S) (In bankruptcy) [2016] EWCA Civ 1262. The Court found that primary and secondary investors could potentially be entitled to rely on online content, such as product presentations, which have been published in a deliberate manner, particularly if the issuer directs investors to the content.

On 6 April 2017, together with the new Insolvency Rules (England and Wales) 2016, the Investment Bank (Amendment of Definition) and Special Administration (Amendment) Regulations 2017 (the “Regulations”) will come into force.

These regulations follow an independent review of the special administration regime, undertaken by Peter Bloxham during 2013, assessing the success of the special administration regime and making recommendations of possible changes that may improve the operation and robustness of the regime.

The Southern District of New York upheld a very closely watched decision of recent years affecting bankruptcies in the oil and gas industry.

La Dirección General de Tributos examina algunas de las consecuencias que pueden derivarse de una operación de reestructuración empresarial a efectos de la constitución de la reserva de capitalización prevista en el artículo 25 de la Ley del Impuesto sobre Sociedades.

Las normas del Derecho rector de la filial en materia de grupos resultan, en principio, aplicables a la matriz aunque esta sea extranjera. No cabe descartar que, además, el Derecho rector de la matriz se aplique para imponer una responsabilidad por las instrucciones que perjudicaron a la filial, aunque el Derecho de ésta no contemple normas especiales al respecto.

The Ministry of Justice has recently published its review of the introduction of Employment Tribunal (‘ET’) fees. The fees were first introduced 2013 and many groups have raised concerns that they are a potentially serious barrier to bringing claims in the ET, particularly for less well off workers and those who have just lost their jobs.

Case law on wrongful trading has developed significantly over the past two years, with the cases of Ralls Buildersand Brooksincreasing judicial consideration of the conduct of directors in the period preceding an insolvency.

El Tribunal Supremo confirma en casación la procedencia de imponer sanción en supuestos de operaciones de reestructuración empresarial carentes de motivos económicos válidos sobre la base de argumentos que, en última instancia, lo llevan a reconducir la operación al campo de la simulación negocial.

1. Análisis de la Sentencia del Tribunal Supremo de 13 de diciembre del 2016 (rec. 2211/2015)

Restructuring lawyers and distressed companies alike were granted welcome relief by the US Second Circuit Court of Appeals when it overturned the decision of the District Court in the case of Marblegate Asset Management, LLC v Education Management Finance Corp.[1]

PRIMERA. El dinero de la refinanciación a efectos de los artículos 71 bis, 82.2.11.º y la disposición adicional 4.ª de la Ley Concursal (LCon) es suficiente que se haya suscrito «en el contexto de la refinanciación» y se destine a que el deudor obtenga liquidez, pudiendo ser una financiación simultánea, anterior o posterior al acuerdo, «siempre y cuando esté íntimamente conectado conéste y con la viabilidad de la empresa a corto o medio plazo»(conclusión aprobada por mayoría).