No se exige publicidad del nombramiento del experto en reestructuración en el marco de una comunicación de negociaciones de carácter reservado
Auto del Juzgado de lo Mercantil núm. 3 de Pontevedra, de 16 de noviembre de 2022
Since the Dutch Act on Court Confirmation of a Private Restructuring Plan (“WHOA” or “Dutch Scheme”) entered into force on 1 January 2021, Dutch Courts have rendered over 200 judgments.
On 9 March 2023, (one of) the largest Dutch Schemes so far was successfully completed: the restructuring of Royal IHC and its subsidiaries (as announced in IHC’s press release). In this case, the Rotterdam Court made several important decisions enhancing the effectiveness and legal certainty surrounding the WHOA, including regarding:
Los jueces de lo mercantil de Madrid publican una guía para el nombramiento de experto en pre-pack concursal
You can find below a high-level summary of the brand new instruments the reform has introduced in the Spanish corporate restructuring and insolvency toolkit.
1. New restructuring plan
A US Chapter 11-like plan with very light court-involvement and a number of new main features in case it is court-homologated:
1. Fully debtor-in-possession.
At the end of February 2023, the High Court sanctioned seven restructuring plans for companies in the Lifeways group. Lifeways is a group providing supported living and specialist residential, support and care services at properties throughout the UK.
The case raised several interesting aspects, particularly in relation to the conduct of creditor meetings for a restructuring plan where cross class cram down is sought, and whether there is a read across from scheme case law on this issue.
Last week HM Treasury published its much anticipated consultation paper on introducing a dedicated Insurer Resolution Regime (IRR) in the UK, which would implement key international standards.
El pasado 28 de diciembre de 2022 se publicó en el BOE el Real Decreto-ley 20/2022, de 27 de diciembre, de medidas de respuesta a las consecuencias económicas y sociales de la Guerra de Ucrania y de apoyo a la reconstrucción de la isla de La Palma y a otras situaciones de vulnerabilidad.
The Dutch Act implementing the EU Directive on Insolvency, Restructuring and Second Chance (the Restructuring Directive) enters into force on 1 January 2023 and will amend the current Act on Court Confirmation of a Private Restructuring Plan (the WHOA) to some extent. Below we have set out some of the material changes as a result of the implementation.
A preventive restructuring framework and second chance
On 7 December 2022, the European Commission published itsproposal for a directive of the European Parliament and of the Council harmonising certain aspects of insolvency law (COM(2022) 702; 2022/0408 (COD)) (the Proposal). Readers may be aware that the EU has already legislated in the area of insolvency.
Shareholders are among the many who have lost money in the multi-billion euro insolvency of the former DAX30 payment provider Wirecard and its allegedly fraudulent business practices. Wirecard had to file for insolvency after assets worth €1.9bn could not be found. Collectively, the shareholders claimed around €7bn in damages for intentional capital markets law violations by former Wirecard executives. Unsurprisingly, the shareholders are now trying to minimise their losses and secure at least partial payment on their claims from the insolvency estate.