The amendment to the Hungarian Insolvency Act came into force on 1 July 2017, with the aim of enhancing the protection of beneficiaries of security interests, and clarifying the position of creditors in liquidation proceedings, which are secured by call option, security assignment or pledge over future receivables.
Law360, New York (August 9, 2017, 4:09 PM EDT) -- According to industry reports, retailers have announced well over 3,000 store closings already this year, nearly double the total for all of 2016. Retail landlords must navigate a wide variety of legal risks as turmoil in the retail business intensifies. Through an integrated, multidisciplinary legal approach, landlords can help minimize loss and maintain their ability to do what they do best — position real estate for maximum returns.
© Copyright 2017 Jenner & Block LLP. 353 North Clark Street Chicago, IL 60654-3456. Jenner & Block is an Illinois Limited Liability Partnership including professional corporations. Attorney Advertising. Prior results do not guarantee a similar outcome. Recent Developments in Bankruptcy Law, July 2017 (Covering cases reported through 568 B.R. 157 and 854 F.3d 1260) RICHARD LEVIN Partner +1 (212) 891-1601 [email protected] © Copyright 2017 Jenner & Block LLP.
On 10 July 2017, the Commission announced the public consultation on the development of secondary markets for non-performing loans (NPLs) and distressed assets. Following the commencement of this public consultation, the Council introduced its Action Plan for NPLs.
On 28 June 2017 the Austrian Parliament passed the government's legislative proposal on insolvency law (Insolvenzrechtsänderungsesetz 2017). After lengthy negotiations, the government finally agreed to shorten personal insolvency proceedings to a maximum five years and to abolish the minimum insolvency quota of 10 % under certain conditions. The amendments will be applicable as of 1 November 2017.
Personal bankruptcy in Austria
The EU Regulation on Insolvency Law 1346/2000 (EIR) was considered a milestone in the cross-border coordination of national insolvency proceedings. The recast of the EU Regulation on Insolvency Law 2015/848, applicable to insolvency proceedings opened after 26 June 2017, considers substantial developments in national insolvency laws.
Background
An extensive amendment to Act No. 182/2006 Coll., on Insolvency (the "Insolvency Act") will come into effect on 1 July 2017 (the "Amendment").
The Amendment takes into account the practical recommendations of insolvency judges and administrators as well as other legal professionals. It fundamentally changes many aspects of insolvency proceedings, from preliminary assessment of the insolvency petition, to supervision of the insolvency administrator by the Ministry of Justice and debt relief procedures.
The Amendment primarily aims to
From an economic perspective, especially in the current business environment, contractual freedom is the best legal method to satisfy the legitimate interests of individuals and to ensure the general benefit and, consequently, social progress. From this point of view, in any activity, every business is seeking to make a profit. Achieving this depends on a series of determinant factors as well as a certain number of risks which any business should assume when implementing its objectives.
Even at first blush, it is apparent that arbitration and insolvency make strange bedfellows.
Recent Developments in Bankruptcy Law, January 2017 (Covering cases reported through 560 B.R. 607 and 839 F.3d 1301)
RICHARD LEVIN
Partner +1 (212) 891-1601 [email protected]
Copyright 2017 Jenner & Block LLP. 353 North Clark Street Chicago, IL 60654-3456. Jenner & Block is an Illinois Limited Liability
Partnership including professional corporations. Attorney Advertising. Prior results do not guarantee a similar outcome.