On March 7, 2014 the Spanish Government approved the Royal Decree Law 4/2014 adopting urgent measures on business debt refinancing and restructuring ("Real Decreto-ley 4/2014, de 7 de marzo, por el que se adoptan medidas urgentes en material de refinanciación y reestructuración de deuda empresarial" or "RDL 4/2014"). The aim of this new regulation is the implementation of legal measures necessary to achieve the viable restructuring of debtors.
Section 546(e) of the Bankruptcy Code limits the ability of a trustee or debtor-in-possession to avoid as a constructive fraudulent transfer or preferential transfer a transaction in which the challenged settlement payment was made through a stockbroker or a financial institution.1 Because of the broad protection granted by section 546(e) – the so-called “safe harbor” provision – parties structuring a leveraged buyout (“LBO”) or similar transaction often ensure that settlement funds flow through one of the listed institutions to inoculate the beneficiaries from a later challenge as a constr
Spanish Secondary Regulation develops the Spanish Mediation Law dated July 6th 2012 (hereinafter the "Regulation") published in the Official Gazette last December 27th 2013.
Mediators' training
I) Introduction
I. Introduction
On 21 June 2013 Italy issued a new emergency decree (Law Decree No. 69 of 21 June 2013, which entered into force on 22 June – the "2013 Decree") introducing a number of provisions aimed at fostering the economy and attracting foreign investments.1
Certain provisions of the 2013 Decree amend the Bankruptcy Act2 by introducing rules aimed at avoiding abuses and increasing transparency.
I. Introduction
On April 22, 2013, the U.S. Bankruptcy Court for the District of Delaware in In re School Specialty upheld the enforceability of a make-whole premium triggered by the pre-petition acceleration of a secured term loan.1 The decision re-affirms that bankruptcy courts will respect properly drafted make-whole premiums that pass muster under applicable state law.
As highlighted by the 2008-2009 crisis, the insolvency of sub-suppliers raises important challenges. Automotive parts suppliers may need to find an alternative sub-supplier at short notice or may have to take over the production of certain parts themselves, which often requires a recovery of the tools that were provided to the sub-supplier. Both scenarios raise difficult legal issues.
In a recent landmark ruling, the UK Supreme Court deliberated on the question of whether an overseas defendant had to have submitted to the jurisdiction under common law before a foreign bankruptcy order would be recognised and enforced in England. Richard Keady and Jay Qin of Bird & Bird consider the practical implications of the decision and the significance it may have on practitioners going forward.
In 2008, the catastrophic effect of the credit crunch spread to most world economies. As in previous recessions, insolvency has affected increasing numbers of individuals and companies, and parties to agreements to arbitrate are increasingly likely to find themselves dealing with insolvent companies. What are the issues to bear in mind?
1/ Prior insolvency