On March 14, 2018 the European Commission presented the Second Progress Report on the reduction of non-performing loans (“NPLs”). The report comprises a memo and a factsheet, whose versions in English can be obtained on the website of the European Commission, which also distributed a press release (English version).
Centenary Homes Limited v (1) Jon Howard Gershinson and (2) Victoria Claire Liddell (2017)
El pasado 28 de febrero la Comisión Europea publicó el Borrador de Acuerdo sobre la retirada del Reino Unido de la Unión Europea (“UE”).
On February 28 last the European Commission published the Draft Agreement on the withdrawal of the United Kingdom from the European Union (“EU”).
Garrigues detected that there was no clear guideline that allowed notaries to issue another enforceable copy of the mortgage deed to funds that had acquired NPLs.
The Directorate-General of Registries and Notaries (Dirección General de los Registros y del Notariado or DGRN) has issued an important ruling, which will enable international investors acquiring NPLs (non-performing loans) from Spanish financial institutions to speed up their recovery significantly, especially if the debts are secured with a mortgage guarantee.
FEBRUARY 2018 • SUMMARY v NEW LEGISLATION NOTIONAL PYRAMID GARRIGUES ARCHIVES CURRENT NEWS FEBRUARY 2018 - SPECIAL Nº50 (2009 - 2018) WHAT IS THE CURRENT SITUATION OF NPLs IN THE EUROPEAN UNION?
In Global Corporate Limited v Dirk Stefan Hale [2017] EWHC 2277 (Ch), the Applicant, the assignee of the claim in question, failed in its application seeking relief against the former director and shareholder of a company in liquidation, Mr Hale (DSH). The decision is a salutary lesson in the importance of a properly drafted Deed of Assignment, the need to properly consider the commercial benefits of such an assignment and the risks of pursuing an unlawful dividend claim.
Pursuant to the Insolvency Act 1986 a company's liquidator can recover any of the company's property that is transferred after the date on which a winding up petition is issued. This is because s.127 makes any disposition of property (such as land, money and goods) in the period after issue of a winding up petition void.
As Insurers underwriting risks in Spain are aware, the recent financial crisis resulted in a significant increase in claims against directors by trustees appointed when a company enters into an insolvency process. Insolvency proceedings in Spain reach a determination as to the culpability of directors implicated in the company's demise. In this context, the Spanish courts will look at whether the directors were "guilty" or whether the insolvency was "fortuitous". However, not all determinations will express whether the director's conduct was in bad faith or wilful.
The Insolvency Rules 2016 came into force on 6 April 2017 and seek to modernise the insolvency process. These changes were, in part, brought about by the changes to insolvency law and practice as a result of the Small Business, Enterprise and Employment Act 2015 ("the Act"). Now is therefore a good time to take stock of the other key changes brought about by the Act that were anticipated to impact on D&O claims.