The judges of the Commercial Courts of Barcelona have released a set of basic guidelines for conducting Spanish insolvency pre-packs in that forum, by introducing the feature -of optional use- of the silent administrator. The guidelines were approved in the context of a seminar organized on January 20th.
Una reciente sentencia del Tribunal Supremo (TS) establece que el socio que ejerce el derecho de separación conserva su condición hasta que se reembolse de manera efectiva su participación. La resolución también señala que, en caso de que la separación se produzca antes de la declaración de concurso de acreedores, el crédito del socio será subordinado sin perjuicio de la eventual contingencia derivada de la posible litigiosidad de su cuantía.
While the dust settles, and lawyers on both sides of The Channel scrutinise the UK-EU trade deal and consider the many legal issues not covered by the accord, The Netherlands is taking steps to assert itself as the most attractive restructuring market in Europe.
Selection of the main judgments on restructuring and insolvency matters.
Silent administrator role allowed in pre-pack sale of business unit
Decision by Barcelona Commercial Court No 7 on October 30, 2020
The decision adopted on October 1, 2020 by commercial judges practicing in Barcelona, Tarragona, Gerona and Lérida states that insolvency receivers, owners or lawyers must report to the Directorate General for Industry of the Catalan Generalitat government regarding any companies with operating business units that have given a pre-insolvency notice, are in insolvency proceedings or other difficult situations
The decision of November 25, 2020, by the Secretary of State for the Economy and Business Support, published the decision by the council of ministers setting out the terms and conditions for the new tranches of the guarantee facilities approved by Royal Decree-Law 25/2020, of July 3, 2020. The new tranches are to be used for funding to businesses under an arrangement and any which, while not under an arrangement, were in the process of reviewing their promissory note program on MARF (Spanish Alternative Bond Market) on April 23, 2020.
2020 ha sido un año atípico. La alerta sanitaria mundial provocada por la expansión del COVID-19 y la consecuente declaración del estado de alarma en España en marzo de 2020 llevaron a una vorágine legislativa sin precedentes. En este contexto, las empresas se encuentran inmersas en un escenario incierto en el que la toma de decisiones juega un papel clave para la viabilidad futura del negocio.
The temporary restrictions on winding-up petitions brought in under the Corporate Insolvency and Governance Act 2020 (“CIGA”) are wider than originally envisaged when first announced by the government in April 2020 and have now been extended until 31 March 2021.
The restrictions initially related to the period 1 March 2020 – 30 September 2020 (referred to as the ‘relevant period’). On 24 September, it was announced that the relevant period would be extended until 31 December 2020 and it has now been extended again until 31 March 2021.
The Monthly Insolvency Statistics for November 2020 were released by the government on 15 December 2020 which saw an increase in corporate insolvencies up by 4% to 889, compared to October’s figure of 862 and a fall in personal insolvencies down by 22% with 9,319 compared to October’s figure of 11,945.
Many of the measures of the French Ordinance No. 2020-596 of 20 May 2020, adapting pre-insolvency and insolvency French rules in response to the consequences of the Covid-19 pandemic, were due to expire on 31 December 2020.
The French law on Acceleration and Simplification of Public Action n°2020-1525 of 7 December 2020 now extends them until December 31, 2021.
The extended measures are as follows: