The first half of 2024 saw a number of high-profile insolvencies in the fashion sector including the online retailer Matches Fashion and brands such as The Vampire’s Wife and Roksanda. Indeed Matches was reported to have owed over £35.9 million to various luxury brands, with a low percentage in respect of the amount recovered for supplier brands.
So, what can brands do to guard against retailers and wholesalers in the fashion supply chain becoming insolvent?
Retention of title – Incorporate a robust clause into your sale contracts
Judges of Barcelona unify principles on certain points of insolvency law
International case law
European jurisprudence on universal and territorial procedures
Judgment of the Court of Justice of the European Union of April 18, 2024 (AIR BERLIN case)
Regularly the news media reports that a fashion business is in difficulty or is about to, or has gone into, administration. But what is the purpose of administration? What does an Administrator do? Most importantly how should suppliers deal with an Administrator? And what does administration mean for a company’s creditors?
Purpose
2024: main new legislation needing to be considered by companies in Spain 2024 Viewpoint Spain 2 2024: main new legislation needing to be considered by companies in Spain December 2023 Professionals in the various practice areas at Garrigues take a look, from all angles of business law, at the main new legislation that companies will face in the coming year. 2024 promises to be an intense year in terms of statutory and case law.
La nueva regulación concursal permite a los acreedores de una compañía insolvente convertirse en nuevos dueños con un plan de reestructuración homologado por un juez. El caso Celsa, el primero en el que unos fondos han presentado un plan hostil para hacerse con la empresa, anima a que las empresas familiares tomen medidas de manera anticipada.
The Package Travel Regulations (“PTRs”), which came into force in 2018, have been tested significantly in recent years with failures such as Thomas Cook and Monarch, in addition to the COVID-19 pandemic.
The commercial judges of Madrid publish a guidefor the appointment of an expert on insolvency pre-pack
Public disclosure not required of appointment of expert in restructuring in the context of a pre-insolvency notice
Decision by Pontevedra Commercial Court No 3 on November 16, 2022
In the context of a pre-insolvency notice made on a confidential basis in which the debtor requests appointment of the expert in restructuring, Pontevedra Commercial Court took the view that the appointment does not have to be sent to the Public Insolvency Register to publicly disclose their identity.
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