The challenges facing the businesses of the United Kingdom at the start of 2021 are perhaps greater than any of us have seen in our lifetimes. In addition to the economic consequences of the restrictions on daily life imposed to counter Covid-19, we are now seeing the effects of the exit of the UK from the EU with businesses having had little time to get up to speed on the new regime.
Los jueces de los juzgados mercantiles de Barcelona han publicado un conjunto de directrices básicas para la tramitación de los ‘pre-packs’ concursales españoles, introduciendo la herramienta, opcional, del “administrador silente” (‘silent administrator’). Las directrices se aprobaron en el contexto de un seminario organizado el pasado 20 de enero.
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.
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.
We all know 2020 made an impact – and as we look at the year ahead, there are a few repercussions of the incredible strain placed on businesses that are likely to come into the limelight as a result. While there are some global trends in litigation – like litigation funding and class actions - some Scotland specific trends are also worth highlighting. With that in mind, here are the five key things for litigators to watch in the year ahead:
1) Frustration and leases in Scots law
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.
I have obviously been a good boy this year because my gift from the Insolvency Service has arrived - the November 2020 Insolvency statistics. And like any properly brought up child, I decided to sneak a peek at my present before Christmas Day.
What the numbers show us is a continuation of the trend that the previous figures disclosed - corporate insolvencies remain markedly lower than the equivalent period last year. In Scotland in particular this is driven by a massive reduction in the number of compulsory liquidations this year (Nov 2019 - 56; Nov 2020 - 13).