This ruling resolves the financial creditors' challenge to the approval of a refinancing agreement extending the deferral stipulated and the modification of the margins added to the Euribor to them. As grounds for their opposition, they claim that the 75% majority of the financial liabilities necessary to extend the reduction of the applicable margin whereby, in their opinion, such reduction entailed debt relief was not present.
First, the court analyses whether the refinancing agreement seeking approval complies with the legal requirements envisaged in Additional Provision 4 LC and confirms this.13
Cuatrecasas, Gonrcalves Pereira has advised one of the coordinating institutions on the process for the acquisition of NATRA debt and on the design and implementation of the refinancing, including the execution of a lock-up agreement.
Act 15/2015 regulates voluntary jurisdiction cases processed in the courts, which are legally considered all cases requiring court intervention to protect rights and interests in civil and commercial law matters that do not involve disputes that must be heard in litigation proceedings.
The SC adopts a decision on the inclusion of contractual set-off agreements that document a single financial transaction within the scope of application of Royal Decree-Act 5/2005 and on the insolvency classification of the credits resulting from financial swap, thus settling the disparity of criteria that existed in our lower case law with respect to such matters.
Key Points:
Complex cross-border issues can be dealt with relatively easily under the Cross-Border Insolvency Act as long as flexibility is built into the relevant orders.
Key Points:
You can lead a director to the safe harbour, but you can't make him drink.
The Government's new approach to insolvency is long on rhetoric about risk taking and the need to remove the stigma of business failure.
However, it is short on detailed consideration of exactly why we have legal rules for corporate and personal insolvency.
Those rules aim to balance the interests of creditors against the need to encourage business start-ups.
Judgment of the Court of Appeal of Porto of October 8, 2015
Culpable insolvency – Duration of disqualification of the insolvent party
The Australian Government has accepted certain recommendations of the Productivity Commission's long-awaited Report on Business Set-up, Transfer and Closure, in an attempt to change the focus of Australia's insolvency laws from "penalising and stigmatising business failure”, according to the Minister for Small Business and Assistant Treasurer, the Hon Kelly O'Dwyer MP.
It has expressed a willingness to legislate to introduce at least two main changes:
Key Points:
It's unclear that safe harbours by themselves will provide genuine opportunities for restructuring distressed businesses.
The Productivity Commission's upcoming report on corporate insolvency will address two burning issues: ipso facto clauses and how to encourage directors to save financially-stressed companies.