Claiming damages for the loss/harm sustained by a lessor as a result of the lessee’s insolvency (i.e. ”loss owing to vacancy” [leegstandschade]) is an issue that comes up again and again. The Dutch Supreme Court has rendered a series of rulings on this matter, the most recent of which dates from 17 February 2017. On 3 July 2018, the Court of Appeal in The Hague delivered its judgment after the case had been referred back to it.

De Raad voor Onroerende Zaken ("ROZ") heeft op 4 juni 2018 een nieuw model voor de bankgarantie gepubliceerd. Het model voor de bankgarantie en de handleiding daarbij zijn te downloaden via de website van de ROZ.

Over the past few years, the Belgian legislature has consolidated various pieces of legislation regulating businesses into a single instrument: the Code of Economic Law (Wetboek van economisch recht/ Code de droit économique). Insolvency law has not escaped this trend. In the summer of 2017, the Belgian Parliament enacted Book XX of the Code of Economic Law, entitled "Insolvency of Undertakings" (hereinafter the "Insolvency Code").

Recently, the Dutch Supreme Court rendered a judgment in which it has given a detailed explanation of the effects of bankruptcy proceedings on a contract or other legal relationship.[1] The case in question involved a dispute between a bankruptcy trustee and a bank as to whether the bank could file its post-bankruptcy l

Recently, the Dutch Supreme Court rendered a judgment in which it has given a detailed explanation of the effects of bankruptcy proceedings on a contract or other legal relationship.[1] The case in question involved a dispute between a bankruptcy trustee and a bank as to whether the bank could file its post-bankruptcy l

NautaDutilh

Introduction of senior non-preferred debt in the Netherlands

3 April 2018

FCS Financial Law

KEY TAKEAWAYS

A new EU Directive adopted in December 2017 will enable EU banks, large investments firms and relevant group companies (e.g. holding companies) to issue so-called 'senior non-preferred' debt instruments.

Such senior non-preferred debt will rank senior to regulatory capital instruments (CET1, AT1 and Tier 2) and other subordinated debt, but junior to the institution's senior debt (such as deposits and ordinary creditors).

Het voorontwerp Wet homologatie onderhands akkoord ter voorkoming van faillissement moet het een in financieel zwaar weer verkerende onderneming mogelijk maken om buiten faillissement of surseance haar schulden te saneren door een akkoord op te leggen aan alle schuldeisers. Een faillissement kan hiermee worden voorkomen. De rechten van schuldeisers en aandeelhouders kunnen hierbij worden gewijzigd.

Introduction

On 17 November 2017, the Supreme Court confirmed the existing case law that if employees are entitled to payment in cash for unused leave due to the bankruptcy of their employer, such claims are considered to be estate debts, regardless of when the entitlement to such leave accrued (ECLI:NL:HR:2017:2907). This ruling was given as a response to a request for a preliminary ruling by the Leiden Subdistrict Court.

On 24 November 2017, the Dutch Supreme Court ruled that in the event a suspension of payments is converted into a bankruptcy, interest that accrues after the suspension of payments was granted, but before the debtor was declared bankrupt, can be presented to the bankruptcy trustee for verification (HR 24 November 2017, ECLI:NL:HR:2017:2991).