Pursuant to the amendment published in the Official Gazette dated 10 December 2025, No. 33103, the wording “1/1/2026” in Temporary Article 1 of the Communiqué on the Procedures and Principles Regarding the Implementation of Article 376 of the Turkish Commercial Code (the “Communiqué”) has been replaced with “1/1/2027”, and the amendment entered into force on the date of its publication.
In Nordic Power Partners P/S & Ors v Rio Alto Energia, Empreendimentos E Participacoes LTDA & Ors [2025] EWHC 2875 (Comm), the Commercial Court reconfirmed its willingness to grant interim relief to an energy investor in the context of international projects (here related to Brazil). Specifically, this decision provides an interesting insight into steps that can be taken to prevent funds being received by a party that may soon become insolvent (which risks creditors being left without a satisfactory remedy once a dispute is resolved).
On 3 December 2025, the Official Gazette published Law no. 202/2025 that amends and supplements Law no. 213/2015 on the Insureds Guarantee Fund (FGA) and Law no. 85/2014 on insolvency prevention and insolvency proceedings.
These amendments significantly recalibrate the institutional design, financing toolkit, and cross-border coordination of Romania’s insurance guarantee scheme, with particular emphasis on the handling of motor third party liability (MTPL) insurance claims and alignment with the EU framework introduced by Directive 2021/2118.
Der IDW S 16 ist da! Wie Unternehmen bestandsgefährdende Entwicklungen früher erkennen und Haftungsrisiken vermeiden – jetzt sind Frühwarnsysteme Pflicht.
From July 21, the reform of rules on prospectuses, intended to establish a common rulebook across the EU to encourage financing through capital markets, will directly apply in Spain.
The perspective of a ahot summer arriving is an excellent opportunity to take a look at the most relevant events that occured on the second quarter of 2019.
On an international level, and in contrast with the previous quarters, few events are worth mentioning.
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CHANGES TO THE INSOLVENCY AND RESTRUCTURING COMPANIES CODE
The changes to the Insolvency and Restructuring Companies Code, as established in Decree-Law No. 79/2017 of June 30, entered into force on July 1 2017.
Noteworthy changes
A. Special revitalization proceeding (Processo Especial de Revitalizao "PER")
1. This proceeding is now only available to companies.
2. Requirements for this proceeding were revised.
a. For every company:
Financing and Restructuring July 2017 Cases and transactions Dual financing to build waste management center FLUIDRA: Issuance of promissory notes on MARF Agile process to sell production unit in insolvency proceedings Legislation New rules on prospectuses Regulation coming into force on insolvency proceedings and forms Case law Indirect shareholding and subordination of credit Pledging of VAT credits resistant to insolvency proceedings Concept of group in insolvency proceedings Individual legal standing in syndicated loans Insolvency categorization of loans secured with pledge of credit ri