Market overview

Introduction & Key Takeaways

The year 2024 ended with some major legal fireworks, as two important courts issued contrasting New Year’s Eve decisions on the validity of “uptier” liability management transactions that have played a large role in corporate debt restructurings for the past several years.

On September 10, 2024, the U.S.

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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It is an unfortunate reality that your business can be severely affected when one of your customers become insolvent. It can be financially crippling on your business and emotionally stressful for you. Although you cannot control the financial viability of your customers, there are a few strategies you can implement to minimise your exposure when your customer is in financial distress.

In the beginning

It is important at the start of a new business relationship that you implement some strategies which can minimise your exposure if your customer is insolvent:

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