On 28 March 2019 the European Parliament adopted a Directive on insolvency, restructuring and second chance (the Directive). This project has had a long tail, following a Commission Recommendation issued in 2014 and, after that had no impact, a draft Directive in November 2016. This draft Directive is now about come to fruition. It has three main aims
1. to ensure that member states have a preventive restructuring framework – which includes a restructuring plan;
WHITE PAPER
April 2019
The EU Risk Reduction Package: The Countdown for Restructuring the MREL Base Has Just Begun
Una sentencia del Tribunal de Justicia de la Unión Europea (TJUE) avala sustituir una cláusula abusiva de vencimiento anticipado en un préstamo hipotecario por la aplicación del artículo 693.2 de la Ley de Enjuiciamiento Civil (LEC), según el cual es válido y no abusivo iniciar una ejecución hipotecaria por impago de al menos tres cuotas mensuales.
Imagine that a debtor voluntarily concludes a transaction with a third party where he knows (or should know) that it hinders the creditor’s possibilities of collecting the debt. In civil law countries, a creditor can invoke the nullification of that legal act by means of a so-called actio pauliana. This raises the question of which court has jurisdiction in the case of an international dispute, regarding an actio pauliana, that is instituted by a creditor against a third party?
Receivables financiers, lenders taking security assignments over contractual rights, participants in the secondary loan market and others have an interest in:
As more Turkish companies begin to report liquidity issues and economic pressures begin to bite, successful financial restructurings are likely to become increasingly critical to the prosperity of the Turkish economy
Only time will tell whether local processes will provide a suitable toolkit for large-scale corporate restructurings, or whether other international restructurings processes may also have a role to play.
1. Introduction
Under the 1992 ISDA Master Agreement, following an event of default, there is either an automatic termination or the non-defaulting party can serve a notice designating an Early Termination Date. There then has to be a determination by the non-defaulting party of the compensation that is owed by one party or the other. This is done by closing out the transactions, which involves determining gains or losses in replacing or providing the economic equivalent of the terminated transactions. Once that is done, a statement is served setting out the calculations.
Article 55 of the Bank Recovery and Resolution Directive (BRRD) (2014/59/EU) requires Member States to ensure that a bail-in clause is included in agreements containing liabilities of a regulated Member State financial institution which are governed by the law of a third country.