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.

RESTRUCTURING FOCUS ON 2019

JANUARY 2019

RESTRUCTURING: FOCUS ON 2019

CONTENTS

1

VIEW FROM THE TOP NEW MONEY CONSIDERATIONS SOMETHING FOR ALL INVESTORS? THE INTERCREDITOR MINEFIELD LESSONS FROM CLAIRE'S STORES GOVERNANCE THE SPECTRUM OF OPTIONS CHAPTER 11 FOR THE UK? BREXIT AND UK INSOLVENCY REFORM EU INSOLVENCY REFORM: A CHANGING LANDSCAPE INDEPENDENT RECOGNITION WEIL CONTACTS

2 4 6 8 10 12 14 16 17

2 RESTRUCTURING: FOCUS ON 2019

VIEW FROM THE TOP

RESTRUCTURING: FOCUS ON 2019

3

The Irish Government is planning to take measures in the areas of settlement finality, insurance, and insurance distribution in the event of a 'no-deal Brexit'. The relevant measures are set out in Parts 7 and 8 of the Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Bill 2019 (the “Withdrawal Bill”), which was published on 22 February 2019. These measures are in addition to a number of measures already taken at EU level.

Settlement Finality

Within the European Union, cross-border insolvency is governed by the Regulation on Insolvency Proceedings.[1] Since Switzerland is not a member state of the EU, the EU Regulation does not directly apply to cross-border insolvency matters that are related to Switzerland, which significantly complicated the conducting of such proceedings.

Although they disagree about the severity, economists and market watchers generally agree that the U.S. economy is headed for a slow-down. According to data from the Federal Reserve Bank in St. Louis, industrial production and retail sales are at all-time highs, exceeding levels seen before the 2008 recession. Unemployment rates are at the lowest levels since November 2000. So why the gloomy predictions for 2019 and beyond? Historically, retail sales, industrial production and employment are at their peaks right before a recession.

Introduction

28 November 2018

NautaDutilh

Recovery and Resolution (Insurers) Act

FCS Financial Law

An extract from GRR The European, Middle Eastern and African Restructuring Review 2018

Brief overview of insolvency proceedings

Enhanced by no less than five reforms over the past 10 years, French insolvency law now provides a comprehensive set of tools designed to efficiently handle the legal, economic and financial difficulties that companies are facing. The whole insolvency architecture hinges on the key concept of cessation of payments (ie, inability of the debtor to pay its debts as they fall due with its available assets).

As Parliament debates the draft Withdrawal Agreement prior to the vote on 11 December, this week's Q&A looks beyond the headlines at the potential impact of the proposed Brexit deal on a number of specific topics, including what the Political Declaration tells us about the shape of the future EU/UK trade agreement:

Alternative Investment Funds

REGULATORY & GOVERNMENTAL AFFAIRS  Noerr  EUROPANEWS  Issue 32/2018  08 – 12 October 2018    Content  LAW ___________________________________________________________________________________________ 1 POLITICS/GENERAL _______________________________________________________________________________ 2 DECISIONS ______________________________________________________________________________________ 3 FROM THE OJEU _________________________________________________________________________________ 3 BRUSSELS INTERN ______________________________________________