Regulation 2015/848 of the European Parliament and of the Council of 20 May 2015
With commercial activities increasingly having an impact across borders in the European market, it has become increasingly necessary to introduce supranational legislation to regulate those activities. In particular, there is a need to make cross-border insolvency proceedings convenient, consistent, effective and efficient across Europe.
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On June 26, 2017, the recast EU regulation on insolvency proceedings1 (the Recast Insolvency Regulation) came into force.
Existing Legislation
European Union
European Leveraged Finance Alert Series: Issue 6
Legislative changes in Italy (starting from 2012) facilitated leveraged transactions facilitating security in both bank and bond financings and aligning bond and bank finance options. These changes have catalyzed creditors’ appetite for Italian leveraged finance transactions and helped fuel a resurgence in M&A activity in Italy. Here are ten (plus one) things to consider when doing a leveraged finance deal in Italy:
Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings comes into effect on 26 June 2017 for insolvency proceedings that are opened on or after that date. The Recast Regulation replaces the EC Regulation (1346/2000) on insolvency proceedings and has direct effect in the UK until such time as the UK leaves the EU.
Since May 2002, we have had a regime which ensures that an insolvency proceeding started in one of the EU’s member states is, without further formality, recognised in all other member states (except for Denmark) and which determines the law applicable to such proceedings. That regime is provided for in the EU Regulation on insolvency proceedings (1346/2000/EC) (the EIR).
On March 29, 2017, the United Kingdom (UK) delivered notice of its withdrawal from the European Union (EU), triggering the most comprehensive legislative review and revision ever to occur in the UK. This update discusses legislative changes that might affect structured finance. Changes in Law Upon the UK’s withdrawal, EU treaties, directives, directly effective decisions and regulations, and rulings of the European Court of Justice will cease to apply to the UK unless their effect is specifically preserved by English law.
No passado mês de Março de 2017, o Conselho de Ministros aprovou um conjunto de diplomas que terão como objetivo agilizar o processo de reestruturação empresarial, criando melhores condições para a sobrevivência de empresas consideradas economicamente viáveis.
On the last 16th of March 2017, the Portuguese government Council of Ministers approved a set of laws and amendments to the law that will aim to streamline the process of corporate restructuring, creating better conditions for the survival of companies considered economically viable.