Yesterday, the Office of the Commissioner of Financial Institutions of the Commonwealth of Puerto Rico closed Westernbank Puerto Rico, headquartered in Mayaguez, Puerto Rico, and the FDIC was appointed receiver.
Yesterday, the Office of the Commissioner of Financial Institutions of the Commonwealth of Puerto Rico closed R-G Premier Bank of Puerto Rico, headquartered in Hato Rey, Puerto Rico, and the FDIC was appointed receiver.
After many versions and years of discussions between stakeholders, the Romanian Parliament has finally passed a law establishing the procedure of insolvency of natural persons – the law was published in the Official Gazette on 26 June 2015 ("Personal Insolvency Law") and will become fully effective in six months.
An absolute novelty under the Romanian legislation, Law no. 151/2015 on insolvency of natural persons (“Personal Insolvency Law“) was adopted by the Romanian Parliament back in June 2015. Due to certain administrative reasons (e.g. need of regional administrative bodies specialized on the personal insolvency of natural persons, lack of trained personnel and financial resources), the entry into force of the Personal Insolvency Law has already been postponed three times until now.
The Government Ordinance no. 10/2004 on the bankruptcy of credit institutions has been recently amended by the Government Emergency Ordinance no. 12/2012, published in the Official Journal no. 593 dated 20 August 2012.
The amendment refers to the order of distribution of the bankruptcy proceeds and repeals the former article regarding subordinated claims, insofar as such claims referred to loans made by shareholders holding more than 10% of the share capital of the bankrupt credit institution.
The New Civil Procedure Code (NCPC) came into force on 15 February 2013 and is applicable to all enforcement proceedings that commenced after this date.
Creditors may begin forced execution if they have an enforceable title. During such proceedings several incidents may occur, which may result in either the impossibility or the delay to the full protection of the creditor’s rights.
Statute of limitations
The Presidium of the Russian Supreme Court has approved a Review* of the judicial practice in disputes related to claims made by persons or entities (below referred to as persons) controlling a debtor and its affiliates in bankruptcy proceedings.
The Review provides important clarifications on the specifics of the participation in bankruptcy proceedings of persons affiliated with a debtor and persons controlling the debtor’s activities.
The law has come in force in Russia which provides for a regime of moratorium on insolvency filings of certain categories of debtors.
Below we summarise the key provisions of the regime.
This publication is relevant as of its date. Please note that the situation is evolving very rapidly and we cannot guarantee that the publication is still up-to-date as at the time of reading.
During his national address on 2 April, President Putin announced his decision to prolong the initial non-working days from 4 April to 30 April 2020 inclusive in order to fight against the spread of COVID-19. He signed a new Executive Order* providing for this.
В ходе своего обращения к гражданам 2 апреля президент В. В. Путин объявил о своем решении продлить первоначально установленный режим нерабочих дней с 4 апреля по 30 апреля 2020 года включительно. В этих целях президентом был подписан новый указ, предусматривающий соответствующие меры.