Introduction
1. Introduction
On 21 November 2014 the draft Dutch Implementation Act for the European Framework for the Recovery and Resolution of Banks and Investment Firms (the "Implementation Act") and draft guidelines were published for public consultation purposes. The Implementation Act is designed to implement the Bank Recovery and Resolution Directive ("BRRD") and to apply the Single Resolution Mechanism ("SRM").
De Hoge Raad heeft recent meer duidelijkheid gegeven over de positie van een pandhouder in het kader van een met de pandgever afgesproken opheffingsuitverkoop. Zowel het regime van parate executie en de wettelijke grenzen die aan verrekening in faillissement worden gesteld kwamen aan de orde in dit arrest. Kort gezegd: een afspraak dat executie via een opheffingsverkoop plaatsvindt kan zonder enig risico worden gemaakt.
Recent developments
In recent years Dutch banks have established a practice of creating undisclosed rights of pledge (stil pandrecht) on all current and future receivables of their borrowers in an easy way and without the borrower's involvement. In the Supreme Court's ruling of 3 February 2012 (HR 3 February 2012, LJN BT6947), this practice was unsuccessfully put to the test by a bankruptcy trustee, who contested the alleged right of pledge of ING Bank on receivables of its bankrupt client.
- Introduction
On 13 June 2012 legislation allowing the Dutch Central Bank or the Dutch Minister of Finance to intervene in respect of failing banks and insurance companies with seat in the Netherlands ("Intervention Act") came into force with retroactive effect from 20 January 2012.
On 13 June 2012 the Financial Institutions (Special Measures) Act (Wet bijzondere maatregelen financiële ondernemingen; "Intervention Act") entered into force with retro-active effect as of 20 January 2012). The Intervention Act includes new powers for the Netherlands Central Bank ("DNB") to procure that a bank or insurer which is experiencing serious financial problems is transferred, in whole or in part, to a third party.
On March 8 2010 the Amsterdam District Court dismissed an application by the administrators of the Dutch branch of Landsbanki hf to extend the term of the emergency regulations that had been declared applicable to the Dutch branch by the court on October 13 2008.(1) As a result, the regulations ceased to apply on March 13 2010.
Facts
A consultation is held on a bill introducing special measures against financial undertakings (Intervention Act). The bill would amend the Financial Markets Supervision Act and the Bankruptcy Act in order to extend powers to intervene when financial undertakings find themselves in serious difficulties. The bill reflects developments within the European Union.