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    Romania implements tax debt restructuring and cancels tax liabilities
    2019-08-09

    Less than four years after the last fiscal amnesty, on 5 August, the Romanian government published a fiscal amnesty ordinance (No. 6/2019) that sets the framework for restructuring the debt of taxpayers with outstanding tax obligations and for the cancellation of accessory obligations.

    Filed under:
    Romania, Banking, Insolvency & Restructuring, Tax, CMS Cameron McKenna Nabarro Olswang LLP
    Location:
    Romania
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Incidents during enforcement under New Civil Procedure Code
    2013-05-21

    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

    Filed under:
    Romania, Banking, Insolvency & Restructuring, CMS Cameron McKenna Nabarro Olswang LLP, Debtor, Statute of limitations, Capital punishment
    Authors:
    Horia Draghici
    Location:
    Romania
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Switching up the way that insolvency and bankruptcy is dealt with in the DIFC - A review of the new DIFC Insolvency Law
    2019-08-07

    On 13 June 2019 the new Insolvency Law(DIFC Law No. 1 of 2019) and the associated Insolvency Regulations 2019 (the “Law”) came in to effect in the Dubai International Finance Centre (“DIFC”) repealing and replacing the DIFC’s Insolvency Law of 2009 (the “Old Law”).

    Filed under:
    Middle East, United Arab Emirates, Banking, Insolvency & Restructuring, Litigation, CMS Cameron McKenna Nabarro Olswang LLP
    Location:
    Middle East, United Arab Emirates
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Disqualification may be on the horizon for former HBOS directors
    2013-04-09

    Following last weeks’ report from the Banking Standards Commission in which three former senior executives of HBOS were heavily criticised thoughts have turned to whether or not there is enough evidence for the executives to have disqualification proceedings brought against them. The report named the three executives responsible, and said that the bank, having run up £47bn losses in bad loans, would have gone bust even if the 2008 financial crisis had not happened.

    How can a director be disqualified?

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, CMS Cameron McKenna Nabarro Olswang LLP
    Authors:
    Maxine Cupitt , Simon Garrett , Chris Bradshaw
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    The Recast EU Insolvency Regulation becomes effective today
    2017-06-26

    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).

    Filed under:
    European Union, United Kingdom, Banking, Insolvency & Restructuring, CMS Cameron McKenna Nabarro Olswang LLP, Brexit
    Authors:
    Martin Brown , Glen Flannery , Helen Coverdale
    Location:
    European Union, United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Banking, capital markets & FIS
    2012-08-24

    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.  

    Filed under:
    Romania, Banking, Insolvency & Restructuring, CMS Cameron McKenna Nabarro Olswang LLP, Bankruptcy
    Location:
    Romania
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Proposed changes to the Hungarian Bankruptcy Code
    2017-05-05

    A draft bill on amendment to the Bankruptcy Code (Act XLIX of 1991 on bankruptcy proceedings and liquidation proceedings) was introduced into the Parliament on 12 April 2017 and is currently under review. If the draft bill was approved and published, the new rules would be applicable to the new liquidation proceedings and to new management liability related lawsuits. Lawmakers would grant a 2-month period to prepare for the changes.

    Key areas for change are:

    1. Fiduciary security interests would be elevated to the same level as pledge-type security

    Filed under:
    Hungary, Banking, Insolvency & Restructuring, CMS Cameron McKenna Nabarro Olswang LLP
    Authors:
    Erika Papp , Szabina Soptei
    Location:
    Hungary
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Staggered implementation of the Economic Crime (Transparency and Enforcement) Act - an update for real estate lenders
    2022-08-08

    The new Companies House Register of Overseas Entities (the “OE Register”) became operational and key parts of the Economic Crime (Transparency and Enforcement) Act (“ECTEA”) came into force on 1 August 2022.

    The land registration elements of ECTEA have been deferred and will come into force on 5 September 2022 – this second stage of implementation will with effect from such date have an immediate impact on the registration of property acquisitions and new leases and security being taken over those acquisitions/leases.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Real Estate, White Collar Crime, CMS Cameron McKenna Nabarro Olswang LLP
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Changes in securing bank guarantees in Czech insolvency: addressing the Elma-Therm case
    2017-04-27

    The recent Amendment on the Czech Insolvency Act (the “Amendment”) enters into force on 1 July 2017.

    The Amendment states that a creditor is entitled to be satisfied from its security even when its contingent or future claim (such as bank guarantee) becomes actual after the start of the security provider’s insolvency.

    Filed under:
    Czech Republic, Banking, Insolvency & Restructuring, CMS Cameron McKenna Nabarro Olswang LLP
    Authors:
    Pavla Krecková , Lukáš Valúšek
    Location:
    Czech Republic
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    A CMS Guide to Restructuring & Insolvency in Crypto
    2022-04-29

    Cryptoassets are in the spotlight for many reasons. The use of cryptocurrencies as an alternative to fiat currencies is being explored and tested further by global events. Their correlation with traditional stores of value is being tested in volatile markets. Their status as both a potential means of avoiding sanctions and as a possible means of funding charitable and humanitarian causes is being demonstrated and discussed.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, CMS Cameron McKenna Nabarro Olswang LLP, Blockchain, Bitcoin, Cryptocurrency, Initial coin offering, Anti-money laundering, Non-fungible tokens
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP

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