September 2016 CMS_LawTax_Negative_28-100.eps Enforcing Security over Real Estate and Shares across Europe 2 | Enforcing Security over Real Estate and Shares across Europe 3 Introduction 4 Albania 5 Austria 6 Belgium 7 Bulgaria 8 Czech Republic 9 England and Wales 10 France 11 Germany 12 Hungary 13 Italy 14 Luxembourg 15 Montenegro 16 Netherlands 17 Poland 18 Portugal 19 Romania 20 Russia 21 Scotland 22 Serbia 23 Slovakia 24 Slovenia 25 Spain 26 Turkey 27 Ukraine 28 Contacts Contents 19 practice and sector groups working across offices Ranked 2nd most global law firm in the Am Law 2015 Glob

Proposed amendments to the Recovery and Restructuring of Credit Institutions and Investment Intermediaries Act, effective as of 14 August 2015 (“Recovery and Restructurings Act”) provide that stress tests should be carried out for insurers and reinsurers. If approved by the Parliament, the changes will necessitate the organising and performing of stress tests for insurers and reinsurers within a tight timeframe, by the end of 2016.

A proposal to alter the guaranteed recovery of payments due to employees and workers when their employer becomes insolvent has been filed with Parliament.

The Labour and Social Policy Commission’s proposal aims to increase the protection for some employees and make it easier for them to recover any pay they are owed.

At present, the guarantee extends to all current and former employees and workers (whose contract was terminated during the last 3 months prior to insolvency), but is limited to 3 months’ earnings in the 6 months prior to insolvency.

A number of changes have been made to insolvency procedure to remove various discrepancies and controversial practices: