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    Changes to the Czech Act on Business Corporations - New rules regarding liability of statutory body members
    2021-02-18

    On 1 January 2021, an Amendment to the Czech Act on Business Corporations came into effect, which introduced changes in the area of corporate governance. These include changes to the liability of statutory body members in case of corporate insolvency, and changes to the conditions for disqualification of statutory body members from the performance of their office or from serving as shadow directors.

    Liability of statutory body members in the event of corporate insolvency

    Filed under:
    Czech Republic, Company & Commercial, Insolvency & Restructuring, Litigation, CMS Cameron McKenna Nabarro Olswang LLP, Corporate governance
    Location:
    Czech Republic
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Supreme Court rules on insolvency adjudication debate
    2020-06-18

    A Supreme Court judgment issued yesterday has overturned a Court of Appeal decision heavily limiting the ability of insolvency practitioners to commence and enforce adjudication proceedings against their creditors. The court’s decision allows much greater flexibility in the use of adjudication for the administration of construction insolvencies, however some uncertainty remains over the basis on which decisions obtained in such adjudications will be permitted to be enforced against creditors.

    Filed under:
    United Kingdom, Construction, Insolvency & Restructuring, Litigation, CMS Cameron McKenna Nabarro Olswang LLP, Coronavirus, UK Supreme Court
    Authors:
    Adrian Bell
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Directors' duties in a formal insolvency context
    2020-02-12

    Introduction

    The decision of ICC Judge Barber in the case of Stephen Hunt & System Building Services Group Limited -v- Brian Michie & System Building Services Group Limited [2020] EWHC 54 (Ch) was recently handed down and it is an interesting decision about directors’ duties post the appointment of an administrator or liquidator.

    Facts

    The facts are quite involved and matter specific, and gave rise to a number of issues, but for present purposes the key issues are as follows.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, CMS Cameron McKenna Nabarro Olswang LLP
    Authors:
    Julian Turner
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Insolvency among electricity traders on the increase in Bulgaria
    2018-09-21

    In the wake of increased competition stemming from the recent liberalisation of the Bulgarian electricity market, more and more electricity players and major electricity traders such as Future Energy and Energy Financing Group are now facing serious financial difficulties.

    According to reports, some are now fighting to stay afloat after the initiation of insolvency proceedings. Given this increased market pressure, analysts state it is likely these and other energy traders may declare bankruptcy and face eventual liquidation.

    Filed under:
    Energy & Natural Resources, Insolvency & Restructuring, CMS Cameron McKenna Nabarro Olswang LLP, Renewable energy, Electricity
    Location:
    Bulgaria
    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
    Romanian FSA withdraws Carpatica Asig SA’s licence and commences bankruptcy procedures
    2016-07-29

    On 27 July 2016, the Board of the Romanian Financial Supervisory Authority (“FSA”) analysed the status of the Romanian insurance undertaking Carpatica Asig SA, considering several audit and assessment reports. The outcome of the FSA analysis was the commencement of the bankruptcy procedures against Carpatica Asig SA.

    Filed under:
    Romania, Insolvency & Restructuring, Insurance, CMS Cameron McKenna Nabarro Olswang LLP, Bankruptcy
    Authors:
    Cristina Popescu , Florentin Giurgea
    Location:
    Romania
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Insolvency (Protection of Essential Supplies) Order 2015 comes into force on 1 October 2015
    2015-09-21

    The amendments to the Insolvency Act 1986 will extend the protection of essential supplies on insolvency to most private utility suppliers. They will also extend protection to I.T. supplies, including data storage and processing and website hosting. Further protection is introduced where contracts are entered into from 1 October 2015, so that insolvency related terms which allow higher supply charges in the event of administration or company voluntary arrangement will be prohibited.

    Why is the law changing?

    Filed under:
    United Kingdom, Insolvency & Restructuring, IT & Data Protection, CMS Cameron McKenna Nabarro Olswang LLP, Insolvency Act 1986 (UK)
    Authors:
    Rita Lowe , Helen Coverdale
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Lehmans: Pensions Regulator FSD proceedings settled
    2014-08-19

    The Pensions Regulator has announced, following several years of proceedings and court skirmishes, that a compromise has been reached in relation to the Financial Support Directions (FSDs) issued under the Lehman Brothers UK pension scheme.

    FSDs and the Lehmans case – a reminder

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, CMS Cameron McKenna Nabarro Olswang LLP, The Pensions Regulator, Lehman Brothers
    Authors:
    Pete Coyne
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Opposition to enforcement proceedings
    2013-06-03

    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.

    Filed under:
    Romania, Insolvency & Restructuring, CMS Cameron McKenna Nabarro Olswang LLP, Debtor
    Authors:
    Horia Draghici
    Location:
    Romania
    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

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