Major legislative changes

Reform of English corporate insolvency framework

The Insolvency Service is reviewing responses to its consultation on significant reforms designed to improve the restructuring tools available to companies. These include:

The Office of Compliance Inspections and Examinations (OCIE) announced it is examining registrants’ compliance with key whistleblower provisions arising out of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act).

I CORPORATE FINANCE, COVENANTS AND CREDITOR’S LIABILITY 2 II NATIONAL LEGISLATION 4 III EUROPEAN LEGISLATION 5 IV NATIONAL CASE LAW 5 NEWSLETTER I CORPORATE LAW WWW.CUATRECASAS.COM NEWSLETTER I CORPORATE LAW 2/6 CORPORATE LAW NEWSLETTER I CORPORATE FINANCE, COVENANTS AND CREDITOR’S LIABILITY Introduction In the field of corporate finance the liability of creditors that negotiate covenants with companies is an issue that currently generates great concern.

The defence of illegality, enunciated in arts. 1305 and 1306 of the Civil Code (abbrev.

La regla de la que vamos a tratar se formula con diversos nombres, aunque es muy conocida la expresión nemo potest propriam turpitudinem allegareo la denominación de denegatio actionis.

1

Inhalt

I. Brexit what does it involve and when could it happen?............................................................ 3

II. Legal areas affected................................................................................................................... 5

1. Choice of law clauses in existing legal relationships and the law applicable to non-contractual

obligations........................................................................................................................... 5

Much has been made in the press regarding the news that Companies House is considering amending its current policy of retaining the records of dissolved businesses for 20 years post dissolution. This motion has reportedly been born out of a decision by the European Court of Justice in spring 2014 to ‘create a right to be forgotten.’

On August 1, 2016, the Association for Financial Markets in Europe (AFME) published model clauses for the contractual recognition of bail-in for the purpose of satisfying the requirements of Article 55 of the EU Bank Recovery and Resolution Directive (BRRD).

The process of Brexit will take years, and the implications for our clients' businesses will unfold over time. Our MoFo Brexit Task Force is coordinating Brexit-related legal analysis across all of our offices, and working with clients on key concerns and issues, now and in the coming weeks and months. We will also continue to provide MoFo Brexit Briefings on a range of key issues. We are here to support you in any and every way that we can.

Go West

Der britische Wähler hat gesprochen und sich mit knapper Mehrheit für den Austritt des Vereinigten Königreichs aus dem „Projekt Europa“ entschieden.

Obwohl noch nicht feststeht, wann die Briten Artikel 50 des EU-Vertrags aktivieren werden, lohnt es sich bereits jetzt, über die rechtlichen Konsequenzen eines Austritts nachzudenken. Denn sollte es hierzu kommen, bleibt dieser – gerade im sensitiven Bereich des grenzüberschreitenden Rechtsverkehrs - nicht folgenlos:

1.Mögliche Unwirksamkeit von Gerichtsstandsvereinbarungen zugunsten britischer Gerichte