(La Sentencia del Tribunal de Justicia de la Unión Europea de 20 de septiembre del 2017)
El Tribunal de Justicia de la Unión Europea establece las condiciones para no considerar ayuda de Estado la decisión de una autoridad pública cuando se comporta como lo haría un acreedor privado en una economía de mercado al aceptar una quita en un procedimiento de convenio de acreedores...
1. El supuesto de hecho
Regulation (EU) 2015/848 (the “Insolvency Regulation”) states at Recital 23 of its preamble that main insolvency proceedings can be opened in a Member State where a debtor has its centre of main interests (“COMI”). It goes on to state that those proceedings have universal scope and are aimed at encompassing all of the debtor’s assets. The Insolvency Regulation further details at Article 3(1) that a debtor’s COMI is where the debtor conducts the administration of its interests on a regular basis which is ascertainable by third parties.
Thomas v Frogmore: COMI Factors and Improper Motive Reviewed
This article was originally published in International Corporate Rescue, Volume 14 Issue 5, 2017. Please click here to read the original article.
Applicable law
The CJEU reviews the conflicts that arise in the defence provided under Article 13 Regulation No 1346/2000 when Liquidators of an Italian company attempt to set aside payments claimed to otherwise be permissible under English law.
Minister of Justice Koen Geens has abandoned the introduction of the 'silent bankruptcy' following a judgment of 22 June 2017 of the European Court of Justice.
The pre-pack procedure is not having an easy time of it. In a previous blog, we reported that the advocate general of the European Court of Justice (ECJ) had concluded that the Dutch pre-pack procedure cannot be regarded as bankruptcy or liquidation proceedings, and that the provisions for transfer of undertaking therefore also apply to pre-packs. The ECJ has now confirmed his standpoint.
On March 29, 2017, the United Kingdom (UK) delivered notice of its withdrawal from the European Union (EU), triggering the most comprehensive legislative review and revision ever to occur in the UK. This update discusses legislative changes that might affect structured finance. Changes in Law Upon the UK’s withdrawal, EU treaties, directives, directly effective decisions and regulations, and rulings of the European Court of Justice will cease to apply to the UK unless their effect is specifically preserved by English law.
The qualification of a right as a 'right in rem' (zakelijk recht), within the meaning of Article 5 of Regulation No 1346/2000 of 29 May 2000 on insolvency proceedings (the "Regulation") must be determined according to the law of the place where the asset concerned is situated and the right in rem must satisfy certain criteria set out in Article 5(2) of the Regulation.