In its decision of 11 July 2013, Reference No. 21 ICdo 21/2012, the Supreme Court of the Czech Republic comprehensively expressed its opinion on the substantive legal aspects of re-pledging a receivable burdened by a lien and the possibility of negotiating a contractual waiver of re-pledging receivables. According to the decision, the pledging of a receivable does not preclude the possibility of establishing another lien on the same receivable. This decision is crucial for pledgees, typically financing banks.

Case background

In the September, 2006 issue of Insolvency Notes, the effect of the overhaul of the bankruptcy laws in the Czech Republic was discussed. As was the case at that time, the new insolvency laws were to become effective July 1, 2007. It now appears that the effective date will be delayed. The lower house of Czech Parliament gave fast-track approval recently to a bill for delaying implementation of the new bankruptcy act by six months, to January 1, 2008. Senate and presidential approval is still needed.

When a debtor, natural or legal person, is constituted in serious circumstances of insolvency in the face of a plurality of creditors, the legislator has foreseen as a mechanism to solve said problem three alternatives of action, depending on the qualities of the insolvent person: the insolvency creditors, bankruptcy and suspension of payments.

Egypt has finally passed The Security Over Movables Law in November 2015 which introduced a regime similar to fixed and floating charges as applicable under the UK law. The Executive Regulation (ER) of the Law was passed in December 2016. Taking into consideration novelty of the legislation, it has yet to be implemented on the ground and results to be evaluated. However, the main provisions of the Law can be discussed and outlined.

Fabio J Guzmán-Saladín and Pamela Benzán, Guzmán Ariza

This is an extract from the 2020 edition of the Americas Restructuring Review, published by Global Restructuring Review. The whole publication is available here.

In summary

German Insolvency Law

an overview.

The insolvency challenge rights give the insolvency administrator, under certain prerequisites, access to assets which the debtor disposed of to the detriment of the creditors prior to the filing for insolvency, thus increasing the insolvency estate.

Schweigen des Schuldners als Beleg seiner Zahlungsunfähigkeit

Silent Debtors Prove Their Illiquidity

Introduction