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
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.
German Insolvency Law
an overview.
Schweigen des Schuldners als Beleg seiner Zahlungsunfähigkeit
Silent Debtors Prove Their Illiquidity
(German federal high court – decision of September 24th, 2015 – IX ZR 272/13)
Legal background
In accordance with sec. 166 para 1 German Insolvency Code (“InsO”) an insolvency administrator is entitled to utilise tangible assets in his possession, even where the assets are encumbered.
Although the German Insolvency Code regulates the disposal and utilization of tangible assets and claims encumbered in favour of a creditor no regulation exists for rights such as shares, trademarks or intellectual property rights.
On February 24, 2016, the legal committee (Rechtsausschuss) of the German parliament (Bundestag) held a hearing on the proposed reform to considerably limit the clawback regime (Insolvenzanfechtung) in the German insolvency code (Insolvenzordnung – InsO). The general gist of hearing was that the current German governing party coalition is still determined to enact the reform, with some modifications as to the scope and protected parties still up for discussion.
Einleitung
Introduction