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    New OHADA uniform act streamlines collective insolvency proceedings
    2016-07-18

    Innovations to the Act in late 2015 seek to modernize and simplify collective proceedings in OHADA member states.

    Filed under:
    Africa, Insolvency & Restructuring, Morgan, Lewis & Bockius LLP, Economy, Liquidation, Conciliation, Commercial law, UNCITRAL, Uniform Act
    Authors:
    Olivier Chambord
    Location:
    Africa
    Firm:
    Morgan, Lewis & Bockius LLP
    ASIC releases guide to directors to prevent insolvent trading
    2010-07-29

    On 24 November 2009, ASIC released Consultation Paper 124 which provides guidance for directors on their duty to prevent insolvent trading which is imposed by section 588G of the Corporations Act 2001.

    The economic climate over the past two years has seen a growing number of corporate insolvencies. There is also evidence that directors, and particularly directors of small to medium size enterprises, do not fully understand their duty to prevent insolvent trading.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Norton Rose Fulbright, Breach of contract, Public consultations, Board of directors, Economy, Australian Securities and Investments Commission, Corporations Act 2001 (Australia)
    Location:
    Australia
    Firm:
    Norton Rose Fulbright
    Uproar in Belgian debt collection proceedings
    2009-11-24

    As part of what appears to be a global trend, the amount of litigation in Belgium is increasing rapidly. Litigation advice is fast becoming one of the most in-demand services in legal practice, along with advice on restructuring and employment. Due to the challenging economic and financial conditions, companies are now tending to commence debt collection proceedings as soon as their debtors fail to honour their debts, and are pre-emptively restructuring their businesses in order to avoid unnecessary costs which might eventually lead to bankruptcy.

    Filed under:
    Belgium, Insolvency & Restructuring, Litigation, Bird & Bird LLP, Bankruptcy, Costs in English law, Debtor, Debt, Economy, Debt collection
    Location:
    Belgium
    Firm:
    Bird & Bird LLP
    State aid regime for restructuring companies in Europe: limits and opportunities
    2011-04-04

    In the European Union, Stat e interventions in the market in the form of subsidies or other economic advantages are generally prohibited, but companies can receive aid from Member States if the aid is approved by the European Commission.

    Filed under:
    European Union, Insolvency & Restructuring, Trade & Customs, McDermott Will & Emery, Economy, Subsidy, State aid, European Commission
    Location:
    European Union
    Firm:
    McDermott Will & Emery
    Leveraged landscape for 2011
    2011-02-09

    The signs for the leveraged finance market in 2011 are mixed. Questions remain as to whether this year will see a fresh spate of restructurings and/or continued growth in primary issuance. Whilst data compiled by Fitch Ratings has shown that European PE backed company default rates slowed in 2010 (and premier league spending during the January transfer window topped £225 million compared with £30 million last year), the primary leveraged finance market has started slowly this year.

    Filed under:
    European Union, Corporate Finance/M&A, Insolvency & Restructuring, Mayer Brown, Bond (finance), Bond market, Market liquidity, Debt, Economy, Maturity (finance), Refinancing, Leveraged buyout, Default (finance), Leverage (finance), Inflation, Basel III
    Authors:
    Neil Caddy
    Location:
    European Union
    Firm:
    Mayer Brown
    EU proposes a common insolvency regime for financial institutions
    2010-07-09

    On 28 June 2010 a motion was passed by the European Parliamentary Committee on Economic and Monetary Affairs requesting that the European Parliament pass a resolution enabling the European Commission to prepare draft legislation on cross-border crisis management in the financial sector. The proposed framework would encompass amongst other things:  

    Filed under:
    European Union, Banking, Insolvency & Restructuring, Squire Patton Boggs, Economy, Mandate (international law), European Commission, European Parliament, European Banking Authority
    Location:
    European Union
    Firm:
    Squire Patton Boggs
    Restructuring aid to Bison Bial is approved by the Commission
    2007-10-12

    The Polish metal tools manufacturer, Bison Bial (Bison), will be able to receive state aid amounting to €8.2m in order to enable the company to carry out a restructuring programme to improve the firm’s economic viability. After Bison entered into financial difficulties, Poland notified the European Commission that it wanted to provide aid to the company. The Commission decided that such aid was compatible with EU state aid rules, provided that the investment programme is fully implemented and the company sells one of its production divisions by the end of 2009.

    Filed under:
    European Union, Poland, Insolvency & Restructuring, Trade & Customs, Nabarro LLP, Economy, State aid, European Commission
    Location:
    European Union, Poland
    Firm:
    Nabarro LLP
    Economic downturn – effects on Finnish litigation
    2009-11-24

    Due to the economic downturn there has been a rapid growth in debt claims and bankruptcy cases in the Finnish courts. Compared to 2008, almost 40% more bankruptcy proceedings and twice as many debt claims have been started this year.

    Filed under:
    Finland, Insolvency & Restructuring, Litigation, Bird & Bird LLP, Bankruptcy, Debt, Standing (law), Economy, Capital punishment
    Location:
    Finland
    Firm:
    Bird & Bird LLP
    PROMESA becomes law: all businesses in Puerto Rico will be affected - top points about this sweeping rescue package
    2016-07-05

    Just one day before the July 1 deadline for an expected major default by the Government of Puerto Rico, President Barack Obama signed into law the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA), a sweeping new law designed to bring stability to the Puerto Rican economy and establish oversight of the Island’s budget and fiscal policies for at least the next five years.

    Filed under:
    Puerto Rico, Insolvency & Restructuring, DLA Piper, Board of directors, Budget, Debt, Economy, US Congress, US House of Representatives, Internal Revenue Code (USA)
    Authors:
    Evan M. Migdail , Francisco J. Cerezo
    Location:
    Puerto Rico
    Firm:
    DLA Piper
    PROMESA Shields Puerto Rico Behind a New Automatic Stay
    2016-07-21

    On June 30, 2016, President Obama signed the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA)[1] into law. A copy of the Act can be found here.

    Filed under:
    Puerto Rico, USA, Insolvency & Restructuring, Litigation, Public, Bryan Cave Leighton Paisner (Bryan Cave), Bond (finance), Bankruptcy, Letter of credit, Debtor, Commodity broker, Economy, Exclusive jurisdiction, Stay of execution, Municipal bond, Title 11 of the US Code
    Location:
    Puerto Rico, USA
    Firm:
    Bryan Cave Leighton Paisner (Bryan Cave)

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