On 5 September 2017, the Dutch legislator published an amended bill on pre-insolvency proceedings in the Netherlands1 for consultation purposes.2 The Bill contains a proposal for an amendment to the Dutch Bankruptcy Act (Faillissementswet) which enables a company in financial difficulties to propose a composition outside insolvency proceedings to its creditors and shareholders, to restructure problematic debts.

On February 8, 2011, the Federal Communications Commission (FCC) entered into a Consent Decree with Turner Broadcasting Systems, Inc. (Turner) relating to Turner's failure to seek prior FCC approval before consummating an internal restructuring. The Consent Decree reminds parties that it is important to comply with all pre-approval requirements relating to the assignments or transfers of control of Commission licenses.

The US Federal Deposit Insurance Corporation (FDIC) and the Board of Governors of the Federal Reserve System (FRB) have jointly approved a proposed rule requiring certain companies to periodically submit Resolution Plans (also referred to as “living wills”) and Credit Exposure Reports (the “Proposed Rule”) to the FRB and FDIC.1

In response to the increasing complexity of cross-border restructurings and liquidations, a new chapter (Chapter 15) was added to the US Bankruptcy Code in 2005. Chapter 15 is meant to provide a framework for effectively and efficiently dealing with cross-border insolvency proceedings involving the United States by providing the representative of a foreign insolvency case with certain benefits and protections.

California Coastal Commission, etc., et al. v. Michael A. Allen, ___ Cal. App. 4th ___ (Oct. 1, 2008, Case No. B197974)

On Thursday, General Motors Corporation (GM) filed its Annual Report on Form 10-K with the Securities and Exchange Commission which notably included an opinion of its auditors on its financial statements in which the auditors stated that GM’s “recurring losses from operations, stockholders’ deficit, and inabili

Yesterday, in a filing with the Securities and Exchange Commission, General Motors announced that it is currently attempting to restructure debt held by the U.S. Treasury Department. Under a current proposal, GM would convert at least 50% of its debt held by the U.S. Treasury Department into common shares. As a result of the conversion Treasury would hold greater than 50% of GM’s common shares.

Hungarian insolvency law already knows the concept of avoidance actions. Allowing creditors and liquidators to challenge certain transactions aims to protect the value of the insolvency estate. Although the principles of Hungarian insolvency law are the same as those outlined in the European Commission's proposal for a Directive (i.e. Proposed Directive), there are some aspects which would need to be carefully thought through before they are harmonised.

The EU directive harmonising certain aspects of insolvency law, a Propo

The right to effectively avoid the illegitimate removal of assets from a company in financial difficulties is a key element of any insolvency law that protects the rights of creditors and maximises the recovery of value from the insolvent company.

Czech insolvency law, and in particular the insolvency avoidance rights, play a significant role as a recovery tool for creditors in insolvency proceedings, but in practice mainly act as a preventive warning signal for a debtor and its creditors when trading, even before financial problems arise.