On 28 March 2019 the European Parliament adopted a Directive on insolvency, restructuring and second chance (the Directive). This project has had a long tail, following a Commission Recommendation issued in 2014 and, after that had no impact, a draft Directive in November 2016. This draft Directive is now about come to fruition. It has three main aims
1. to ensure that member states have a preventive restructuring framework – which includes a restructuring plan;
The EU Parliament adopted the Directive on future "Preventative Restructuring Frameworks.
This creates the basis for a uniform legal framework for preventive restructuring within Europe. To date there has been a "patchwork" of regulations in the EU: in some cases there are no regulations at all, in others there are sophisticated procedures in place. The new directive now counteracts the dangers and risks of such regulatory differences.
REGULATORY & GOVERNMENTAL AFFAIRS Noerr EUROPANEWS Issue 32/2018 08 – 12 October 2018 Content LAW ___________________________________________________________________________________________ 1 POLITICS/GENERAL _______________________________________________________________________________ 2 DECISIONS ______________________________________________________________________________________ 3 FROM THE OJEU _________________________________________________________________________________ 3 BRUSSELS INTERN ______________________________________________
Insurance Quarterly Legal and Regulatory
Update
Period covered: 1 July 2018 30 September 2018
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Table of Contents
In the context of globalisation, companies are often active not only in the country of incorporation but also in several other legal systems. If a company fails, there is a need for rules that make the insolvency proceedings predictable. In the EU there are two current regulations1 to take into account, one applicable before and one after 24.06.2015.
Cross-border insolvency in the EU
EU Regulation No 655/2014 of the European Parliament and of the Council to facilitate cross-border debt recovery in civil and commercial matters, in force since 18 January 2017.
It has been over a year now since the European Account Preservation Order (EAPO) came into force. However, a great number of people are still not aware of its purpose and benefits. Thus, this article shall serve as a short reminder.
Applicability
FEBRUARY 2018 • SUMMARY v NEW LEGISLATION NOTIONAL PYRAMID GARRIGUES ARCHIVES CURRENT NEWS FEBRUARY 2018 - SPECIAL Nº50 (2009 - 2018) WHAT IS THE CURRENT SITUATION OF NPLs IN THE EUROPEAN UNION?
Summer is over and Autumn is truly upon us bringing back many of the winds that seemed die down in the golden summer of Macron. Eurosceptic parties have made electoral gains in Germany and in Austria and the same has now happened in the Czech Republic. The hope that Macron and Merkel could push forward a strong integrationist agenda have faded somewhat as the German liberal party (and possibly the German Supreme Court) fight against common budgets and fiscal transfers.
First published in Business Law Magazine (http://www.businesslaw-magazine.com/)
BANKING
ECON votes to adopt draft report on proposed BRRD Insolvency Hierarchy Directive