On 7 September 2015 an act amending the Civil Procedure Code was published. The amendments include changes to proceedings on the enforcement of liabilities. The changes aim to speed up proceedings by computerisation, and at the same time clarify various issues that have arisen in the application of existing regulations.
The European Council Regulation No 1346/2000 on insolvency proceedings (the Regulation) was adopted in May 2000 and came into force on 31 May 2002 in order to establish a European framework for cross-border insolvency proceedings.
The Regulation regulates: the jurisdiction for opening insolvency proceedings; recognition and enforcement of judgments for the opening of insolvency proceedings; the laws applicable to insolvency proceedings and their scope of applicability; and cooperation in a cross-border insolvency context.
The European Court of Justice (the "ECJ") has ruled that, in certain circumstances, when a subsidiary company is wound up, its employees will transfer automatically to its holding company.
What happened?
Air Atlantic SA ("AIA") was a Portuguese company operating in the aviation sector. It had been providing charter (or non-schedule) flight services since 1985.
On 19 February 1993, AIA was wound up. During the winding-up, several of AIA's employees were dismissed as part of a collective redundancy.
The EBA has launched a consultation on draft Guidelines on how confidential information collected under the Bank Recovery and Resolution Directive (BRRD) should be disclosed in summary or collective form without identifying individual institutions or relevant entities. The aim of the Guidelines is to promote symmetric information and convergence of supervisory and resolution practices regarding the disclosure of confidential information.
El Reglamento 2015/848, del Parlamento Europeo y del Consejo, sobre procedimientos de insolvencia (texto refundido), sustituye al Reglamen- to 1346/2000 y se aplicará a los procedimientos de insolvencia que se abran después del 26 de junio del 2017 (DOUE L 141, de 5 de junio).
Regulation 2015/848 of the European Parliament and the Council on insolvency proceedings (recast) replaces Regulation 1346/2000 and shall apply to insolvency proceedings opened after 26 June 2017 (OJ L 141, 5 June).
Our latest Financial Services Regulatory Group bulletin contains new updates on significant developments in financial services regulation, including the Personal Insolvency (Amendment) Act 2015, financial services remuneration, cyber-security, the Capital Markets Union, and recent Supreme Court case law regarding the Code of Conduct on Mortgage Arrears and appeals from the Financial Services Ombudsman.
Legislation implementing the EU Bank Recovery and Resolution Directive ("BRRD") in Netherlands law and facilitating the application of the EU Single Resolution Mechanism Regulation ("SRM Regulation") was approved by the Upper Chamber of the Netherlands parliament on 10 November 2015 and is expected to enter into force before the end of this year. The new law – the "European Framework for the Recovery and Resolution of Credit Institutions and Investment Firms Implementation Act" – will be referred to below as the "Implementation Act".
The ECJ has issued a preliminary ruling on the use of Article 13 of Council Regulation (EC) No 1346/2000 on insolvency proceedings ("the Regulations") as a defence to clawback claims by an insolvency office holder.
In this case Sportland, a Finnish company, sold goods supplied by Nike European Operations Netherlands BV ("Nike"), a Dutch company, under a franchise contract governed by Dutch law. Sportland owed Nike approximately €200,000 and repaid their debts in ten instalments very shortly before insolvency proceedings were opened in Finland.
Today, 26 November 2015, the Act implementing the European Framework for the Recovery and Resolution of Banks and Investment Firms (the “Implementation Act”) has entered into force. The purpose of the Implementation Act is to implement the Bank Recovery and Resolution Directive ("BRRD") into Netherlands law and to facilitate the application of the Single Resolution Mechanism Regulation ("SRM Regulation").