Nach der Implementierung des StaRUG-Verfahrens in 2021 zeichnet sich abermalig die Einführung eines neuen sanierungsrechtlichen Verfahrens ab. Auch wenn der europäische Gesetzgebungsprozess sich noch in einem frühen Stadium befindet, verspricht die bisher angedachte Art und Weise der Umsetzung der gesetzlichen Änderungen sowohl für (potentielle) Schuldner als auch für die übrigen Beteiligten im insolvenznahen Umfeld weitreichende Folgen zu haben.

The EU Reorganisation Act (EU UmgrG) came into force on 1 August 2023. However, the EU Reorganisation Act does not fundamentally change Austrian reorganisation law. The previous legal system was only changed to the extent necessary to implement Directive (EU) 2019/2121 ("Mobility Directive").

Area of application

This case relates to the principle that creditors with the benefit of a third-party debt order, are ostensibly in a better position than other unsecured creditors of an insolvent estate.

Restructuring plans under Part 26A of the Companies Act 2006 are a powerful tool for restructuring the debts of a company.

The law of 7 August 2023 on business preservation and modernisation of bankruptcy law (the Law) will enter into force on 1 November 2023.

In addition to introducing certain amendments to the existing insolvency framework, the Law implements EU Directive 2019/1023 of the European Parliament and the Council of 20 June 2019 on preventive restructuring frameworks.

Scope

The Law applies to all types of commercial companies and traders (commerçants), including special limited partnerships.

Il decreto-legge 13 giugno 2023, n. 69 (in Gazzetta Ufficiale – Serie generale – n. 136 del 13 giugno 2023), coordinato con la legge di conversione 10 agosto 2023, n. 103 recante: «Disposizioni urgenti per l’attuazione di obblighi derivanti da atti dell’Unione europea e da procedure di infrazione e pre-infrazione pendenti nei confronti dello Stato italiano» ha introdotto alcune modifiche alla disciplina della crisi d’impresa

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Un regime transitorio

1. SOLVENCY II 1.1 Solvency II Directive review: ECON agrees position on Solvency II Directive review On 27 July 2023, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) published a report on its agreed position on the Proposal for a Directive amending the Solvency II Directive1 (Proposed Directive).

In brief

A selection of newly announced legislation and court decisions reinterpreting private law.

Contents

The Package Travel Regulations (“PTRs”), which came into force in 2018, have been tested significantly in recent years with failures such as Thomas Cook and Monarch, in addition to the COVID-19 pandemic.

Whilst commonplace in the U.S., uptier transactions in which a borrower teams up with a subset of creditors to issue new “super priority” debt by amending or exchanging existing debt documents, have not been widely used in Europe.

However, with increasing macro economic pressures and financial market instability, we may see more European borrowers taking advantage of flexibility in cov-lite debt documentation to implement liability management transactions as an alternative to, or even as part of, more formal restructurings.