The Italian Government has been delegated to enact a comprehensive restatement of the whole set of rules of insolvency procedures, with specific innovative addresses regarding (to mention only the most important) the concordato preventivo procedure, venue rules, an out-of-court mediation alert process to timely address a risk of insolvency, new forms of security and a streamlined set of priorities among creditors
Introduction
Current Legislation Coordinator: Rosana Hallett Of counsel of GA_P No . 212017 Current Legislation No . 21 | 2017 2 © Gómez-Acebo & Pombo Abogados, 2017. All rights reserved Disclaimer: This digest is provided for general information purposes only and nothing expressed herein should be construed as legal advice or recommendation. Design and layout: José Á. Rodríguez and Ángela Brea • Translation and adaptation: John Woodger Contents I. Environment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
The EU directive 2012/30/EU proposed in November 2016 (“Proposed Directive”) aims to avoid the adverse effects of insolvency on companies through a more flexible regime of restructuring.
In our update this month we take a look at a case in which a non-party costs order was made against a major shareholder in the insolvent claimant company. The court found that the shareholder was the real party to the litigation; it funded the litigation, it was exercising control over the litigation and it would have been the main beneficiary had the litigation succeeded. We cover this, and other issues affecting the insolvency and fraud industry:
Montpelier Business Reorganisation Ltd v Jones & Others (2017)
Background
What is the GDPR?
| De belastingplichtige houdt indirect aandelen in een BV. De BV heeft een schuld aan de bank in verband waarmee de belastingplichtige zich tot een bedrag van € 150.000 borg heeft gesteld. Nadat de BV in 2010 failliet gaat, vormt de belastingplichtige een voorziening van € 150.000 in verband met de borgstelling. In 2011 betaalt de belastingplichtige uiteindelijk, tegen finale kwijting, € 30.000 aan de bank. Volgens de inspecteur valt € 120.000 van de gevormde voorziening belast vrij in 2011. |
Applicable law
EU requirement for national insolvency registers to be established in all Member States (Recast Insolvency Regulation 2015 ((EU) 2015/848))
Will Nevin Partner T +44 20 7466 2199 [email protected]
UK TIMELINE
Kevin Pullen Partner T +44 20 7466 2976 [email protected]
2017Q4 (Oct-Dec)
Financing and Restructuring July 2017 Cases and transactions Dual financing to build waste management center FLUIDRA: Issuance of promissory notes on MARF Agile process to sell production unit in insolvency proceedings Legislation New rules on prospectuses Regulation coming into force on insolvency proceedings and forms Case law Indirect shareholding and subordination of credit Pledging of VAT credits resistant to insolvency proceedings Concept of group in insolvency proceedings Individual legal standing in syndicated loans Insolvency categorization of loans secured with pledge of credit ri
Situation before Brexit
Currently, a UK court’s decision to open insolvency proceedings, and the subsequent proceedings, are automatically recognised under Articles 16 and 17 of the European Insolvency Regulation.
Recognition of insolvency proceedings
After Brexit, it is most likely that the UK will be treated as a non-Member State (unless the UK reaches any special agreement with the EU).