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    The insolvency merry-go-round
    2017-02-07

    The past 12-18 months have seen some of the biggest changes to established insolvency law and practice in England and Wales since the Insolvency Act 1986 and Insolvency Rules 1986 (the old Rules) came into force. These have culminated with the new Insolvency Rules 2016 (the new Rules), which become effective on 6 April 2017 and are intended to consolidate the old Rules (including all 28 subsequent sets of amendments to them).

    Filed under:
    European Union, United Kingdom, Insolvency & Restructuring, Litigation, Penningtons Manches Cooper LLP, Insolvency Act 1986 (UK)
    Authors:
    Séamas Gray , Tristan Cox
    Location:
    European Union, United Kingdom
    Firm:
    Penningtons Manches Cooper LLP
    The European Union Court of Justice states that pledges over bank accounts are not resistant to insolvency procedures if the account holder can dispose of the monies deposited in the account
    2017-02-08

    The European Union Court of Justice ("EUCJ") has issued a judgment dated 10 November 2016 in the Matter No C-156/15 (Private Equity Insurance Group SIA ("SIA") v Swedbank AS) in response to a request for a preliminary ruling from the Supreme Court of Latvia, the country in which the bank Swedbank AS is based.

    Filed under:
    European Union, Banking, Insolvency & Restructuring, Litigation, Ashurst, Collateral (finance)
    Authors:
    Jose Christian Bertram
    Location:
    European Union
    Firm:
    Ashurst
    Make insolvency great again
    2017-02-08

    ADVISORY | DISPUTES | TRANSACTIONS Make insolvency great again February 2017 One of the great criticisms of the new President of the United States of America is that his companies filed for bankruptcy four times when he was a business mogul. In truth Donald Trump utilised various provisions of Chapter 11 of the US Bankruptcy Code to restructure his businesses. In an effort to encourage a similar level of entrepreneurial spirit, a mere 14 days after his election the EU Commission unveiled plans to adopt a pan-European regime which closely mirrors much of the US’s Chapter 11.

    Filed under:
    European Union, United Kingdom, USA, Insolvency & Restructuring, Public, RPC, European Commission
    Location:
    European Union, United Kingdom, USA
    Firm:
    RPC
    Finance and Restructuring | February 2017
    2017-02-13

    Comsa: debt restructuring PSA Financial Services Spain: establishing an asset-backed securities fund Emesa: subscribing a collar equity swap Proposal for an EU Directive on restructuring and second chance Exit right due to no dividend distribution: end of the suspension of art.

    Filed under:
    European Union, Spain, Banking, Derivatives, Insolvency & Restructuring, Litigation, Cuatrecasas, European Commission
    Location:
    European Union, Spain
    Firm:
    Cuatrecasas
    Brexit: Restructuring and Insolvency
    2017-02-16

    Issues will arise upon a UK exit in relation to restructuring tools such as schemes of arrangement and in relation to insolvency processes; there are also special EU insolvency rules for financial institutions which will be affected. Finally there are elements of EU financial services laws which impinge on insolvencies and remove uncertainties, such as settlement finality and financial collateral.

    Filed under:
    European Union, United Kingdom, Banking, Insolvency & Restructuring, Public, Herbert Smith Freehills LLP, Direct effect of EU law
    Authors:
    Gary Hommel , Dina Albagli , Kristen Roberts
    Location:
    European Union, United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    English Court considers the issue of COMI location for 3 Jersey companies
    2017-02-16

    The recent case of Thomas & another v Frogmore Real Estate Partners & others [2017] EWHC 25 (Ch) provides useful guidance for anyone analyzing the centre of main interests (“COMI”) of a company not registered in the UK or other EEA state for the purposes of assessing whether or not insolvency proceedings relating to the company can be instigated in the UK courts under the EC Regulation.

    Filed under:
    European Union, Jersey, United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Insolvency Act 1986 (UK)
    Authors:
    James Moore
    Location:
    European Union, Jersey, United Kingdom
    Firm:
    Squire Patton Boggs
    BREXIT: charting a new course
    2017-02-21

    If 2016 ended with more questions than answers as to how Brexit would take shape, 2017 began with at least a little more clarity.

    Filed under:
    European Union, Global, OECD, United Kingdom, USA, Arbitration & ADR, Aviation, Banking, Capital Markets, Company & Commercial, Competition & Antitrust, Employee Benefits & Pensions, Employment & Labor, Energy & Natural Resources, Environment & Climate Change, Immigration, Insolvency & Restructuring, Insurance, Intellectual Property, IT & Data Protection, Public, Real Estate, Tax, Telecoms, Herbert Smith Freehills LLP, Brexit, Internal market, European Economic Area, UK Supreme Court
    Location:
    European Union, Global, OECD, United Kingdom, USA
    Firm:
    Herbert Smith Freehills LLP
    New preventive restructuring frameworks
    2017-03-01

    Background

    The EU-Commission is planning a European wide pre-insolvency (preventive) restructuring procedure in order to harmonise pre-insolvency proceedings within the EU, thus strengthening the EU domestic and capital markets, bringing clarity to cross-border transactions, and preventing forum-shopping.

    At the end of 2016, the European Parliament issued a proposed directive (COM (2016)723/30/EU) in this regard (Directive Proposal).

    Filed under:
    European Union, Insolvency & Restructuring, Taylor Wessing
    Authors:
    Hendrik Boss , Anna Geissler
    Location:
    European Union
    Firm:
    Taylor Wessing
    Marblegate: what does it mean for European restructurings?
    2017-01-25

    In a highly-anticipated decision on a long-running bondholder dispute, the US Court of Appeals for the Second Circuit issued its judgment last week in Marblegate Asset Management LLC v Education Management Corp. It concluded that “Section 316(b) [of the US Trust Indenture Act 1939] prohibits only non-consensual amendments to an indenture’s core payment terms”, i.e. the amount of principal and interest owed and the maturity date.

    Filed under:
    European Union, USA, Capital Markets, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Bankruptcy, Consideration, Second Circuit
    Authors:
    Andrew Wilkinson , Alexander Wood , Patrick Bright , Nitin Konchady
    Location:
    European Union, USA
    Firm:
    Weil Gotshal & Manges LLP
    Guardians of New Zealand Superannuation Fund & Ors v Novo Banco, S.A. [2016] EWCA Civ 1092
    2017-01-25

    Following the collapse of Banco Espirito Santo, the Court of Appeal held that a $835m loan had not been transferred to Novo Banco.

    This case concerns a Court of Appeal hearing following the 2014 collapse of substantial Portuguese bank Banco Espirito Santo ('BES').

    In June 2014, Oak Finance Luxembourg SA ('Oak') entered a facility agreement with BES to lend approximately $835million. The agreement contained English law and jurisdiction clauses.

    Filed under:
    European Union, Portugal, United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Ashfords LLP
    Authors:
    Olivia Bridger
    Location:
    European Union, Portugal, United Kingdom
    Firm:
    Ashfords LLP

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