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    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
    ENEFI Energiahatékonysági Nyrt v Directia Generala Regionala a Finantelor Publice Brasov (DGRFP) [2016] All ER (D) 110 (Nov)
    2017-01-25

    The Court of Justice of the European Union ("ECJ") has handed down a notable judgment in the case of ENEFI Energiahatékonysági Nyrt v Directia Generala Regionala a Finantelor Publice Brasov (DGRFP) [2016] All ER (D) 110 (Nov), ruling that domestic laws governing forfeiture of a claim in insolvency proceedings apply to foreign creditors too

    Background

    Filed under:
    European Union, Insolvency & Restructuring, Litigation, Ashfords LLP, Court of Justice of the European Union
    Authors:
    Rachel Maddocks
    Location:
    European Union
    Firm:
    Ashfords LLP
    Cross Border Restructuring and Insolvency Update - January 2017
    2017-01-27

    ENEFI Energiahatékonysági Nyrt v Directia Generala Regionala a Finantelor Publice Brasov (DGRFP) [2016] All ER (D) 110 (Nov)

    The Court of Justice of the European Union ("ECJ") has handed down a notable judgment in the case of ENEFI Energiahatékonysági Nyrt v Directia Generala Regionala a Finantelor Publice Brasov (DGRFP) [2016] All ER (D) 110 (Nov), ruling that domestic laws governing forfeiture of a claim in insolvency proceedings apply to foreign creditors too.

    Filed under:
    European Union, India, Slovakia, United Kingdom, Insolvency & Restructuring, Litigation, Public, Ashfords LLP, Court of Justice of the European Union, Court of Appeal of England & Wales
    Authors:
    Alan Bennett
    Location:
    European Union, India, Slovakia, United Kingdom
    Firm:
    Ashfords LLP
    The European account preservation order at a Glance - 7 questions & 7 answers
    2017-01-31

    The EU Regulation No 655/2014 of 15 May 2014 established a European Account Preservation Order (“EAPO”). The Regulation became applicable as of 18 January 2017 within the EU except for the United Kingdom and Denmark .

    Who should be interested in this Regulation?

    Subject to the reservation in 2 below, anybody who holds money claims against a debtor domiciled in another EU Member State, whether a company or a consumer, provided that no insolvency proceedings are pending with regard to the debtor.

    Filed under:
    European Union, Banking, Insolvency & Restructuring, Wolf Theiss
    Authors:
    Holger Bielesz
    Location:
    European Union
    Firm:
    Wolf Theiss
    Funds Talk: February 2017
    2017-02-01

    Funds Talk: February 2017

     

    Topics covered in this issue include:

    Filed under:
    European Union, USA, Banking, Capital Markets, Competition & Antitrust, Corporate Finance/M&A, Derivatives, Employee Benefits & Pensions, Employment & Labor, Insolvency & Restructuring, IT & Data Protection, Tax, White Collar Crime, Kramer Levin Naftalis & Frankel LLP, Employee Retirement Income Security Act 1974 (USA), Internal Revenue Code (USA)
    Location:
    European Union, USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Reverse Cross Border merger could become popular as UK companies restructure in advance of Brexit
    2017-02-03

    Reverse cross border mergers could become a popular device for UK companies seeking to maintain and preserve “passporting” or other EU rights.

    The mechanism of a reverse cross-border merger (in this context whereby a UK parent company merges with their continental European subsidiary) has not historically been permitted under English law. However the provisions of an EU directive implemented in the UK in 2007 changed that position giving UK company groups that option.

    Filed under:
    European Union, United Kingdom, USA, Corporate Finance/M&A, Insolvency & Restructuring, Bryan Cave Leighton Paisner (Bryan Cave), European Commission
    Authors:
    Robert Bell
    Location:
    European Union, United Kingdom, USA
    Firm:
    Bryan Cave Leighton Paisner (Bryan Cave)
    The legal debate concerning an Italian exit from the Euro
    2017-02-03

    Introduction

    Filed under:
    European Union, Italy, Banking, Insolvency & Restructuring, Nctm Studio Legale, European Commission, Council of the European Union, European Parliament, Treaty on the Functioning of the European Union
    Authors:
    Dario Loiacono
    Location:
    European Union, Italy
    Firm:
    Nctm Studio Legale
    New mechanism introduced for freezing a debtor’s Bank accounts throughout the EU
    2017-01-19

    The European Account Preservation Order Regulation 655/14 came into effect yesterday, 18 January 2017 throughout Europe except in the UK and Denmark - who have not adopted the regulation. The Regulation establishes a procedure which enables creditors from a participating member state to seek an Order preventing a debtor from dissipating assets until such time as the creditor’s proceedings for Judgement are determined and enforced.

    Filed under:
    European Union, Ireland, Banking, Insolvency & Restructuring, RDJ LLP
    Authors:
    Ricky Kelly
    Location:
    European Union, Ireland
    Firm:
    RDJ LLP
    Freeze! Securing a debtor's assets in a foreign country can be a difficult and lengthy exercise - a new EU Regulation will change this.
    2017-01-24

    Suppose you were a German bank lending to a Spanish debtor under a loan agreement governed by German law. Once your Spanish debtor stops paying, the bank would have to obtain a German legal judgment and would then have to enforce it in Spain. Any measure to secure the debtor's assets in the meantime, is typically subject to the jurisdiction where the asset is located, or subject to lengthy recognition proceedings. Having to resort to local law measures usually puts foreign creditors in a worse-off position than local ones.

    Filed under:
    European Union, Germany, Banking, Insolvency & Restructuring, Schoenherr
    Authors:
    Miriam Simsa
    Location:
    European Union, Germany
    Firm:
    Schoenherr
    The Road Ahead for 2017 - Restructuring & Insolvency in Germany and the EU
    2017-01-09

    While the number of corporate insolvencies in Germany has declined over the last couple of years, the general market perception is that the number of insolvencies may increase again in 2017. Also, as more larger companies are facing distressed situations, the overall value of distressed debt is therefore expected to rise as well.

    The legal framework for restructuring & insolvency in Germany will also change in 2017, not only based on domestic legislation, but also because of developments on the EU level.

    Filed under:
    European Union, Germany, Banking, Insolvency & Restructuring, Squire Patton Boggs, Brexit
    Authors:
    Andreas Lehmann
    Location:
    European Union, Germany
    Firm:
    Squire Patton Boggs

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