In its ruling dated 10 December 2015, case ref. C-594 / 14, the ECJ decided that the liability of a managing director for prohibited payments following insolvency under section 64 of the GmbHG is a provision covered by insolvency law and therefore falls within the scope of application of the EU Insolvency Regulation.

Mit seinem Urteil vom 10. Dezember 2015, Az. C-594 / 14, hat der EuGH entschieden, dass die Haftung eines Geschäftsführers für verbotene Aus- zahlungen nach Insolvenzreife nach §64 GmbHG eine insolvenzrechtliche Regelung darstellt und deshalb dem Anwendungsbereich der EuInsVO unterliegt.

As the country recovers from the shock outcome of last Thursday’s Referendum, the question which Restructuring professionals must now consider is “what does Brexit mean for me?”. The truth is that nobody really knows. The Referendum decision is not legally binding on the UK Government and the process of the UK leaving the EU will only start once the UK has served formal notice on the EU pursuant to Article 50 of the Treaty on the European Union. This will start a two year negotiation period to effect Brexit.

This briefing covers Brexit implications of restructuring and insolvency, in particular it discusses the implications on the European Regulation on Insolvency Proceedings and recognition of insolvency judgments and how schemes of arrangement will be impacted by Brexit.

English insolvency and restructuring law and procedures are significant at both the European and world level. In recent times lenders, debtors and many others have sought to take advantage of the varied, flexible and fair procedures available in our jurisdiction.

1. IVA. Medidas de modernización en la Unión Europea

El pasado día 7 de abril la Comisión Europea comunicó la presentación de un Plan de Acción para revitalizar el actual sistema de IVA en la Unión Europea (UE), con el objetivo de hacerlo más sencillo, más impermeable al fraude y propicio para las empresas.

Summary

Pension scheme trustees will generally be concerned to try to ensure that the “safety net” provided by the Pension Protection Fund (PPF) remains potentially available for their scheme.

The UK is a well-established jurisdiction for cross border insolvencies, both within the EU and the rest of the world. The main piece of EU legislation that governs this area of law is the EC Council Regulation 1346/2000 ("the Insolvency Regulation"). Ultimately, this legislation facilitates the recognition of insolvency proceedings that span multiple jurisdictions. The Insolvency Regulation sets out the correct jurisdiction in cross border situations and, crucially, makes it mandatory for Member States to recognise insolvency proceedings in other EU countries.

Introduction

The performance of the UK manufacturing sector is one of the key indicators of the health of the UK economy as a whole. To what extent is the current stagnant growth in that sector a result of the impending EU referendum?