In case you have just returned from Outer Space- the UK Government has announced that it is holding a referendum on 23 June 2016 on the question:
“Should the United Kingdom remain a member of the EU or leave the EU?”
In the meantime, whilst the UK decides whether to Brexit or not, the EU Commission is taking a “business as usual” stance.
Regulation No. 2015/848 is an update and an enhancement of European Union rules on cross-border insolvencyprocedures, with respect to Regulation No. 1346/2000 currently applicable. We start here a series of newsletters wherewe will address the new rules which will come into effect starting from 2017.
Introduction:
The Court of Justice of the European Union has ruled that a provision of German law falls within the scope of Article 4 of the EC Regulation on Insolvency Proceedings, thereby paving the way for a German court to require a director of an English incorporated company to make payments under German law where the company has been placed into insolvency proceedings in Germany.
In the last quarter of 2015, Luxembourg implemented Directive 2014/59/EU of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investments firms (“BRRD”) and Directive 2014/49/EU of 16 April 2014 on deposit guarantee schemes (“DGSD” and together with BRRD, the “Directives”) by way of adopting the law of 18 December 2015 on resolution, recovery and liquidation measures of credit institutions and some investment firms, on deposit guarantee schemes and indemnification of investors (the “
Il Regolamento (UE) n. 2015/848 ha tenuto fermo il principio per cui ciascuna società è soggetta ad unaprocedura nello Stato Membro in cui si trova il proprio COMI, ma ha introdotto forme di cooperazionetra gli amministratori ed i giudici delle singole procedure
Il Regolamento (CE) n. 2000/1346
Legal background
Council Regulation (EC) No 1346/2000 concerns insolvency proceedings with debtors which operate cross-border in the EU.
Broadly, the law applicable to insolvency proceedings is the law of the member state in which the insolvency proceedings are opened. This includes rules relating to the voidness, voidability or unenforceability of legal acts which are detrimental to all creditors; article 4.
The Irish High Court recently, for the first time, recognised and gave effect to a Swiss law insolvency and restructuring process that had been commenced in Switzerland in respect of a Swiss company.
From 1 January 2016, European Economic Area (EEA) member states are required to implement Article 55 of the European Union Bank Recovery and Resolution Directive (2014/59) (BRRD).
In times of financial turbulence, politicians, regulators and the media make the case for tighter controls of the markets. However, with new regulatory powers coming in and the resulting extra layer of complexity that their application brings, investors have their reasons not to put their trust in regulators. As seen with recent developments in Portugal and Italy, a number of competing motivations surround the rescue of financial institutions. The old maxim – “Put your trust in God, but keep your powder dry” - may be applied to describe investor sentiment in an envir
The UK’s EU Referendum on membership is looming on the horizon – What are the legal implications of a so-called “Brexit” for restructuring and insolvency professionals?
The EU Referendum Act 2015 obtained Royal Assent on 17 December 2015 and provides for the following question to be put forward for voting in a referendum in the UK until the end of 2017: “Should the United Kingdom remain a member of the EU or leave the EU?”