Key Takeaways
Key Takeaways
In a decision widely anticipated by investors in emerging market and distressed debt, the Court of Appeal has upheld the decision of the High Court to refuse to grant an indefinite moratorium on claims under certain English law debts under the Cross Border Insolvency Rules (“CBIR”). In doing so, the Court of Appeal has reaffirmed a long-standing principle of English common law that provides important protection to creditors; known as the Rule in Gibbs, the rule provides that a debt may only be discharged according to its own governing law.
Legislative changes in Singapore and the EU introduce pre-insolvency processes facilitating non-consensual debt restructurings or cram downs comparable to those already available in London and New York. In particular, the EU Recast Insolvency Regulation (the "Recast Regulation") came into effect on June 26, 2017, enhancing cross-border co-operation for applicable insolvency proceedings starting in the EU after that date.*
The European Commission (EC) announced proposals on 22 November 2016, which are intended to harmonise national insolvency laws across the EU through a proposed directive “on preventative restructuring frameworks, second chance and measures to increase the efficiency of restructuring, insolvency and discharge procedures” (Directive). The Directive will need to be passed by the European Council and European Parliament. Then, EU Member States would be required to adopt the Directive’s provisions into their respective national laws within two years from the date of its entry into force.
You know, there’s never a dull moment when one reports on the regulatory states’ endless and so often fruitless and wrong-headed tinkering with the global economy. So now… let’s talk bail-in.
(La Sentencia del Tribunal de Justicia de la Unión Europea de 20 de septiembre del 2017)
El Tribunal de Justicia de la Unión Europea establece las condiciones para no considerar ayuda de Estado la decisión de una autoridad pública cuando se comporta como lo haría un acreedor privado en una economía de mercado al aceptar una quita en un procedimiento de convenio de acreedores...
1. El supuesto de hecho
Análisis GA&P | Julio 2015 1 N. de la C.: En las citas literales se ha rectificado en lo posible —sin afectar al sentido— la grafía de ciertos elementos (acentos, mayúsculas, símbolos, abreviaturas, cursivas...) para adecuarlos a las normas tipográficas utilizadas en el resto del texto. El Reglamento (UE) 2015/848 del Parlamento Europeo y del Consejo, de 20 de mayo del 2015, sobre procedimientos de insolvencia, ha venido a sustituir al Reglamento (CE) 1346/2000, de 29 de mayo.
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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Analysis GA&P | July 2015 1 Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings has replaced Council Regulation (EC) No 1346/2000 of 29 May 2000. This new Regulation, which will apply to insolvency proceedings opened after 26 June 2017 (art. 86), contains relevant changes. In this paper we will address one of the most significant: the inclusion of specific rules concerning the treatment of insolvency proceedings of the members of a group of companies (new discipline contained in Chapter V of the Regulation, comprising arts.