On June 6 the Council of the European Union approved the Proposal for a Directive of the European Parliament and of the Council on preventive restructuring frameworks, second chance and measures to increase the efficiency of restructuring, insolvency and discharge procedures.
This marks an end to the legislative process of the Directive, which is now pending to be publisged in the Official Journal of the European Union.
Put concisely, the approved directive imposes an obligation on member states to implement harmonized legislation on:
The past couple of years have seen a number of major airlines collapse, including Monarch and Air Berlin. Unfortunately, this year has already seen the number of casualties pile up with the likes of WOW Air, FlyBMI, Primera Air and Jet Airways all ceasing operations. With Thomas Cook – the UK’s oldest travel operator – the latest in jeopardy, we look at Lexology’s recent articles in an attempt to analyse this trend and explore the legislation being introduced to support the aviation industry.
Need some AIR – can airlines operate when insolvent?
The European Parliament's proposal of 28 March 2019 for a Directive of the European Parliament on preventive restructuring frameworks, second chance and measures to increase the efficiency of restructuring, insolvency and restructuring proceedings (hereinafter, the "Directive") aims at developing national preventive restructuring frameworks.
Executive Summary
The Irish High Court currently has exclusive jurisdiction to make orders against the Registrar (as defined below) pursuant to the Convention and the Protocol (both as defined below).
The recent judgment of Mr Justice McDonald in Unicredit Global Leasing Export Gmbh v Business Aviation Limited and Aviareto Limited1 is a welcome reminder that the Irish Courts will not tolerate misleading registrations on the International Registry for International Interests in Mobile Equipment (the "Registry").
In Budimex SA (C224/18), the CJEU was asked by a Polish Court to determine the time of supply in relation to a construction contract where no invoice was issued in accordance with articles 63 and 66 of the Principal VAT Directive (PVD), which provide that the chargeable event for VAT purposes is when the services are supplied.
El tribunal de un Estado miembro que conoce del procedimiento de insolvencia tiene competencia exclusiva para conocer de las acciones revocatorias ejercitadas dentro del mismo
Sentencia del Tribunal de Justicia de la Unión Europea de 14 de noviembre de 2018
While a range of outcomes, including a departure under the terms of the current Withdrawal Agreement, remains possible, it is important for businesses to plan for a no-deal Brexit, in which the UK leaves the EU without a withdrawal agreement or other deal. Here we look at the potential impact of a no-deal Brexit on cross-border corporate recovery and insolvency.
Key issues
- It is common for the ownership and operation of a hotel to be separated and this should be reflected in a lender's security package.
- In the event of financial distress, a review of the hotel holding and operating structure and security package is essential to identify pre-enforcement and enforcement options available to the lender.
- The practicalities of enforcement need to be considered alongside the legal options, including the position in relation to existing licences and short term funding requirements, as this will inform the strategy for how the a
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April 2019
The EU Risk Reduction Package: The Countdown for Restructuring the MREL Base Has Just Begun