In accordance with EU legislation, Member States have the power to limit the obligation of public guarantee institutions to pay employees’ claims in the event of their employer’s insolvency. The Court of Justice found to be compliant a national provision (Bulgarian law) that confines the protection given by said guarantee institutions to those employment relationships that have not ended within the three months prior to the opening of insolvency proceedings.
On 13 September 2018, the UK Government published a guidance notice (Guidance) on handling civil disputes, including cross-border insolvencies, in the event that the UK exits the EU without having first agreed a framework for ongoing civil judicial cooperation, and from which time and date (11 pm on 29 March 2019) the UK will not benefit from the EU rules to replace the current arrangements.
REGULATORY & GOVERNMENTAL AFFAIRS Noerr EUROPANEWS Issue 32/2018 08 – 12 October 2018 Content LAW ___________________________________________________________________________________________ 1 POLITICS/GENERAL _______________________________________________________________________________ 2 DECISIONS ______________________________________________________________________________________ 3 FROM THE OJEU _________________________________________________________________________________ 3 BRUSSELS INTERN ______________________________________________
Insurance Quarterly Legal and Regulatory
Update
Period covered: 1 July 2018 30 September 2018
1
Table of Contents
Introduction Following recent proposed changes to UK restructuring and insolvency law, a new European Union (“EU”) directive concerning restructuring within EU Member States proposed by the European Commission (“Commission”) has reached an advanced stage.
KEY POINTS Investors seek reliable information, legal certainty, predictability of outcome and the
opportunity to participate in a rescue and/or restructuring which will recover value. The Recast European Insolvency Regulation (the `Recast EIR') should, at least in part,
help investors meet those objectives. It is hoped that the Recast EIR will encourage greater investment (including distressed
On 12 March 2018 the European Commission published a proposal for a Regulation to govern the law applicable to the third-party effects of assignments of claims (the “Assignment Regulation”).
The proposal of the Assignment Regulation adopted by the European Commission deals with which law applies to determine the effectiveness and perfection of the transfer of title – and the creation of other rights like pledges and charges – in relation to claims and receivables vis-a-vis third parties.
On 18 January 2017, EU Regulation n°655/2014 establishing a European Account Preservation Order ("EAPO") procedure became fully applicable in all Member States, with the exception of Denmark and the United Kingdom. |
Not every sale of a unit of production in an insolvency proceeding is free of VAT
Central Economic-Administrative Tribunal decision of March 21, 2018
English Law Challenges to EU Bank Restructurings Firmly Closed off by U.K. Supreme Court
Summary – Decision of U.K. Supreme Court