A speechby Sam Woods of the Bank of England (BoE) says a lot about its approach to Solvency II and leaves a lot more unsaid.
Woods said that he wanted to dispel two myths:
On Friday 5 September, the Spanish Council of Ministers approved Royal Decree Law 11/2014, of 5 September, regarding urgent measures on insolvency. The Royal Decree Law brings in a series of significant reforms to the Spanish Insolvency Act 22/2003, of 9 July (the "Insolvency Act"). The new Royal Decree Law entered into force on 7 September 2014.
Royal Decree-Law 14/2013 ("RD-L 14/2013"), of 29 November, of urgent measures to adapt Spanish law to European Union regulations on the supervision and solvency of financial institutions, that entered into force on 1 December, clarifies the insolvency qualification regime applicable to the credits transferred by SAREB, to third parties, thus modifying section h) of article 36.4 of Act 9/2012, of 14 November, on the restructuring and resolution of credit institutions ("Act 9/2012").
In its recent decision in Walton v ACN 004 410 833 Limited (formerly Arrium Limited) (in liquidation) [2022] HCA 3 (Walton), the High Court of Australia held, in a split decision, that the mandatory public examination power contained in section 596A of the Corporations Act 2001 (Cth) (the Act) could be used by eligible applicants to examine directors and other officers of a company in external administration, including senior management, external administrators and trustees, about the company’s affairs for the broad purposes of enforcing and promoting comp
The Treasury has released a consultation paper on changes to improve creditors’ schemes of arrangement in Australia (the Consultation Paper).[1] The main proposal in the Consultation Paper is the consideration of a broad automatic moratorium, available to companies proposing a creditors’ schem
El Real Decreto-ley 5/2021, de 12 de marzo, de medidas extraordinarias de apoyo a la solvencia empresarial en respuesta a la pandemia del Covid-19, se ha aprobado con el fin de proteger el tejido productivo y evitar un impacto estructural sobre la economía tras la significativa reducción de ingresos de muchas empresas y autónomos. |
Singapore’s Insolvency, Restructuring and Dissolution Act (the “IRDA“), together with 48 pieces of subsidiary legislation, comes into force today, 30 July 2020 (available here).
The Government on 20 May 2020 published the Corporate Insolvency and Governance Bill, which contains the most far-reaching reforms to UK insolvency law in over 30 years. The Bill has been introduced on an emergency basis in an attempt to ensure that otherwise financially viable companies survive during a period of unprecedented interruption and turmoil.
A mere few weeks ago, the hypothesis that the COVID-19 virus would not affect the African continent was still being widely propagated. The theory that the virus does not survive in warm weather has since been debunked and the number of African countries that have recorded confirmed cases of coronavirus is growing rapidly. On 18 March 2020, the Director-General of the World Health Organisation, Tedros Adhanom Ghebreyesus, warned that Africa has to prepare for the worst.