Bankruptcy is a judicial method for the collective execution of the moneys of a debtor merchant who has ceased to pay his debts. The purpose of bankruptcy is to liquidate and sell the debtor’s money in order to distribute its proceeds to the creditors on the basis of the apportionment of administrators and deprivation of the debtor of the management or disposition of his assets throughout the period of bankruptcy.
Yesterday, the Office of the Commissioner of Financial Institutions of the Commonwealth of Puerto Rico closed Westernbank Puerto Rico, headquartered in Mayaguez, Puerto Rico, and the FDIC was appointed receiver.
Yesterday, the Office of the Commissioner of Financial Institutions of the Commonwealth of Puerto Rico closed R-G Premier Bank of Puerto Rico, headquartered in Hato Rey, Puerto Rico, and the FDIC was appointed receiver.
In re Caribbean Medical Testing Center, Inc. (Bankr. D. Puerto Rico) Case no. 11-06124
In re Hotel Airport Inc. (Bankr. D. Puerto Rico) Case no. 11-06620
Last Tuesday, Puerto Rico sold its much-ballyhooed $3.5 billion in non-investment grade general obligation bonds. Two days later, two legislators in Puerto Rico’s Senate filed a bill which, if enacted, would permit insolvency filings by Puerto Rico’s public corporations in Puerto Rico’s territorial trial court. The juxtaposition of the two events has some bond investors crying foul.
On 2 October 2018, the Romanian Official Gazette published Government Emergency Ordinance, ("GEO 88/2018"), for the amendments of certain regulations in the field of insolvency and other legislation.
On October 2, 2018, the Official Gazette of Romania published GEO 88/2018 for the modification and supplementation of certain normative acts in the field of insolvency and of other normative acts, which instates significant changes related to the current conditions in which companies subject to the insolvency proceedings may access a part of the protection mechanisms provided by the law.
These changes were adopted by the Romanian Government in the context in which, only during the first seven months of this year, over 5,200 companies underwent insolvency proceedings.
During Thursday's meeting, the Romanian Government approved a draft Government Ordinance regulating certain fiscal-budgetary measures (Draft GO). The Draft GO tackles upon various matters such as (i) restructuring measures of budgetary duties outstanding as at 31 December 2017,(ii) amending certain provisions of the Romanian Fiscal Code and of the Romanian Fiscal Procedure Code, or (iii) repealing certain legislative provisions. Additionally, the Draft GO aims to amend particular provisions of Law no.
The Joint Venture represents a judicial-economic mechanism intended to facilitate certain activities and operations which none of the associates, taken separately, would have the necessary weight and means to properly accomplish.