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    Newsletter - Restructuring - February 2015 - Barcelona Provincial Court (Division 15) of June 19, 2014, No. 44/2014: default interest secured with a mortgage is a privileged claim
    2015-02-06

    Claims secured with an in rem guarantee continue to accrue default interest charged to the encumbered asset and are classified as privileged.

    Filed under:
    Spain, Banking, Insolvency & Restructuring, Litigation, Cuatrecasas, Interest, Default (finance)
    Location:
    Spain
    Firm:
    Cuatrecasas
    Restructuring - January 2014 - Supreme Court ruling No. 523/2013, of December 5, 2013: insolvency classification of finance lease instalments
    2014-01-28

    The Supreme Court reiterates the doctrine in its rulings of February 12 and 19, 2013, although in this case, unlike the above rulings, in which the credits were classified as insolvency credits, it concluded that instalments resulting from one finance lease agreement falling due after the declaration of insolvency are claims against the insolvency estate.

    Filed under:
    Spain, Insolvency & Restructuring, Litigation, Cuatrecasas, Interest, Supreme Court of the United States
    Location:
    Spain
    Firm:
    Cuatrecasas
    Restructuring - January 2014 - Madrid Commercial Court number 2 rulings Nos. 190/2013, 191/2013, 192/2013 and 193/2013, of November 28, 2013: subordination of credits arising under interest rate hedging agreements
    2014-01-28

    Credits arising under interest rate swap agreements are (i) insolvency credits, as they do not fulfil the requisite of functional synallagma dependent on reciprocal obligations, and (ii) subordinate, because they involve payment of credits arising due to interest.

    Filed under:
    Spain, Insolvency & Restructuring, Litigation, Cuatrecasas, Interest
    Location:
    Spain
    Firm:
    Cuatrecasas
    Spanish Supreme Court renders judgment in a case of coexistence of similar trademarks
    2010-12-14

    Two companies showed interest in the assets of a third company that was in a state of bankruptcy.

    Filed under:
    Spain, Insolvency & Restructuring, Litigation, Trademarks, Baker McKenzie, Bankruptcy, Interest, Tribunal Supremo (España)
    Location:
    Spain
    Firm:
    Baker McKenzie
    Forgiveness of distressed debt in Europe
    2009-03-31

    Tax treatment in the hands of the creditor

    The waiver of an outstanding debt by a creditor shall be treated as an extraordinary loss for accounting purposes. As taxable income for corporate income tax purposes is calculated from the company’s accounting results assessed upon accounting regulations, such loss is normally deductible unless income tax law provides for an adjustment.

    Filed under:
    Spain, Insolvency & Restructuring, Tax, Bird & Bird LLP, Public company, Debtor, Waiver, Interest, Income tax, Taxable income, Accounting, Debt, Tax deduction, Distressed securities
    Location:
    Spain
    Firm:
    Bird & Bird LLP
    Dubai World and Nakheel propose debt restructuring, including $9.5 billion from Dubai government
    2010-03-25

    Today, Dubai World announced that it has presented a restructuring proposal to the Coordinating Committee representing its creditors on the restructuring of $23.5 billion of total financial liabilities of Dubai World as of December 31, 2009.

    Filed under:
    United Arab Emirates, Insolvency & Restructuring, Alston & Bird LLP, General contractor, Interest, Debt, Liability (financial accounting), Investment funds, Subsidiary, Debt restructuring
    Authors:
    Darren Cooper
    Location:
    United Arab Emirates
    Firm:
    Alston & Bird LLP
    New Dubai decree relating to any future restructuring of Dubai World and its subsidiaries
    2010-04-16

    On 13 December 2009, His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE, Ruler of Dubai, issued Decree No. 57 for 2009 Establishing a Tribunal to Decide Disputes Related to the Settlement of the Financial Position of Dubai World and its Subsidiaries (Decree No. 57). The text of Decree No. 57 is available at http://www.difccourts.ae.

    Why Issue Decree No. 57?

    Filed under:
    United Arab Emirates, Insolvency & Restructuring, Latham & Watkins LLP, Interest, Liquidation, Moratorium, Subsidiary, Dubai International Financial Centre, High Court judge (England and Wales), DIFC Courts
    Location:
    United Arab Emirates
    Firm:
    Latham & Watkins LLP
    Anti-deprivation: still worth worrying about?
    2011-11-15

    The Supreme Court recently considered the scope of the anti-deprivation principle, in Belmont Park Investments PTY Limited (respondent) v. BNY Corporate Trustee Services Limited and Lehman Brothers Special Financing Inc (appellant) [2011] UKSC 38 (Belmont). Understanding the scope of this principle is important for anyone entering a contract where the parties’ rights and obligations change if one of them enters an insolvency procedure. Robert Spedding explains how the courts applied the principle in Belmont and makes some practical suggestions for avoiding problems.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Dentons, Contractual term, Collateral (finance), Landlord, Interest, Swap (finance), Good faith, Common law, Default (finance), Credit default swap, Lehman Brothers, Supreme Court of the United States, UK Supreme Court
    Authors:
    Robert Spedding
    Location:
    United Kingdom
    Firm:
    Dentons
    Joint Building Society administrators for Dunfermline Building Society v FM Front Door Limited
    2011-11-15

    Application for an administration order in respect of FM Front Door Ltd. The application followed FM’s failure to make payments under a loan from the Dunfermline Building Society obtained to assist with the purchase of flats at the Skyline development on Finniestoun Street in Glasgow.  The loan was secured by a floating charge and standard securities over each of the flats. FM’s parent company FM Developments also granted a guarantee for the loan.

    Clause 13 of the loan agreement provided that the grounds for default included:

    Filed under:
    United Kingdom, Scotland, Insolvency & Restructuring, Litigation, Real Estate, Morton Fraser MacRoberts, Bond (finance), Surety, Security (finance), Waiver, Interest, Debt, Default (finance), Market value, Building society, Insolvency Act 1986 (UK)
    Location:
    United Kingdom
    Firm:
    Morton Fraser MacRoberts
    Cross-border restructurings using offshore companies
    2011-08-17

    In the current economic climate, there has been increased interest from clients and their advisers in using offshore companies in cross-border restructurings. The use of offshore companies in restructurings is often driven by tax and structuring advice, where there is a desire to continue the group operating as a going concern and to achieve a favourable outcome for creditors (usually outside of formal insolvency proceedings).

    Such companies can offer a number of advantages when used as part of a restructuring plan, including:

    Filed under:
    United Kingdom, Insolvency & Restructuring, Private Client & Offshore Services, Ogier, Share (finance), Bankruptcy, Shareholder, Interest, Option (finance), Capital gains tax, Stamp duty
    Authors:
    Bruce MacNeil
    Location:
    United Kingdom
    Firm:
    Ogier

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