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Changes Expected to the Saudi Arabian Bankruptcy Law
2016-07-31

The proposed changes to the Saudi Arabian bankruptcy regime will provide the judiciary the right to obligate creditors to accept a settlement proposed by the debtor (the “new Law”).

The Ministry of Commerce and Investment is currently in the latter stages of reforming the Kingdom’s bankruptcy laws and regulations. The new Law is intended to replace certain sections in the Commercial Court Law and the Bankruptcy Protecting Settlement Law dealing with bankruptcy.

Filed under:
United Arab Emirates, Banking, Insolvency & Restructuring, Al Tamimi & Company, Bankruptcy, Debtor, Debt, Mortgage loan, Liquidation, Default (finance), Commercial Court (England and Wales)
Location:
United Arab Emirates
Firm:
Al Tamimi & Company
View Original Article
Mortgages,Poland creates a Borrowers’ Support Fund to fill its consumer bankruptcy gap
2015-10-22

Poland’s Parliament has enacted a new law creating a Borrowers’ Support Fund to help homeowners with mortgages that are underwater.  Official statistics by mortgage amount show that 24.3% of mortgages, totaling PLN 84.1 billion (approx. USD 22.7 billion) exceed the value of the borrowers’ homes, affecting 236,400 borrowers.

Filed under:
Poland, Banking, Insolvency & Restructuring, Squire Patton Boggs, Mortgage loan
Authors:
Peter Swiecicki
Location:
Poland
Firm:
Squire Patton Boggs
View Original Article
IndyMac trustee and FDIC reach settlement in tax refund contest
2014-11-24

In a move signaling the end of 6 years of litigation, the bankruptcy trustee for the holding company of failed mortgage lender IndyMac Bancorp, Inc. (“Bancorp”) negotiated a settlement agreement with the FDIC regarding the ownership of nearly $60 million of tax refunds.  If approved by the bankruptcy court, the settlement would resolve one of the most highly publicized tax refund disputes involving the FDIC, a number of which arose in the wake of 2008’s financial crisis.

Filed under:
USA, Banking, Insolvency & Restructuring, Squire Patton Boggs, Mortgage loan, Holding company, Bank holding company, Federal Deposit Insurance Corporation (USA), Office of Thrift Supervision, United States bankruptcy court
Authors:
Andrew M. Simon
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
Tribunals Courts and Enforcement Act 2007
2007-12-21

This Act received Royal Assent in July 2007 but no date for implementation has been published yet.

In addition to the provisions contained in this Act aimed at improving the working of the tribunals system and increasing judicial diversity, are several sections that will be of interest to financiers and insolvency professionals: 

Filed under:
United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Squire Patton Boggs, Debtor, Breach of contract, Landlord, Leasehold estate, Interest, Debt, Mortgage loan, Writ, Common law, Capital punishment
Location:
United Kingdom
Firm:
Squire Patton Boggs
View Original Article
Newsletter - Restructuring - July 2014 - Supreme Court ruling of April 3 0, 2014, no . 100/2014: rescission of contextual guarantee granted to a group company
2014-07-21

The rescission was declared of a mortgage the insolvent company  granted over a  warehouse it owned in guarantee of the  loan a credit institution  had  granted to a company of its group. The Supreme Court declared (i) that the contextual guarantee was  for consideration and (ii) the need for proof of the profit (even indirect) of the guarantor  company without merely belonging to the  group sufficing, and  confirmed that the  rescission only affected the guarantee and not the loan.

Filed under:
Spain, Banking, Insolvency & Restructuring, Litigation, Cuatrecasas, Mortgage loan
Location:
Spain
Firm:
Cuatrecasas
View Original Article
Restructuring - January 2014 - Directorate General for Registries and Notaries resolutions of September 13 and October 29, 2013: appraisal certificate requirement for mortgage creation since the reform of act 1/2013
2014-01-28

These resolutions clarify the circumstances in which an appraisal certificate is required to create and amend mortgages following the reform of the Rules of Civil Law Procedure under Act 1/2013.

Filed under:
Spain, Banking, Insolvency & Restructuring, Cuatrecasas, Debtor, Mortgage loan, Deed, Debt restructuring
Location:
Spain
Firm:
Cuatrecasas
View Original Article
Judgement No. 652/2012, of November 8, 2012, No. 652/2012 by the Supreme Court: avoidance actions in intragroup transactions and scope of application of Article 10 of the Mortgage Market Act
2013-02-18

Guarantees granted by a group company for securing a loan used to repay the insolvent party’s personal debts are detrimental to the insolvency estate. Article 10 of the Mortgage Market Act refers solely to mortgages that are already part of an issue of mortgage securities.

Filed under:
Spain, Banking, Insolvency & Restructuring, Litigation, Cuatrecasas, Debt, Mortgage loan
Authors:
Íñigo Rubio Lasarte
Location:
Spain
Firm:
Cuatrecasas
View Original Article
Newsletter | Finance and Restructuring | 2nd quarter 2019
2019-07-26

From July 21, the reform of rules on prospectuses, intended to establish a common rulebook across the EU to encourage financing through capital markets, will directly apply in Spain.

Filed under:
European Union, Spain, Banking, Insolvency & Restructuring, Real Estate, Tax, Cuatrecasas, Mortgage loan, Stamp duty, European Commission, CJEU, Directorate-General for Competition (EU)
Location:
European Union, Spain
Firm:
Cuatrecasas
View Original Article
Barcelona Commercial Court No. 9 ruling of September 8, 2014: classification of the remaining credit after the cancelation of a second- ranking mortgage through an assignment in lieu of payment (dación en pago) in respect of the creditor of the first mortgage
2014-10-31

The remaining credit after the cancelation of its guarantee through an assignment in lieu of payment (dación en pago) in favor of a creditor with a lower-ranking guarantee is an ordinary credit and cannot be subject to a new classification

Filed under:
Spain, Banking, Insolvency & Restructuring, Litigation, Tax, Cuatrecasas, Tax credit, Mortgage loan
Location:
Spain
Firm:
Cuatrecasas
View Original Article
Supreme Court ruling of July 21, 2014, No. 401/2014: rescission of non- contextual mortgage granted in favor of group company
2014-10-31

Rescission of an extension to a mortgage granted by the insolvent company securing a preexisting debt of a company of its group

Filed under:
Spain, Banking, Insolvency & Restructuring, Litigation, Cuatrecasas, Debtor, Mortgage loan
Location:
Spain
Firm:
Cuatrecasas
View Original Article

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