The EU Regulation No 655/2014 of 15 May 2014 established a European Account Preservation Order (“EAPO”). The Regulation became applicable as of 18 January 2017 within the EU except for the United Kingdom and Denmark .
Who should be interested in this Regulation?
Subject to the reservation in 2 below, anybody who holds money claims against a debtor domiciled in another EU Member State, whether a company or a consumer, provided that no insolvency proceedings are pending with regard to the debtor.
In einer kürzlich ergangenen Entscheidung hat sich der EuGH mit der Frage der Insolvenz eines von zwei Unternehmen einer Bietergemeinschaft (BIEGE) und der weiteren Teilnahme des verbleibenden BIEGE-Partners am Vergabeverfahren auseinandergesetzt. Das Erkenntnis erging im Sektorenbereich.
After controversial debates, Law no. 77/2016 on discharge of mortgage- backed debts through transfer of title over immovable property (the "Law on Debt Discharge") was finally published in the Official Gazette on 28 April 2016 and will enter into force on 13 May 2016.
Can distressed assets be disposed of more quickly during the upcoming economic downturn? On 24 March 2020, amendments to the Polish bankruptcy law came into force, including the amendments regarding pre-packaged sales. The pre-pack sale procedure was highly praised by restructuring practitioners a few years ago, but what are experts saying now? Lech Giliciński and Joanna Gąsowski, restructuring lawyers of Wolf Theiss Warsaw, comment on yesterday's amendments to the Polish Bankruptcy Law. In order to learn more, please download the file below.
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.
A new Enforcement Law has been introduced in Serbia, a significant portion of which will enter into force on 1 July 2016. One important novelty can be found in its Article 547, which, inter alia, introduces an obligation for certain enforcement creditors to deliver a specific statement to the court within a prescribed window of time, i.e. by 1 July 2016.
The New Law Aims at Protecting Entities against the Negative Effects of Insolvency by their Majority Owners
On 2 May 2018 the Croatian Constitutional Court ("Constitutional Court") upheld the Law on Extraordinary Administration Procedure for Companies of Systematic Importance for Croatia, better known as "Lex Agrokor".
On 6 April 2017 the Croatian Parliament passed the Act on Special Administration Procedure for Companies of Systemic Importance for the Republic of Croatia ("Act"), commonly referred to as Lex Agrokor. The Act was published on the same date and entered into force on 7 April 2017.
On 14 February 2017, the president of the Czech Republic signed a comprehensive amendment to the Czech Insolvency Act which will enter into force on 1 July 2017, and will significantly affect a vast number of insolvency institutions.
The purpose of the amendment is to lessen the administrative burden on the courts, protect against unjustified 'frivolous' insolvency petitions (literal Czech translation is bullying petitions), enhance the transparency of insolvency proceedings and regulate the advisors providing services in the area of debt relief.