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European Union › Commercial Bankruptcy

The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of... more +
The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -
Latham & Watkins LLP

Adler: A Spanish Perspective

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How would the Spanish court tackle the issues faced by the English Court of Appeal in Adler? Our analysis provides an instructive comparison for groups, shareholders, and creditors when considering where to restructure....more

Akin Gump Strauss Hauer & Feld LLP

Adler Restructuring Plan Set Aside: Reflections on the English Court of Appeal’s Landmark Ruling

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In one of the most highly anticipated judgments in the European restructuring market in recent years, on 23 January 2024, the English Court of Appeal overturned the High Court’s decision sanctioning the Adler restructuring...more

Cadwalader, Wickersham & Taft LLP

The 2023 Restructuring Market Wrap-Up

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As 2024 gets underway, 2023 will be remembered as the year that King Charles III’s coronation captured our attention with its many (and occasionally bizarre) storied traditions and customs and, of course, for the passing of...more

Jones Day

Double-Dip Financings: The Next Wave in European Liability Management?

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A “double-dip” structure is considered a way to allow some creditors to have multiple claims against key obligors arising out of the same underlying transactions. These additional claims could improve their position relative...more

K&L Gates LLP

Luxembourg Modernises Its Insolvency Legislation

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On 19 July 2023, the parliament of the Grand Duchy of Luxembourg (Luxembourg) passed bill no. 6539A into law (the New Insolvency Law), marking a significant milestone in the movement to modernise and enhance the...more

Davies Ward Phillips & Vineberg LLP

Business Insolvency on the Rise in Canada: Understanding the Role of AI

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The first half of 2023 saw a significant increase in business insolvencies as economic sectors responded to uncertain financial conditions in Canada and around the world. In this issue of Davies Insolvency Now, we examine...more

A&O Shearman

Luxembourg adopts insolvency reform: new restructuring options to complete the existing Luxembourg toolkit

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The Luxembourg parliament has adopted an act on business continuity, restructuring and the modernisation of the bankruptcy regime (the Insolvency Modernisation Act or IMA)....more

Hogan Lovells

English court sanctions contested restructuring plan for the Adler Group

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On 12 April 2023, the English High Court (Mr Justice Leech) sanctioned the restructuring plan between AGPS BondCo plc (the “Plan Company”), and six classes of its creditors under Part 26A of the Companies Act 2006 (the...more

Hogan Lovells

New clarity for German insolvency proceedings - No extended realization rights

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In its decision of October 27, 2022 (IX ZR 145/21), the German Federal Court of Justice (BGH) ruled on a long-running dispute under German insolvency law. In its decision, the Court assumed that the insolvency administrator's...more

Hogan Lovells

Neue Klarheit für die Insolvenz – Keine Verwertungsrechte analog § 166 InsO des Insolvenzverwalters

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Der BGH hat mit Entscheidung vom 27. Oktober 2022 (IX ZR 145/21) eine langwährende, insolvenzrechtliche Streitigkeit entschieden. In seiner Entscheidung nahm der BGH an, dass sich das Verwertungsrecht des Insolvenzverwalters...more

A&O Shearman

The Corporate Crisis and Insolvency Code: a new beginning

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The new Corporate Crisis and Insolvency Code has a dual purpose: to satisfy the need for legal certainties and to streamline procedures....more

Latham & Watkins LLP

Schemes and Restructuring Plans: Where Are We Now?

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The forecast for the English scheme and plan looks set fair despite concerns around Brexit turbulence. The restructuring market’s appetite for Part 26 schemes of arrangement and Part 26A restructuring plans shows no...more

Hogan Lovells

The Heiploeg-ruling; the Dutch pre-pack practice approved by the European Court of Justice?

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On 28 April 2022, the European Court of Justice (“ECJ”) published its long awaited Heiploeg ruling. In this ruling the ECJ ruled that a pre-pack is possible without a transfer of undertaking, even if it results in the...more

International Lawyers Network

Bankruptcy, Insolvency & Rehabilitation Proceedings in Austria (Updated)

International Lawyers Network on

KEY FACTS OF BANKRUPTCY, INSOLVENCY & REHABILITATION PROCEEDINGS UNDER AUSTRIAN LAW - 1. Introductory Remarks on Austria’s Legal System - Austria has a civil law system, as opposed to the common law system of e.g., the...more

Dechert LLP

European Restructuring Update: France Introduces New Accelerated Safeguard Proceedings

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France has now introduced a new restructuring tool following the enactment of Ordinance 2021- 1193 (the “Ordinance”), which incorporates the Directive (EU) 2019/1023 on preventive restructuring frameworks (the “Directive”)...more

Jones Day

The Italian Insolvency Code—A Work in Progress: Timing and News

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The Italian government has postponed again the entry into force of Legislative Decree No. 14 dated 12 January 2019 (the "Insolvency Code"), taking into account the COVID-19 impact on the socio-economic scenario and the...more

Latham & Watkins LLP

France Publishes Restructuring and Insolvency Law Reform Ordinance

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Ordinance 2021-1193, which effects into law the European Directive on preventive restructuring frameworks, applies to proceedings opened from 1 October 2021. Key Points: ..Certain preventive mechanisms are...more

White & Case LLP

State of the art of the Italian liquidity measures - Keeping Italian Companies Alive?

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Since March 2020, the Italian Government has enacted a package of measures designed to help Italian businesses survive the dramatic effects of the coronavirus ("COVID-19") pandemic. The measures include guarantee schemes from...more

Dechert LLP

Restructuring Plans in European Cross-border Restructurings – One Gate Closes but Another One Opens

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Key Takeaways - The use of the UK restructuring plan ("Plan") introduced last summer has been gathering pace with a handful of recent judgments seeing it used to implement cross-border restructurings instead of UK schemes of...more

Morgan Lewis

Germany Introduces Restructuring Procedure Outside Insolvency

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The German Act on the Further Development of the Restructuring and Insolvency Law (Sanierungs- und Insolvenzrechtsfortentwicklungsgesetz – SanInsFoG) took effect on January 1, 2021, transforming the European Restructuring...more

Hogan Lovells

Hotel contracts - Deferred or suspended rent due to Corona

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Does the owner bear the risk in case of bankruptcy? Due to the tense situation in the hotel industry, various lessees are currently approaching their lessors asking for deferral or abatement of rent payments for the...more

Hogan Lovells

New German restructuring law finally comes into force

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As reported earlier, a new corporate restructuring law will be enacted in Germany. The new law's centerpiece will be the so-called stabilization and restructuring framework ("SRF")....more

Jones Day

Legislative Update: New Dutch Restructuring Law Enacted

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On October 6, 2020, the Dutch Senate approved long-anticipated restructuring legislation allowing for court confirmation of extrajudicial restructuring plans (Wet Homologatie Onderhands Akkoord, or "WHOA")....more

Hogan Lovells

Das neue Restrukturierungsrecht ist da

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Wie bereits berichtet erhält Deutschland ein neues Restrukturierungsrecht für Unternehmen, dessen Herzstück der sogenannte Stabilisierungs- und Restrukturierungsrahmen („SRR“) ist. Der Bundestag hat das entsprechende Gesetz...more

Latham & Watkins LLP

German Bundestag Passes Comprehensive Reform in Restructuring and Insolvency Law

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Through implementing the EU Restructuring Directive, German restructuring and insolvency law will be modernized, more effective, and enriched by new instruments. On 17 December 2020, the German Bundestag passed the Act on...more

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