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Insolvency European Union Commercial Bankruptcy

Herbert Smith Freehills Kramer

Crossing Jurisdictions - Dealing With Tenant Insolvency in the European and US Commercial Real Estate Markets

The global commercial real estate market paints a varied picture, with certain jurisdictions and sectors recovering quicker than others from the COVID-19 pandemic and continuing geopolitical uncertainty. Higher interest rates...more

Latham & Watkins LLP

Adler: A Spanish Perspective

Latham & Watkins LLP on

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

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

K&L Gates LLP

Luxembourg Modernises Its Insolvency Legislation

K&L Gates LLP on

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

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

A&O Shearman on

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

Hogan Lovells on

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

Hogan Lovells on

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

Hogan Lovells on

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

A&O Shearman on

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?

Latham & Watkins LLP on

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?

Hogan Lovells on

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)

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

Jones Day

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

Jones Day on

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

Latham & Watkins LLP on

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?

White & Case LLP on

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

Morgan Lewis

Germany Introduces Restructuring Procedure Outside Insolvency

Morgan Lewis on

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

Hogan Lovells on

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

Hogan Lovells on

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

Latham & Watkins LLP

German Bundestag Passes Comprehensive Reform in Restructuring and Insolvency Law

Latham & Watkins LLP on

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

Jones Day

Directors' Duties—A European Overview: Financial Distress and COVID-19 - November 2020

Jones Day on

A company or group's financial distress causes significant turmoil for its owners, directors, managers, employees and often its suppliers and other creditors. For directors in particular, there are significant...more

Hogan Lovells

Zahlungen bei Insolvenzreife nach neuem § 15b InsO-E

Hogan Lovells on

Das Gesetzgebungsverfahren zum Gesetz zur Fortentwicklung des Sanierungs- und Insolvenzrechts („SanInsFoG“) schreitet in beachtlicher Geschwindigkeit voran. Seit 14. Oktober 2020 liegt der Regierungsentwurf („RegE“) vor....more

Hogan Lovells

New ways of restructuring in Germany

Hogan Lovells on

Germany's new restructuring regime is expected to come into force 0n 1 January 2021. At the heart of the new regulation is the introduction of a so-called stabilization and restructuring framework (“SRF”) for companies....more

A&O Shearman

The German StaRUG-Scheme: Act on the Stabilisation and Restructuring Framework for Businesses

A&O Shearman on

A short bullet point summary of the new StaRUG-Scheme and a non-reliance translation of the draft bill for the StaRUG-Scheme from German into English based on the preliminary text of the new draft legislation. ...more

Orrick, Herrington & Sutcliffe LLP

Disposizioni integrative e correttive al Codice della Crisi d'Impresa e dell'Insolvenza'

In data 18 ottobre 2020 il Consiglio dei Ministri ha approvato, in esame definitivo, un decreto legislativo (in fase di pubblicazione) (il “Decreto Correttivo”) che introduce disposizioni integrative e correttive al Codice...more

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