Spain Worked Out: The highs and lows of homologation

Featured in Worked Out

Spain had no pre-petition restructuring tool until 2009. Its first attempt to create one was rather limited. The legislation wasn’t clear on the requirements for the petition itself, and Spanish courts construed it in very different ways, with some interpreting it as granting a temporary moratorium during which the debtor could attempt to strike a deal, but after which it would still be required to enter insolvency proceedings at the end.

21 January 2020

A victim of its own success? Spain Worked Out

Featured in Worked Out

GRR is happy to present the latest instalment in its Worked Out series, this time focusing on Spain - whose scheme mechanism in recent years has gained it a reputation as one of the 'best pupils' of international restructuring.

21 January 2020

Spain Worked Out: Economic stability, political instability

Featured in Worked Out

When GRR visited Spain last June, it was nearly three months after its third general election in as many years – but still without a functioning government – with predictions of a fourth general election and further political instability abound.

21 January 2020

INSOL Insights: Rapid evolution in Chinese bankruptcy and reorganisation

King & Wood Mallesons restructuring partner Sam Kinsey shares her key takeaways from recent insolvency seminars in Beijing and Shanghai. There are positive signs, but considerable uncertainty remains, she says.

14 January 2020

Cross-border Insolvency Protocol in Jet Airways: Innovations and Challenges

Bob Wessels, professor emeritus of international insolvency law at Leiden University and expert counsel on restructuring and insolvency to the European Commission discusses the cross-border insolvency protocol between the Netherlands and India in the Jet Airways bankruptcy.

08 January 2020

Changes for financial institutions in Ukraine’s restructuring and recoveries market

Until recently Ukraine has been known as a high-risk country, provoking creditors’ fears of being caught up in a default with zero prospect of recovery. But Iryna Kalnytska, head of the restructuring and claims practice at Ukrainian firm GOLAW, says the situation has changed substantially over the past few years with reforms to Ukraine’s Bankruptcy Code and new legislation on creditors’ rights.

13 December 2019

India column: The Insolvency & Bankruptcy Code’s next stage of maturity

EY India directors Pulkit Gupta and Rob Downey argue India’s insolvency framework is reaching a new stage of evolution due to important legislative developments and cases such as Essar Steel, Jet Airways and SEL Manufacturing.

09 December 2019

Asset recovery column: The mechanics of the UNCITRAL Model Law on Enterprise Group Insolvency

Sequor Law shareholder Leyza Blanco and attorney Raul Torrao in Miami discuss the United Nations Commission on International Trade Law (UNCITRAL)’s newly approved Model Law on Enterprise Group Insolvency.

04 December 2019

Baha Mar and debtor-in-possession frameworks today

Charles Russell Speechlys partner Roger Elford in London discusses the restructuring of Bahamian hotel and casino resort Baha Mar, arguing it contrasted with recent developments in debtor-in-possession regimes across the world.

29 November 2019

Sovereign debt column: Natural disaster clauses – shelter from the storm?

Cleary Gottlieb Steen & Hamilton partner Sui-Jim Ho discusses “natural disaster clauses” in debt instruments and argues they can help disaster-hit countries avoid costly restructurings.

20 November 2019

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