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Against the backdrop of Brexit and the economic impact that may have on the UK’s closest neighbour, GRR examines whether Dublin is ready to play a valuable supporting role to London in the years to come.
Two recent cases show that Ireland’s restructuring regime, particularly its lesser-known scheme of arrangement, may soon get its moment to shine.
Ireland’s economy has been buoyant in recent years and the long tide of crash-era property enforcement work is subsiding, lawyers say. But more work is on its way thanks to Brexit and multinationals looking local.
A list of the key names to know in the Dublin restructuring scene, from Irish law firms to international law firms and non-lawyer insolvency practitioners.
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.
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.
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.
A new, consolidated Insolvency Act and the forthcoming transposition of the European preventive frameworks directive offer opportunities for change in Spain. But Spanish practitioners have other issues on their wish lists for reform too, including specific tweaks to the legislation to clarify points of contention, and broader desires, such as better resourcing of the Spanish courts.
GRR's guide to the firms and individuals you need to know in Spain's restructuring market.
The latest in GRR's 'Worked Out' series examines Indonesia, one of the most populous and resource-rich economies in the world – but one where restructurings can be unpredictable and deals opaque. By Douglas Thomson in Jakarta and Singapore
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