Regional news: Belgium

Regulatory roundup: new UK Insolvency Rules enter into force

A thorough overhaul of the UK’s procedural framework for insolvency becomes effective this week against a lukewarm reception, while the Australian government has updated proposed reforms to its insolvency regime taking account of a consultation last year.

05 April 2017

EU court affirms Belgian guarantee scheme breached state aid law

The European Court of Justice has affirmed that Belgium granted illegal state aid in the wake of the 2008 financial crisis, when it gave a guarantee to private shareholders of three financial cooperatives whose parent group was the main stakeholder in a distressed Belgian-French bank.

10 January 2017

London: Laying the groundwork for a European approach to fraud in insolvency

INSOL Europe’s Young Members Group and Anti-Fraud Forum convened in London last week to assess the varying approaches to fraud in insolvency cases in different jurisdictions across Europe.

17 November 2016

BRUSSELS: six points to consider when shifting COMI

A recent debate in Brussels considered the virtues of different insolvency regimes in the US and EU for the purpose of choosing a centre of main interest (COMI) – and found that forum shoppers are probably best off in America.

23 August 2016

New York court dismisses Belgian receiver’s claim against Deutsche Bank over frozen funds

The receivers of Belgium’s former national airline, who spent years trying to unlock funds in a New York bank account frozen by US sanctions against the government of Sudan, have had their case dismissed by A New York appeals court.

29 July 2016

BRUSSELS: protecting the wealth of Europe

The development of pre-insolvency mechanisms alongside formal tools such as schemes of arrangement has been a valuable response to complex financial issues and should be borne in mind by regulators attempting to harmonise regimes, speakers said at a conference in Brussels on 16 to 17 June.

13 July 2016

EU court upholds state aid granted to liquidated company without competitor’s approval

The General Court of the European Union has dismissed an appeal against a European Commission decision to provide state aid to an Italian company in liquidation without consulting an Austrian competitor.

11 March 2016

UK court examines impact of new EU laws on jurisdiction

Two decisions over the summer examined the impact of new EU legislation on the jurisdiction of the UK courts over the approval of a Dutch and Belgian group’s English scheme of arrangement, and a claim for the recovery of a debt where there were parallel administrative proceedings in Portugal.

16 December 2015

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