Regional news: European Union

ECB wins appeal over Banco Espírito disclosure

The European Central Bank gave sufficient reasons as to why it refused to disclose information on its suspension of credit flows to Portuguese “bad bank” Banco Espírito Santo ahead of the bank's resolution six years ago, the EU’s highest court has said, partially overturning a lower court’s ruling.

26 October 2020

TMA’s Scott Stuart talks about coronavirus and the challenges of leadership

“There’s fear and panic right now and there’s no real way to quell that.” Fresh off the back of the Turnaround Management Association’s distressed investment conference in Las Vegas, GRR spoke to the organisation’s CEO, Scott Stuart, about coronavirus-induced confidence in distressed markets and how firms are set up to deal with the forthcoming economic shockwaves.

17 March 2020

English court refers Irish bankrupt’s pensions dispute to CJEU

An English judge has asked the EU Court of Justice to decide whether a pension registered in Ireland should be exempted from a UK bankruptcy estate in the same way a UK pension would be.

31 January 2020

European Council agrees NPL recovery mechanism

European Union member states have approved a proposal for an out-of-court enforcement mechanism to help stop the build-up of non-performing loans (NPLs).

02 December 2019

New group insolvency law proposed for India

In what has been described as a “yet another path-breaking development” for the country, a working group set up by the Insolvency and Bankruptcy Board of India has published its proposals for a new group insolvency law.

17 October 2019

UK government publishes draft insolvency bill for “no deal” Brexit

The British government has published a draft bill further setting out what the UK’s insolvency legislation will look like in the event of a “no deal” Brexit, which local lawyers warn could reduce the country’s competitiveness on the international stage.

22 November 2018

Brexit deal: EU insolvency rules to stay in place during transition period

After two-and-a-half years of negotiations, the British government has published its draft agreement for the UK’s withdrawal from the European Union – but insolvency professionals have warned that a “poisonous” lack of legal certainty remains.

15 November 2018

Dutch liquidator’s third-party claim falls outside Insolvency Regulation, CJEU advocate-general argues

A Dutch liquidator’s claim against Belgian bank BNP Paribas Fortis, over a payout to a bailiff imprisoned for embezzlement, isn’t governed by the EU’s Insolvency Regulation, according to an advocate-general of the EU Court of Justice.

24 October 2018

UK government reveals “deeply concerning” cross-border insolvency guidance for no-deal Brexit

UK restructuring lawyers have warned of a “deleterious effect on creditor and debtor rights” after the British government issued its first bit of guidance on handling civil legal matters in the event of a “no deal” exit from the European Union.

14 September 2018

Environmental law trumps creditors in landmark Scottish ruling

Compliance with EU environmental law obligations should take precedence over creditors in UK insolvency law, according to a landmark judgment in Scotland’s highest civil court.

31 August 2018

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