Regional news: European Union

EU off the hook over Cypriot bailout discrimination claim

Depositors in Cypriot banks bailed out by the European Union in 2012 have failed in their claim that the terms of that bailout were discriminatory.

19 July 2018

Article 15 does not apply to enforcement proceedings, ECJ rules in Espírito Santo case

A frustrated potential creditor of Portugal's Banco Espírito Santo may be able to revive his claim in Portuguese courts, after a ruling from the European Court of Justice clarified it did not belong in Luxembourg, where the bank is in insolvency proceedings.

29 June 2018

Paris restructuring symposium: EU to seek agreement on harmonisation directive by December

The EU hopes to have a general agreement on its proposed directive on preventive restructuring frameworks by December, a European Commission representative has told industry professionals in Paris.

24 January 2018

Greece breached TFEU obligations in unlawful state aid case

Greece failed to take “all measures necessary” to recover unlawful state aid awarded to a now-insolvent Greek textile company, breaching its obligations under the Treaty of the Functioning of the European Union (TFEU), an EU court has ruled.

22 January 2018

Finnish nuclear company challenges Areva’s €4.5bn state aid clearance

A Finnish nuclear company has launched a challenge against the European Commission’s decision to clear payments by the French government to help restructure Paris-based nuclear power and renewable energy group Areva.

30 November 2017

Recast EU rules on cross-border insolvency enter into force

An updated form of the European Insolvency Regulation (EIR), the EU’s flagship legislation on cross-border insolvency, has become effective across the bloc, broadening the regulation to include pre-insolvency proceedings and addressing restructuring of corporate groups.

26 June 2017

ILA London: UK insolvency community ponders future as a forum of choice

Weil Gotshal & Manges partner Adam Plainer was revealed as the new president of the UK’s Insolvency Lawyers Association (ILA) at its annual conference on Saturday, where an international panel discussed whether the UK will be able to keep its place as a forum of choice for restructuring in future.

03 April 2017

New insolvency think tank unveiled in Europe

Updated: A group of European lawyers, academics and insolvency professionals have launched the Conference on European Restructuring and Insolvency Law (CERIL), an independent think tank providing impartial advice on insolvency legislation across the EU and its individual member states.

14 March 2017

European banks may choose pre-insolvency proceedings over NPL sales, says TMA panel

The EU's proposed pre-insolvency regime may deter the sale of distressed loans, even at a time when potential buyers have access to "unlimited funds", argued panellists at TMA Europe's East European Conference last week.

27 February 2017

Investors in Greek debt should have known the risks, EU court says

An EU Court has found that the concepts of legitimate expectation and legal certainty cannot be used to challenge monetary policy decisions, rejecting claims against the European Central Bank brought by French investors in Greek debt.

24 January 2017

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