Regional news: European Union

European Commission warns Malta against further rescue finance for struggling national airline

The European Commission has ruled out the possibility of allowing the government of Malta to use state funds to clear up to €66 million from the balance sheet of Air Malta, the national airline that completed a restructuring in 2012 with the help of €130 million of state aid.

12 December 2016

Experts in harmony over strengths of proposed EU directive

Restructuring experts from around Europe have told GRR that while the European Commission’s proposed harmonisation directive signifies only incremental change for some jurisdictions, it complements the recast European Insolvency Regulation and lays the groundwork for further reform.

29 November 2016

EU court limits protection of pension funds

The Court of Justice of the European Union (CJEU) has ruled that EU law does not protect pension payments from becoming part of an insolvency estate, if a bankrupt company failed to make them within the protection period offered by the relevant national insolvency legislation.

25 November 2016

EU sets out reforms to BRRD and capital requirements directive

The European Commission has published proposed amendments to its flagship banking regulation, with the twin aims of increasing the resilience of financial institutions and facilitating lending to support economic activity across the single market.

24 November 2016

EU unveils sweeping proposals to harmonise insolvency laws

The European Commission has, for the first time, issued proposals for a business insolvency directive aimed at improving and harmonising restructuring laws across the single market.

23 November 2016

Hanjin to wind down European operations as international assets go up for sale

A South Korean court has granted bankrupt cargo hauler Hanjin permission to wind down its European operations, as parts of the global group’s other assets go up for sale.

25 October 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

European lobby group issues model clauses for cross-border recognition of "bail-in"

A European lobbying group for financial markets has issued a set of model clauses to help banks apply the BRRD to cross-border liabilities; meanwhile, Singapore’s central bank opened two new consultations and the UK has updated a 1930 statute regarding rights against insurers in insolvencies.

11 August 2016

Slovenian banks' bail-in was legal says EU court

The Court of Justice of the European Union has ruled that Bank of Slovenia was justified in wiping out swathes of bondholder debt and equity capital in the 2013 bailout of five major banks.

20 July 2016

UK, Netherlands and European Commission open consultations

The UK has launched a consultation on four insolvency law amendments that would protect debtors, as the Dutch government seeks responses to its proposed adoption of bail-in under the BRRD, and the European Commission checks up on its regulation of financial conglomerates.

21 June 2016

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