Restructuring & Insolvency Newsletter - May 2018
NPLs: European Commission’s second report on NPLs and package of measures to accelerate the reduction of NPEs
The second progress report on NPLs shows a strengthening of the trend towards reducing NPLs, which is particularly visible in Spain. The report proposes new measures for continuing with the reduction of NPEs (Non Performing Exposures) in member states.
Brexit and end of the transition period: insolvency and pre-insolvency impacts from December 31, 2020 onwards
On February 28 the European Commission published the Draft Agreement on the Withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union. This draft, based on the joint report presented by the negotiators of the EU and the UK on December 8, 2017, sets out the guidelines for future negotiations between both of them.
Judgments of special interest
- A provision out of assets available to creditors as injunctive relief for holder of contingent claim must actually be material
- A deed in lieu can be clawed back in an insolvency proceeding even in pre-insolvency period if it implies unjustified detriment to assets
- The DGRN ends uncertainty over procedure for appointing insolvency mediator in out-of-court payment agreements
- Acquiring a business unit of a company in insolvency under pre- RDL 11/2014 wording does not shift liability for its social security debts
- When a shareholder exercises their withdrawal right they cannot be deemed a ‘specially related person’ to the debtor (insider)
Events
Garrigues, present at the main Restructuring & Insolvency events
Contacts
