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Debt Restructuring Insolvency European Union

Latham & Watkins LLP

Adler: A Spanish Perspective

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How would the Spanish court tackle the issues faced by the English Court of Appeal in Adler? Our analysis provides an instructive comparison for groups, shareholders, and creditors when considering where to restructure....more

Mayer Brown

Restructuring Downloaded: Episode 3

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In this episode Sheena Frazer and Amy Jacks discuss issues dealing with European assets post Brexit....more

Alston & Bird

European Enforcement Guide

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In the current economic climate, it is important that lenders understand how they can enforce security and debt claims, to help in assessing options in the event of default by their customers, and when structuring new...more

K&L Gates LLP

Luxembourg Modernises Its Insolvency Legislation

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On 19 July 2023, the parliament of the Grand Duchy of Luxembourg (Luxembourg) passed bill no. 6539A into law (the New Insolvency Law), marking a significant milestone in the movement to modernise and enhance the...more

White & Case LLP

Luxembourg Reform of Restructuring Procedures

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On 1st November 2023, the new Luxembourg law of 7 August 2023 on the continuation of businesses and modernisation of insolvency law (the "Law") enters into force. This long-awaited reform implements Directive 2019/1023...more

Dechert LLP

New Luxembourg Bankruptcy Law Enhances Luxembourg’s Restructuring Framework

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One of the two main objectives of the Law is to implement the 2019/1023 Directive, which itself aims to foster the proper functioning of the EU internal market and remove hindrances to the exercise of fundamental rights and...more

Latham & Watkins LLP

StaRUG in Practice: German Scheme Expands Restructuring Options for Debtors

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The scheme offers a credible implementation alternative, but no “one size fits all” solution exists for German credits. German credits in sectors such as real estate, automotive, and energy face a worsening macro...more

Latham & Watkins LLP

Schemes and Restructuring Plans: Where Are We Now?

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The forecast for the English scheme and plan looks set fair despite concerns around Brexit turbulence. The restructuring market’s appetite for Part 26 schemes of arrangement and Part 26A restructuring plans shows no...more

Latham & Watkins LLP

UK and European Restructuring Tools: Choosing the Optimal Forum for Creditor and Shareholder Cramdown

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Debtors and investors have an enhanced choice of restructuring venues as the EU Restructuring Directive is rolled out in Member States - A number of key European jurisdictions have now implemented the EU Preventive...more

Jones Day

The Italian Insolvency Code—A Work in Progress: Timing and News

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The Italian government has postponed again the entry into force of Legislative Decree No. 14 dated 12 January 2019 (the "Insolvency Code"), taking into account the COVID-19 impact on the socio-economic scenario and the...more

Latham & Watkins LLP

France Publishes Restructuring and Insolvency Law Reform Ordinance

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Ordinance 2021-1193, which effects into law the European Directive on preventive restructuring frameworks, applies to proceedings opened from 1 October 2021. Key Points: ..Certain preventive mechanisms are...more

Skadden, Arps, Slate, Meagher & Flom LLP

Recognition of Restructuring and Insolvency Proceedings

Although the Trade and Cooperation Agreement (TCA) arrived in time to prevent a wholesale “no deal Brexit,” issues of cross-border cooperation and recognition in relation to insolvency and restructuring proceedings were not...more

Morgan Lewis

Germany Introduces Restructuring Procedure Outside Insolvency

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The German Act on the Further Development of the Restructuring and Insolvency Law (Sanierungs- und Insolvenzrechtsfortentwicklungsgesetz – SanInsFoG) took effect on January 1, 2021, transforming the European Restructuring...more

Latham & Watkins LLP

German Bundestag Passes Comprehensive Reform in Restructuring and Insolvency Law

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Through implementing the EU Restructuring Directive, German restructuring and insolvency law will be modernized, more effective, and enriched by new instruments. On 17 December 2020, the German Bundestag passed the Act on...more

Jones Day

Directors' Duties—A European Overview: Financial Distress and COVID-19 - November 2020

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A company or group's financial distress causes significant turmoil for its owners, directors, managers, employees and often its suppliers and other creditors. For directors in particular, there are significant...more

Hogan Lovells

Zahlungen bei Insolvenzreife nach neuem § 15b InsO-E

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Das Gesetzgebungsverfahren zum Gesetz zur Fortentwicklung des Sanierungs- und Insolvenzrechts („SanInsFoG“) schreitet in beachtlicher Geschwindigkeit voran. Seit 14. Oktober 2020 liegt der Regierungsentwurf („RegE“) vor....more

Hogan Lovells

New ways of restructuring in Germany

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Germany's new restructuring regime is expected to come into force 0n 1 January 2021. At the heart of the new regulation is the introduction of a so-called stabilization and restructuring framework (“SRF”) for companies....more

A&O Shearman

The German StaRUG-Scheme: Act on the Stabilisation and Restructuring Framework for Businesses

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A short bullet point summary of the new StaRUG-Scheme and a non-reliance translation of the draft bill for the StaRUG-Scheme from German into English based on the preliminary text of the new draft legislation. ...more

Orrick, Herrington & Sutcliffe LLP

Disposizioni integrative e correttive al Codice della Crisi d'Impresa e dell'Insolvenza'

In data 18 ottobre 2020 il Consiglio dei Ministri ha approvato, in esame definitivo, un decreto legislativo (in fase di pubblicazione) (il “Decreto Correttivo”) che introduce disposizioni integrative e correttive al Codice...more

Latham & Watkins LLP

German Federal Government Outlines Path to Comprehensive Reform in Restructuring and Insolvency Law

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Government draft of law implements EU Restructuring Framework, and introduces new restructuring instruments. On 14 October 2020, the German Federal Government published a government draft of the Act on the Further...more

Latham & Watkins LLP

Bundesregierung skizziert Weg zu umfassender Reform im Sanierungs- und Insolvenzrecht

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Regierungsentwurf setzt EU Restrukturierungs-Richtlinie um und führt neues Sanierungsinstrumentarium ein. Die Bundesregierung hat am 14. Oktober 2020 den Regierungsentwurf eines Gesetzes zur Fortentwicklung des Sanierungs-...more

Jones Day

All Change In Europe—New Chapter 11-Style Restructuring Regime Is On Its Way!

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On 26 June 2019, the new Harmonisation Directive was formally published in the Official Journal of the European Union. As a result, by 17 July 2021, each Member State must include in its respective insolvency and...more

Hogan Lovells

Long-awaited EU Preventive Restructuring Frameworks Directive takes effect amidst warnings of a European recession

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The Preventive Restructuring Frameworks Directive (EU) 2019/1023 is finally in force. Following its implementation into EU member states’ national law, the directive will hopefully prove an effective tool for Europe’s...more

Latham & Watkins LLP

Spain to Implement and Apply Directive (EU) 2019/1023 to the Spanish Insolvency Act

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The Directive will require Spain to adapt key areas of the Spanish Insolvency Act, affecting the rights of debtors, creditors, and shareholders. On 26 June 2019, Directive (EU) 2019/1023 of the European Parliament and of...more

Latham & Watkins LLP

Corporate Reorganisations 2019

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‘Corporate reorganisation’ is something of an umbrella term, and is used in many different contexts to mean a multitude of different things. At one extreme, a reorganisation may refer to ‘paper’ changes to a corporate group’s...more

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