The appeal court has issued a decision which constitutes a reminder to be careful in relation to practices that have been occurring in certain out-of-court auctions within liquidation proceedings. Particularly, it rejects the possibility that a commission fee is collected when the winning bidder is the secured creditor whose security interest levies the asset sold.
Although the final wording will be approved after its passage through parliament, the chapter on international insolvency is among those that received the fewest amendments and therefore is expected to see the fewest changes. We therefore predict that all or a large part of the comments made below will also be applicable to the wording of the Insolvency Law that will be approved at the end of the process.
The European Court has issued a sentence of special relevance for the operation and effectiveness of the “pre-pack” insolvency procedures. Specifically, it clarifies the requirements that must be met to respect the rights of workers in the event of business transfers.
CJEU pronounces on “mobile conflict” and the effects of Brexit in relation to insolvency proceedings
Two Commercial Courts passes contradictory resolutions in relation to the requirement of prior payment by guarantor for subrogation of the Ministry of Economic Affairs and Digital Transformation in respect of amounts of ICO loans
Justice system lawyer is entitled to allocate assets in the liquidation phase at a value below 50% of that attributed by the insolvency practitioner
The individual named to carry out a legal entity’s director duties may be affected by the assessment of the entity’s insolvency
Directors may be liable for delay in petitioning for insolvency order even during the moratorium on obligation to petition for insolvency order
Debt discharge relief does not cancel the mortgage, nor does it include third party owners who are not debtor
Guarantee facilities considered to be financial claims for the purposes of calculating the majorities for court sanction of the refinancing agreement
Special priority status held in relation to a mortgage transferred by a financial institution belongs to recipient asset securitization fund