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  • Barbarians at the (marble)gate?
    6 OCT 2015

    Restructurings are all about alternatives. It is one thing for a creditor to hold an instrument that entitles it to payment of $X on Y date. But if the debtor does not have the cash to satisfy the obligation when due, some type of restructuring must occur.

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  • Resolving Austria’s HETA - major milestone for the European bank resolution regime
    6 OCT 2015

    The first bank resolution under the new European bank resolution regime is currently taking place in Austria: the Austrian Financial Market Authority (FMA), the official government regulator for banks, funds and financial institutions, is busy with the resolution of HETA Asset Resolution AG (HETA - formerly Hypo Alpe-Adria Bank International AG).

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  • Update: Impending major reform of the German insolvency clawback regime
    6 OCT 2015

    On 29 September 2015, the German government agreed on an official legislative draft for the limitation of the German clawback regime. This draft on the "Act for the Improvement of Contestations pursuant to the German Insolvency Code and the Creditor's Avoidance of Transfers Act" will now be debated and eventually approved (with some changes to be expected in the process) by the German parliament.

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  • Nullification of anti-assignment clauses - good news for invoice financers and their customers
    6 OCT 2015

    Currently, a clause in a contract which prevents one or both parties from assigning its rights under that contract is effective under English law. Such prohibitions on assignment are common in many types of contract. While this has not inhibited the growth of an active invoice finance market in the UK, it has necessitated waivers and workarounds (such as trust account arrangements) to allow the market to function.

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  • The revised EC regulation on insolvency proceedings seeks to resolve practical concerns
    6 OCT 2015

    The European Council Regulation No 1346/2000 on insolvency proceedings (the Regulation) was adopted in May 2000 and came into force on 31 May 2002 in order to establish a European framework for cross-border insolvency proceedings. The Regulation regulates: the jurisdiction for opening insolvency proceedings; recognition and enforcement of judgments for the opening of insolvency proceedings; the laws applicable to insolvency proceedings and their scope of applicability; and cooperation in a cross-border insolvency context.

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