Budapest

Liability of the Managers and the Members in the Liquidation Procedure

By Dr Attila Kovács, Kovács Réti Szegheõ Attorneys at Law

According to the modification of the Liquidation Act that comes into effect on 1 July, it will no longer be possible to initiate a direct condemnation procedure against the managers. As a first step, the creditor or the liquidator (in the name of the debtor company) has to ask the court to establish the liability of the managers. Bringing action for condemnation is only possible in the possession of a judgement stating the liability.

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Entrepreneurs

EU Proposal for a new Preventive Restructuring Framework (‘Restructuring Directive’)

By Mario Kapp and Raffaela Lödl, KAPP & PARTNER Rechtsanwälte GmbH

On 22 November 2016, the European Commission announced as part of its single market strategy a proposal for a new directive whose main aim is to focus on effective preventive restructuring frameworks across Europe.(1) It is furthermore intended that honest entrepreneurs get a second chance and beyond to make insolvency proceedings more efficient.

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New Delhi, India

The Insolvency Code is Reformed in India

By Aditya Kumar, Ashwani & Associates, Chartered Accountants

While the banking regulations in India were providing various restructuring mechanisms to address the mounting debt problem, ranging from CDR, SDR or the Scheme for Sustainable Restructuring, the Government has enacted the Insolvency & Bankruptcy Code in line with what exists in most developed countries.

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Effects on Spanish insolvency proceedings

By Leticia Lozano, Dr. Frühbeck Abogados, S.L.P.

Once an insolvency proceeding has been published in the Spanish State Official Gazette (Boletín Oficial del Estado), creditors are granted one month to file their respective claim.

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Toronto, Canada

The Plight of Creditors: A Step in the Right Direction

By Carrie Kennedy, Devry Smith Frank LLP

The Supreme Court of Canada (SCC) recently overturned the Ontario Court of Appeal’s decision which ranked individual privacy rights over judgment creditors’ rights relating to sheriff sales of a debtor’s property. A sheriff needs a current mortgage statement before conducting a sheriff sale. Mortgagees, believing mortgage statements were protected by privacy legislation, refused to produce them.

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The new EU Regulation on insolvency proceedings

By Dr Attila Kovács, Kovács Réti Szegheõ Attorneys at Law

The new Regulation (EU) No. 2015/848 on insolvency proceedings will enter into force in a few months. The new regulation is to replace Council Regulation (EC) No. 1346/2000, which is currently in force, in proceedings to be opened after 26 June 2017.

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Electronic Bankruptcy and Liquidation proceedings

By Dr. Attila Kovács, Kovács Réti Szegheõ Attorneys at Law

AAs of 1 July 2015 Act XLIX of 1991 on Bankruptcy and Liquidation proceedings (Bankruptcy Act) in coordination with the rules of the Hungarian Act III of 1952 on the Code of Civil Procedure (CPC) provides for comprehensive changes in civil proceedings, including bankruptcy and liquidation procedures.

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Reforms to debt restructuring agreements with banks and financial intermediaries in Italy

By Stefano Loconte and Leonardo Angelastri, Loconte & Partners

Pursuant to Section 182-bis of the Italian Bankruptcy Law, a business that finds itself in severe difficulty and facing collapse can ask the court to approve a debt restructuring agreement reached with its creditors on condition that the agreement in question is with at least 60% of the entire pool of creditors and that those creditors who have elected not to be party to the agreement are guaranteed payment of their debt in full.

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