Insolvency law & restructuring

Recent Articles

•  

  17/04/2025

  Sweden

  Insights into International NPL Markets and Regulations in Sweden

  Sweden implements EU’s NPL DirectiveOn 24 November 2021, the EU Directive 2021/2167 on credit servicers and credit purchasers (NPL Directive) was adopted to address the large amount of non-performing loans (NPLs) that have burdened the banking sectors of a number of EU member states as a result of the global financial crisis that started in 2008.In early 2024, the NPL Directive was implemented into Swedish law mainly through the new Act on the acquisition and management of non-performing credit agreements (2023:714) (NPL Act), and partly through amendments to several existing laws such as...

  Read more
•  

  10/03/2025

  Colombia

  Insights into international NPL markets and regulations | Directive (EU) 2021/2167 | Colombia

  In Colombia, a non-performing loan (NPL) and a loan subject to regulatory relief measures are intensely and effectively supervised by the Financial Superintendence of Colombia (SFC) through a wide variety of strategies and tools. Moreover, Colombian banks have extensive and experienced resources dedicated to NPL management. Banks favour internally driven loan restructurings and workouts for resolving NPLs, minimising court-driven and legally enforced solutions, given their traditional prolonged delays and inefficiencies in the judicial debt recovery process.According to the report from the SFC,...

  Read more
•  

  25/02/2025

  Italy

  Im­ple­ment­a­tion of SMD Directive - new Bank of Italy rules on NPL credit servicers

  Italy implemented the Secondary Market Directive (Directive (EU) 2021/2167) on credit servicers and credit purchasers (SMD Directive) issuing Legislative Decree no. 116 dated 30 July 2024 (also known as the Italian NPL Decree), that amended the Italian Banking Code (Legislative Decree No. 385 of 1 September 1993) to regulate non-performing loan (NPL) credit servicers (gestori di crediti in sofferenza).The Italian NPL Decree, in line with the SMD Directive, provides for the application of the new regime on NPLs only, thus excluding other categories of defaulted and impaired loans...

  Read more
•  

  19/02/2025

  United Kingdom

  Reflections on the Third Parties (Rights against Insurers) Act 2010, 8 years later

  The Third Parties (Rights against Insurers) Act 2010 (the “2010 Act”) came into force on 1 August 2016 and replaced the Third Parties (Rights against Insurers) Act 1930 (the “1930 Act”).  Details of the 2010 Act itself can be found in our Insurance Legislation Zone – here. In summary, the 2010 Act enables a third party that has suffered loss caused by an insured who has gone insolvent to bring proceedings directly against the insured’s liability insurers. This avoids the need for the third party to litigate against the insolvent insured before it is able...

  Read more
•  

  13/02/2025

  Romania

  Updates on Consumer Protection in Debt Assignment Activities under Romanian legislation

  1. Romanian Law Enhances Consumer Protection in Debt Assignment ActivitiesThe Romanian Parliament has adopted an additional law aimed at protecting consumers who are borrowers under credit agreements. Law No. 243/2024, which came into force on 11 November 2024, introduces several measures to ensure fair treatment of consumers in relation to the total cost of credit and the assignment of claims.The law applies to relationships between consumers, non-banking financial institutions, and entities engaged in debt recovery activities. It establishes rules to protect consumers against excessive interest...

  Read more
•  

  17/01/2025

  Croatia

  Croatia transposes NPL Directive

  Croatia transposed Directive (EU) 2021/2167 on credit servicers and credit purchasers (i.e. NPL Directive) through the adoption of the Act on the Manner, Conditions and Procedure of Servicing and Sale of Receivables, which entered into force at the end of 2023.This process represented an important step forward in achieving the objectives of the NPL Directive and harmonising the rules on the purchase and servicing of non-performing loans (NPLs) in addition to addressing specific local goals.The system before the ActPrior to the adoption of the Act, the purchasing and servicing of NPLs were regulated...

  Read more