Restructuration du droit de l'insolvabilité

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eAlerts Récentes

  •  
    23/02/2024
    Espagne

    Harmonisation of avoidance rights from a Spanish perspective

    Avoidance action is an umbrella term for adversary proceedings that seek to unwind or avoid transactions that occurred before an insolvency filing. These actions are also referred to as “claw-back claims” because, by undoing a transaction, an asset or value is being clawed back into the insolvency estate.With the publication of Law 16/2022 on 6 September 2022, Spain concluded its thorough review of insolvency law with the transposition of European Directive (EU) 2019/1023, which highlighted the regulation of avoidance rights through measures such as preventive restructuring frameworks,...
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  •  
    23/02/2024
    Portugal

    Harmonisaton of EU Insolvency Law and its impact on avoidance actions in Portugal

    The presentation of the Proposal for a Directive of the European Parliament and of the Council harmonising certain aspects of insolvency law (COM/2022/702) marks a significant step towards the convergence of fundamental aspects of insolvency law throughout the EU, which is considered fundamental if cross-border investment and cross-border business relationships are to reach their potential. One of the relevant aspects of this proposal is avoidance actions, which are aimed at protecting the interests of an insolvent estate and the targeting of those operations that are detrimental to the viability...
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  •  
    16/02/2024
    Italie

    Avoidance actions: Italy is prepared

    The European legislator intends to harmonise the avoidance actions in the member states. Italy, however, already has comprehensive legislation in place that covers this issue.European legal framework for insolvencyThe EU is seeking to harmonise the laws of its member states, as evidenced by its continuous efforts to issue new directives. After the issuance of Directive (EU) 2019/1023 on insolvency, which led to the enactment of the new Italian Bankruptcy Code (IBC), member states are now faced with a new proposal with Directive (EU) 2022/0408, which differs from earlier directives in its scope...
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  •  
    16/02/2024
    France

    Harmonisation of avoidance rights from a French perspective

    On 7 December 2022, the European Commission published a new proposal for a Directive that would make insolvency law uniform across the EU. This proposal, following the enactment of Directive (EU) 2019/1023, illustrates the strong desire to facilitate the free movement of capital within Europe.In accordance with these goals, the proposed Directive provides for the harmonisation of avoidance rights. These rights could be defined as the right to render acts prejudicial to the general body of creditors declared void when those acts have been performed during a certain period before the opening of the...
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  •  
    09/02/2024
    Luxembourg

    The future of avoidance actions in Luxembourg: the potential impact of the proposed EU Directive on harmonisation of insolvency law

    While there is a certain alignment between the proposed EU Directive on harmonisation of insolvency law and Luxembourg law, Luxembourg legislation will a priori need to be amended on several key points to be in line with the Proposal.PreferencesRules governing the avoidance of preferences (article 6 of the Proposal) find their equivalent in articles 445 and 446 of the Luxembourg Commercial Code.Some marginal amendments are likely to be required, inter alia to reflect:The presumption under art. 6.2.(b) of the Proposal that a party close to the debtor has knowledge of the debtor’s cessation...
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  •  
    09/02/2024
    Belgique

    Proposed EU Directive on harmonisation of avoidance actions to have limited effect on Belgian law

    The principles outlined in the European Commission's proposal for a Directive harmonising certain aspects of insolvency law is not expected to lead to extensive reform of Belgian rules since Belgian law already provides a clear set of rules that give creditors and trustees instruments to avoid contestable acts in the context of bankruptcy, which, in some cases, go further than the principles set out in this Proposal.Date of cessation of paymentThe main trigger under Belgian law is the date of cessation of payment. Cessation of payment implies that a company is permanently unable to pay a significant...
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