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Restructuring and insolvency in Europe newsletter


The latest edition of the Restructuring and insolvency in Europe newsletter from CMS provides information on topical issues in insolvency and restructuring law in countries in which CMS group of law firms operate.

This issue covers developments in Bulgaria, Croatia, France, Germany, Hungary, Italy, the Netherlands, Romania and Spain, as well as the preferential treatment of UK employee guarantee payments in Irish liquidations; and the first UK scheme of arrangement in relation to a Spanish company.

The full contents of the Newsletter can be read below, which includes an outline of each development discussed.


• Introduction
• Bulgaria: Grounds for commencing bankruptcy proceedings
• Croatia: Reorganisation plans in Croatia
• France: Can a French court extend insolvency proceedings to a foreign company on the ground of a confusion de patrimoine?
• Germany: Discussion to reform German insolvency law and improve the chances of rescue
• Hungary: Corporate and financial restructuring of the BorsodChem Group
• Italy: New legislation regarding the ranking of bridge finance and new finance
• The Netherlands: Contract of suretyship declared void - surety remains liable
• Romania: The National Bank of Romania issues a draft regulation on debt to equity swaps between banks and borrowers
• Spain: Forum shopping in Spain and the duty to commence insolvency proceedings
• United Kingdom: UK employee guarantee payments preferential in Irish liquidation; La Seda de Barcelona’s Scheme of arrangement

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