European Union: Insolvency/Bankruptcy/Re-Structuring

El Tribunal Supremo español ha emitido una sentencia que establece criterios sobre el tratamiento de créditos privilegiados especiales en procedimientos concursales cuando no pueden satisfacerse completamente con la realización del bien afecto. La decisión determina cómo debe aplicarse la quita acordada en convenio a la porción no satisfecha de estos créditos una vez clasificados como ordinarios.

An Amsterdam District Court recently rejected investment funds' attempts to obtain documents and examine directors in connection with Hunkemöller's restructuring, marking the first Dutch judgment on allegations arising from a Liability Management Exercise. The funds claimed they were disadvantaged by an up-tiering transaction but failed to sufficiently substantiate their claims of unlawful conduct.

Stefan van Wijk of BUREN has been appointed administrator following the bankruptcy of six Dutch companies operating under the Hortilux and Agrilight brands, which manufacture lighting installations for greenhouse horticulture and livestock housing. With over ten parties already expressing interest and intensive restart efforts underway, the administrator is preparing an information memorandum to facilitate potential acquisitions while maintaining operations in the interim.

The Federal Fiscal Court rules that insolvency administrators' remuneration may be recognized as tax-deductible provisions in the debtor's tax balance sheet. This landmark decision aligns tax accounting treatment with statutory accounts and provides clarity for insolvency practitioners on when economic obligations arise for remuneration claims.

The Higher Regional Court of Düsseldorf has issued a landmark ruling clarifying managing director liability under § 15b InsO in intra-group cash pool structures. The judgment addresses critical questions about payment cessation, balance sheet insolvency, and the standard of care applicable after expiry of the grace period, with significant implications for corporate groups operating cash pooling arrangements.

The Higher Regional Court of Düsseldorf has issued a comprehensive ruling on director liability under § 15b InsO in corporate cash pool structures. The decision clarifies critical questions regarding the payment concept, cessation of payments in group structures, and the standard of care after expiration of the grace period, confirming the continued applicability of principles developed by the Federal Court of Justice under former § 64 GmbHG.