Radical changes in the regime governing refinancing agreements aimed at avoiding insolvency proceedings
10 March 2014
- Art. 5 bis. Notification of the start of negotiations can be used to block enforcement
- Art. 56. Enforcement of security. The enforcement of pledges over shares of a holding company is not restricted
- Art. 71 bis. The treatment of refinancing agreements protected against claw-back is made more flexible and a second scenario is introduced that does not require a report
- Art. 84 and Second Additional Provision. Preferential treatment of new money is extended
- Articles 92 and 93. A party that becomes a shareholder and finances the company at the time of the refinancing is not subordinated
- Art. 165. Presumption of negligence for the purposes of the insolvency proceedings for the receivers and shareholders that prevent certain refinancing
- Fourth Additional Provision. The scope and effects of the approval of the refinancing agreements (which could even affect secured creditors) are considerably extended and are protected against claw-back
- Relaxing of the provisions regime
- Extension of the rule for calculating losses due to deterioration related to the real estate sector
- Public offering regime
- Tax regime
- Entry into force
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Clifford Chance
