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
Clifford Chance
