by: Eric Levenstein
Werksmans Attorneys; Johannesburg, South Africa
Published previously in the Third Quarter 2011 Edition of INSOL World and printed with permission of INSOL.
The personal liability of directors is becoming an emotional and important issue for directors sitting on boards in South Africa. The topic has gained momentum with the coming into effect of the new Companies Act and general concerns on the part of directors about them incurring personal liability.
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by: Martin Prage
PLUTA Rechtsanwalts GmbH; Munich, Germany
Published previously in the Third Quarter 2011 Edition of INSOL World and printed with permission of INSOL.
There was no real estate boom in Germany, no rapid growth in debt for private households, and the financial sector was not dominated by investment banking - and yet the global financial crisis hit the Ger man banking system head on. The inter national links were too strong, the financing was, in some cases, too short-term, and the exposure on foreign real estate markets was too high. That is why, as was the case for Hypo Real Estate Holding (HRE), there were nationalisations, or, as was the case for several Landesbanks, there was extensive public sector aid. The enor mous dif ficulties faced by state banks such as WestLB or SachsenLG – which already had to take cover even before the Lehman Brothers bankruptcy due to liquidity problems at Landesbank Baden-Würrtemberg (LBBW) – clearly showed that simply nationalising the non-performing banks would not solve the problem.
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by: Nora Wouters
McKenna Long & Aldridge LLP; Brussels, Belgium
Published previously in the Third Quarter 2011 Edition of INSOL World and printed with permission of INSOL.
A workshop on the Harmonization of Insolvency Law in the EU was held in the European Parliament (EP) in Brussels on 22 March 2011.
Several notable practitioners from EU were invited to present their views on various aspects of possible
Harmonisation of Insolvency law at EU Level, mainly based on the report completed in April 2010 (the 2010 Report) during a public hearing held at the EP in Brussels. Although all members spoke in their own names, it is flattering that INSOL Europe is currently recognized as the representative body of insolvency practitioners in Europe. The expertise of the organization is increasingly sought as advisors in
matters of insolvency law reform by European institutions.
The discussion included aspects of insolvency law which we concluded in the 2010 Report offered some scope for harmonization of laws and practice among the Member States.
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by: George B. Bazinas & Yiannis Sakkas
Bazinas Law Firm; Athens, Greece
Published previously in the Third Quarter 2011 Edition of INSOL World and printed with permission of INSOL.
The debt amassed by Greece has surged to insurmountable heights. Academics, professionals and financial media alike, have been warning for some time now that Greece will not be able to fully honor its obligations, at least at the cur rent interest rate and maturity date profile. Despite the optimism that Greece may still manage to weather the financial crisis, disseminated for obvious tactful reasons, the reality is that measures should be immediately implemented to foster the sustainability of Greek debt.
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INSOL is pleased to invite you to its 2012 Annual Americas Conference in Miami.
In a period when the pace of change continues to accelerate within the increasingly global world of restructuring and insolvency practice, there can be no better way to remain well-informed about current thinking, developments and opportunities than through interaction with your peers and other experts from across the sector.
Breakouts, plenary sessions and informal discussions will cover a wide range of technical issues, and present best practices for providing workable and relevant solutions to public and private sector clients, whether their focus may be local or global.
Click here for more information on the 2012 Annual Americas Conference in Miami.
