Debtwire Financial Forum | Events

The fiduciary nature of the managed investment relationship supports the view that the bank should be liable for the loss of the pledged item because there would not have been such loss had the client’s order been executed prior to the bank’s resolution — but not for the reason given in the judgment.

The basis for this paper is a slightly modified real-life case, broadened to include all possible forms of plurality of debtors.

Recognition of UK restructuring plans remains a contentious issue in the European Union. This decision by the Frankfurt am Main Regional Court is controversial, but it raises questions about the consequences of the application of the rule in Gibbs by the courts of England and Wales in this context.

The Court of Justice of the European Union (Fourth Chamber), in its judgment of 1 August 2025, case C-665/23, IL v. Veracash SAS, concludes that a payer is deprived of the right to reimbursement of the amount of an unauthorised transaction if he or she delayed in notifying his or her payment service provider of the unauthorised payment transaction, even though he or she did so within 13 months from the debit date. This interpretation of the Payment Services Directive is applicable in Spain (Art. 43 RDL 19/2018) and appears to be retained in the future Regulation on payment services.

Notes on Articles 618, 619 and 620 of the Insolvency (Recast) Act 2022,

The content of the Directive on credit servicers and credit purchasers, only of non-performing credit (NPC), has been transposed into Spanish law more than a year late. The Bill introduces the administrative regime for credit servicers and amends, among others, the Consumer Credit Act and the Real Estate Credit Agreements Act.

A few thoughts on Articles 7 through 10 of the Public Service of Justice (Efficiency Measures) Act 1/2025 of 2 January.

An interpretation to defend creditors against pre-restructuring conduct of directors.

The reform of the Prospectus Regulation to facilitate access to funding through securities markets, especially by SMEs, is pending publication in the OJEU.