French accelerated financial safeguard available for holding companies
New insolvency proceedings called “accelerated financial safeguard” (sauvegarde financière accélérée) were introduced into French law two years ago. The introduction of these new proceedings not only drew from the experience of the so-called “pre-pack” restructuring practice, implemented for the restructuring of certain French distressed companies, but also innovated by being applicable only to so-called “financial debt”.
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Jurisdiction of the Hong Kong Courts re winding up and unfair prejudice petitions — offshore companies
Hong Kong law contains a number of provisions designed to protect the interests of minority shareholders, including the “unfair prejudice” remedies under section 168A of the Companies Ordinance and the Ordinance’s “just and equitable” winding-up provisions.
The EU’s banking union proposals, consolidating the European regulatory supervision of credit institutions
On 12 September 2012 the European Commission adopted legislative proposals, including a draft EU Regulation, to establish a single supervisory mechanism for banks which is to be led by the European Central Bank.