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Deals January 2021

Kinstellar advises Austrian KA Finanz AG on the sale of a Greek municipal loan portfolio to Piraeus Bank SA

Kinstellar is delighted to have advised Austrian KA Finanz AG, as the legal owner, on the sale of a Greek municipal loan portfolio to Piraeus Bank SA. KA Finanz AG is the wind up entity of  Kommunalkredit Austria AG, a bank focused on infrastructure and energy, which was nationalised and re-privatised during the past decade and which originated the loans. The transaction involved English, Austrian, and Greek law, and due to legal and other considerations, physically took place across multiple jurisdictions, including Greece, Austria, Serbia, the UK, and the US. The transaction was led by Denise R Hamer, Head of C/SEE Asset Solutions, with the support of Branislav Marić, Managing Partner of the Belgrade office

News November 2020

Kinstellar re-launches its Restructuring & Insolvency Practice to help clients navigate today’s market challenges

Co-led by Csilla Andrékó, Head of Kinstellar’s Banking & Finance Practice, and Denise Hamer, Head of Kinstellar’s C/SEE Asset Solutions Sector, Kinstellar’s Restructuring & Insolvency Practice is a multi-discipline and multi-jurisdiction team advising on non-contentious and contentious restructuring and insolvency matters, from strategic financial and operational restructuring to judicial insolvency.  The team includes former Big 4 consultants and licensed bankruptcy administrators, as well as lawyers with expertise in dispute resolution, banking & finance, corporate/M&A, real estate, competition & state aid, labour & employment, and IP/IT. Budapest Partner Csilla Andrékó explains

Insights August 2020

Recent developments in Kazakhstan on the suspension of the initiation of bankruptcy proceedings

3 August 2020 – This note discusses recent developments in Kazakhstan on the suspension of the initiation of bankruptcy proceedings. The proposed suspension was introduced to help businesses overcome the economic crisis caused by the COVID-19 outbreak and measures taken to slow it down. Our note is intended to be a helpful guide - it is not comprehensive and does not constitute legal advice. (i) President's instructions (11 May 2020) President Kassym-Jomart Tokayev first mentioned the suspension of the initiation of bankruptcy proceedings on 11 May 2020 at the final meeting of the Commission on the State Emergency. At that meeting, the president issued instructions to suspend the initiation of bankruptcy proceedings against legal

Insights May 2020

Romania: Insolvency in the context of the Covid-19 pandemic

8 May 2020 – During the current state of emergency, the Romanian government has adopted a series of measures aimed at reducing the negative effects of the COVID-19 pandemic on the business environment in Romania, such as supporting the payment of technical unemployment, state guarantees for loans with subsidised interest rates for SMEs, and VAT refunds to companies. However, in some sectors of the economy being severally hit, we expect possible future insolvency cases. 1. Immediate action to be taken by the management of a company in the current context According to Law no. 85/2014 on insolvency prevention and insolvency procedures ("Law no. 85/2014"), a debtor in financial difficulty is a debtor who, although executing or capable

Insights April 2020

Czech Republic: Amendments to the Insolvency Act in relation to the COVID-19 pandemic (updated)

9 April 2020 – The Chamber of Deputies of the Parliament of the Czech Republic, in response to the economic impact of the current crisis resulting from the government measures related to the COVID-19 epidemic, adopted an act on certain measures to mitigate the effects of the SARS CoV-2 coronavirus epidemic on parties involved in legal proceedings, harmed persons, crime victims and legal entities, and to amend the Insolvency Act and the Enforcement Code (hereinafter the “Act on the Mitigation of the Impact of an Epidemic”). The Act on the Mitigation of the Impact of an Epidemic contains a number of significant changes, particularly in the areas of procedural, insolvency and corporate law. The changes seek to respond to the consequences

Insights April 2020

Czech Republic: Amendments to the Insolvency Act in relation to the COVID-19 pandemic

2 April 2020 – The Ministry of Justice, in response to the economic impact of the current crisis resulting from the government measures related to the COVID-19 epidemic, has prepared an act on certain measures to mitigate the effects of the SARS CoV-2 coronavirus epidemic on parties involved in legal proceedings, harmed persons, crime victims and legal entities, and to amend the Insolvency Act and the Enforcement Code (hereinafter the “Act on the Mitigation of the Impact of an Epidemic”). The Act on the Mitigation of the Impact of an Epidemic contains a number of significant changes, particularly in the areas of procedural, insolvency and corporate law. The changes seek to respond to the consequences of the emergency measures taken

News March 2020

Kinstellar lawyers Denise Hamer and Andriy Nikiforov speak at NPL & Real Estate Investment Summit 2020 in Kyiv

On 26-27 February 2020, Denise Hamer, Special Counsel and Head of Asset Solutions C/SEE, and Andriy Nikiforov, Counsel and Head of Banking & Finance in Ukraine, spoke at the NPL & Real Estate Investment Summit 2020 organised by DDC Financial. The event was a unique opportunity to network, gain insights and discuss the recent developments in the Ukrainian, CEE & Greek markets of distressed assets and real estate. The event brought together a number of leading debt buyers, debt servicers, private equity firms, banks, global investors, advisors and asset managers. Among the notable speakers at the summit were Kateryna Rozhkova, First Deputy Governor of the National Bank of Ukraine, Svitlana Rekrut, Managing Director

Insights February 2020

Amended Kazakh bankruptcy law: Insolvency proceedings have been simplified

On 10 January 2020, new amendments to the “Law on Rehabilitation Procedure and Bankruptcy” dated 7 March 2014 No. 176-V (the “Old Law”) and related legal acts came into effect by the Law dated 27 December 2019 No. 290-VI (the Old Law, as amended, the Amended Law). The new amendments aim to facilitate and expedite the process for unsuccessful businesses to be liquidated. The main features of the Amended Law are outlined below. Conclusion on financial stability by a temporary manager/administrator Insolve ncy is now determined by a court on the basis of a conclusion on financial stability prepared by a temporary administrator or manager, on the basis of guidelines to be developed by the authorised body (the

Insights November 2019

New Ukrainian Bankruptcy Code. The finance and debt restructuring perspective

On 21 October 2019, the Code on Bankruptcy Procedures adopted by Ukraine’s parliament on 18 October 2018 (“the Code”) came into effect. The Code replaces the Act of Ukraine on Renewal of Debtor’s Solvency or Declaring It Bankrupt dated 14 May 1992 that applied previously. The Code has sparked controversy in Ukraine and until the last moment there were discussions whether its entering into effect should be postponed until a later date. Launch of insolvency proceedings The Code makes launching insolvency proceedings much easier compared to the previous law. Under the Code, creditors may file to start insolvency proceedings against a debtor as soon as the debtor fails to pay a debt when due, regardless of

News October 2019

Crossing borders and sharing know-how: Martina Březinová, Counsel in Prague, on secondment at Kinstellar’s sister firm DFDL

Martina Březinová, Counsel at Kinstellar’s Prague office and part of the regional Banking & Finance team, recently completed a three-month secondment at Kinstellar’s sister firm DFDL’s Phnom Penh office in Cambodia where she had the opportunity to meet and work together with the local lawyers, share best practices and know-how, and open the door for future collaboration. During her stay, Kinstellar and DFDL also jointly organised a Fintech seminar for clients in Phnom Penh, where experts from both firms shared their experiences and expertise from Europe, Cambodia and Thailand. ‘’This was a great opportunity for me both professionally and personally,” Martina explains. “Despite being so far way

Insights March 2019

Two proposed amendments to Bulgaria’s Bank Insolvency Act have been introduced to harmonise local law with EU rules and to further refine the legislation

On 22 February 2019 and 26 February 2019 two bills were introduced in the Bulgarian parliament to amend the existing Bank Insolvency Act (“Bills”). The purpose of the first of the Bills is to introduce the provisions of Directive (EU) 2017/2399[1], which partially harmonises the hierarchy of creditors in cases of the insolvency of banks or investment firms. Among its proposed changes the bill would introduce a new, additional class of creditors, in particular, holders of ordinary non-preferred unsecured claims, which would have a higher ranking than own funds liabilities and subordinated liabilities, but a lower ranking than other unsecured senior liabilities. Thus the ranking of creditors in a bank insolvency as stipulated

Insights February 2019

Bulgaria’s Supreme Court of Cassation issues interpretative judgement strengthening the equal treatment of creditors and expediting insolvency proceedings

On 3 December 2018, Bulgaria’s Supreme Court of Cassation (“SCC”) issued Interpretative Judgment No 1 (the “Judgement”) on interpretative proceedings No 1/2017 of the General Assembly of the Panel of Commerce. The Judgement provides guidance to certain issues concerning insolvency proceedings that in the past have been adjudicated differently by the courts. In particular, courts have reached different interpretations of certain provisions of Bulgarian law directly relating to the participation of creditors in insolvency proceedings and the satisfaction of their claims. The Judgment provides increased clarity and guarantees to a large extent the equal treatment of all creditors participating in insolvency proceedings.