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INSOL Europe Turnaround Wing Guidelines now published

The 'INSOL Europe Turnaround Wing Guidelines for Restructuring and Turnaround Professionals' have now been published. The guidelines were developed in 2015 by INSOL Europe’s Turnaround Wing, through…

Annual Congress 2016 - Lisbon - Registration Now Open!

Annual Congress 2016 - Lisbon - Registration Now Open!

EECC Conference 2016 Registration Now Open

EECC Conference, Cluj-Napoca, Romania, 12 & 13 May 2016: Online Registration Now Open!

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Most governments would love to get their hands on an extra €13bn (£11.1bn) from a multinational company. But the Irish government will likely be wrangling in court for many years at what will surely be considerable expense in a somewhat unusual bid to avoid collecting tax. The European Commission has ordered what is by far the largest recovery order in EU history by deciding that Ireland gave Apple tax benefits illegal under EU state aid rules. Essentially, it has concluded that two rulings by the Irish... Along with the prerequisites of the bailout deal — such as labor law reforms — two major issues remain open ahead of the negotiations with creditors The Alba Iulia Court of Appeal cancelled the insolvency of state-owned energy producer CE Hunedoara at the end of May, but the company filed again for insolvency at the end of June, Romania-Insider.com reported. The two-month intermezzo worsened the company’s financial indicators as its total debt went up by almost EUR 22.5 million, reports local Profit.ro. The company’s liabilities thus reached EUR 320 million. CE Hunedoara is the biggest company in the Valea Jiului area and in the Hunedoara county. It... Google is the latest company to seek compliance with the Privacy Shield Framework developed jointly by the U.S. Department of Commerce and the European Commission. “We are committed to applying the protections of the Privacy Shield to personal data transferred between Europe and the United States,” Caroline Atkinson, head of global public policy at Google, wrote in a blog post . Microsoft and Salesforce have previously gotten certified under the program, which has been in force since July . The intent of... The coming into force of the debt discharge law, which has effectively frozen financing, and concerns about the future of the government-guaranteed mortgage lending program Prima Casa will force bankers and developers alike to become creative, Romanian real estate investor Ovidiu Sandor tells BR. The businessman is preparing to kick start a residential project of his own in Timisoara this autumn. Simona Bazavan The residential market is looking at a period when it will have to resettle/rebalance itself... The total amount of non-government corporate and household loans granted by credit institutions dropped by 0.7 percent this July from the month before, to 216.138 billion lei; in a year-on-year comparison, the figures were however 1.8 percent higher, the National Bank of Romania (BNR) said in a press statement released on Wednesday. 'At end-July 2016, non-government loans granted by credit institutions slid 0.7 percent (-0.4 percent in real terms) from June 2016 to 216.138 billion lei. RON-denominated... Romania would have seen an economic growth of more than 5 percent in 2011 - 2015, had the number of insolvencies been in line with that elsewhere in Central and Eastern European countries instead of being four times higher, as it was, shows a survey by Coface Romania. "In the past five years, Romania had more than 100,000 corporate insolvencies, with an incidence per 1,000 active companies four times above the Central and Eastern European average and a 3 percent successful reorganization rate, which is... Credit ratings agency Moody's said on Wednesday the restructuring plan put forward by Spanish renewable energy and engineering firm Abengoa would reduce its debt burden, but it was unclear whether it would be successful, Reuters reported. Abengoa, which had been negotiating since November to cut its more than 9 billion euros ($10 billion) of debt, reached a restructuring deal earlier in August with its main creditors in an attempt to avoid becoming Spain's biggest ever bankruptcy. "We believe that the... A computer games company given more than £1.4m by the Welsh Government goes into administration with large debts. Never far from the headlines the Greek debt crisis rumbles on. A row in the country over data supplied by its official statistics agency Elstat could risk Athens' current bailout programme. Earlier this month Greece’s Supreme Court ruled the former head of Elstat, Andreas Georgiou, should face trial on charges of artificially inflating Greece’s deficit in 2009 to help foreign creditors secure a better deal.  The head of the European Commission's data agency Eurostat, Marianne Thyssen, has told...
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