The Restructuring Review Seventh Edition Editor Christopher Mallon Law Business Research The Restructuring Review The Restructuring Review Reproduced with permission from Law Business Research Ltd. This article was first published in The Restructuring Review - Edition 7 (published in August 2014 – editor Christopher Mallon). For further information please email [email protected] The Restructuring Review Seventh Edition Editor Christopher Mallon Law Business Research Ltd THE LAW REVIEWS THE MERGERS AND ACQUISITIONS REVIEW THE RESTRUCTURING REVIEW THE PRIVATE COMPETITION ENFORCEMENT REVIEW THE DISPUTE RESOLUTION REVIEW THE EMPLOYMENT LAW REVIEW THE PUBLIC COMPETITION ENFORCEMENT REVIEW THE BANKING REGULATION REVIEW THE INTERNATIONAL ARBITRATION REVIEW THE MERGER CONTROL REVIEW THE TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS REVIEW THE INWARD INVESTMENT AND INTERNATIONAL TAXATION REVIEW THE CORPORATE GOVERNANCE REVIEW THE CORPORATE IMMIGRATION REVIEW THE INTERNATIONAL INVESTIGATIONS REVIEW THE PROJECTS AND CONSTRUCTION REVIEW THE INTERNATIONAL CAPITAL MARKETS REVIEW THE REAL ESTATE LAW REVIEW THE PRIVATE EQUITY REVIEW THE ENERGY REGULATION AND MARKETS REVIEW THE INTELLECTUAL PROPERTY REVIEW THE ASSET MANAGEMENT REVIEW THE PRIVATE WEALTH AND PRIVATE CLIENT REVIEW THE MINING LAW REVIEW THE EXECUTIVE REMUNERATION REVIEW THE ANTI-BRIBERY AND ANTI-CORRUPTION REVIEW THE CARTELS AND LENIENCY REVIEW THE TAX DISPUTES AND LITIGATION REVIEW THE LIFE SCIENCES LAW REVIEW THE INSURANCE AND REINSURANCE LAW REVIEW THE GOVERNMENT PROCUREMENT REVIEW THE DOMINANCE AND MONOPOLIES REVIEW THE AVIATION LAW REVIEW THE FOREIGN INVESTMENT REGULATION REVIEW THE ASSET TRACING AND RECOVERY REVIEW THE INTERNATIONAL INSOLVENCY REVIEW THE OIL AND GAS LAW REVIEW THE FRANCHISE LAW REVIEW THE PRODUCT REGULATION AND LIABILITY REVIEW THE SHIPPING LAW REVIEW www.TheLawReviews.co.uk PUBLISHER Gideon Roberton BUSINESS DEVELOPMENT MANAGERS Adam Sargent, Nick Barette SENIOR ACCOUNT MANAGERS Katherine Jablonowska, Thomas Lee, James Spearing ACCOUNT MANAGER Felicity Bown PUBLISHING COORDINATOR Lucy Brewer MARKETING ASSISTANT Dominique Destrée EDITORIAL ASSISTANT Shani Bans HEAD OF PRODUCTION Adam Myers PRODUCTION EDITOR Jo Morley SUBEDITOR Anna Andreoli MANAGING DIRECTOR Richard Davey Published in the United Kingdom by Law Business Research Ltd, London 87 Lancaster Road, London, W11 1QQ, UK © 2014 Law Business Research Ltd www.TheLawReviews.co.uk No photocopying: copyright licences do not apply. The information provided in this publication is general and may not apply in a specific situation, nor does it necessarily represent the views of authors’ firms or their clients. Legal advice should always be sought before taking any legal action based on the information provided. The publishers accept no responsibility for any acts or omissions contained herein. Although the information provided is accurate as of August 2014, be advised that this is a developing area. Enquiries concerning reproduction should be sent to Law Business Research, at the address above. Enquiries concerning editorial content should be directed to the Publisher – [email protected] ISBN 978-1-909830-17-2 Printed in Great Britain by Encompass Print Solutions, Derbyshire Tel: 0844 2480 112 ACKNOWLEDGEMENTS The publisher acknowledges and thanks the following law firms for their learned assistance throughout the preparation of this book: AFRIDI & ANGELL AKINWUNMI & BUSARI LEGAL PRACTITIONERS ASTREA BAKER & McKENZIE BÄR & KARRER AG CASTRÉN & SNELLMAN ATTORNEYS LTD CHARLES ADAMS RITCHIE & DUCKWORTH CLIFFORD CHANCE CMS CAMERON MCKENNA LLP DHIR & DHIR ASSOCIATES, ADVOCATES & SOLICITORS FASKEN MARTINEAU GARRIGUES GILBERT + TOBIN GRIMALDI STUDIO LEGALE KIM & CHANG KVALE ADVOKATFIRMA DA LEONHARDT RATTUNDE LINKLATERS LLP i Acknowledgements MORAIS LEITÃO, GALVÃO TELES, SOARES DA SILVA & ASSOCIADOS MOTIEKA & AUDZEVIČIUS OPF PARTNERS RITCH, MUELLER, HEATHER Y NICOLAU SC RØNNE & LUNDGREN ROSCHIER ADVOKATBYRÅ AB SHEARN DELAMORE & CO SKADDEN, ARPS, SLATE, MEAGHER & FLOM SOARES BUMACHAR CHAGAS BARROS ADVOGADOS WILLIAM FRY WOLF THEISS ATTORNEYS-AT-LAW ii CONTENTS Editor’s Preface ..................................................................................................vii Christopher Mallon Chapter 1 AUSTRALIA ...............................................................................1 Dominic Emmett, James Lewis and Nicholas Edwards Chapter 2 AUSTRIA .................................................................................15 Christian Hammerl and Doris Buxbaum Chapter 3 BELGIUM ................................................................................31 Steven De Schrijver and Thomas Daenens Chapter 4 BRAZIL ....................................................................................44 Laura Mendes Bumachar and Jayme Marques de Souza Junior Chapter 5 CAYMAN ISLANDS ................................................................55 David W Collier and Stephen Nelson Chapter 6 DENMARK ..............................................................................64 Kristian Gustav Andersson Chapter 7 ENGLAND & WALES ............................................................72 Christopher Mallon, Alex Rogan and Sebastian Way Chapter 8 FINLAND ................................................................................99 Pauliina Tenhunen, Salla Suominen and Christer Svartström Chapter 9 GERMANY ............................................................................111 Jesko Stark Chapter 10 INDIA ....................................................................................125 Nilesh Sharma and Sandeep Kumar Gupta iii Contents Chapter 11 IRELAND...............................................................................138 Michael Quinn Chapter 12 ITALY .....................................................................................152 Tiziana Del Prete and Matteo Smacchi Chapter 13 JAPAN ....................................................................................163 Shinichiro Abe Chapter 14 KOREA ...................................................................................178 Jin Yeong Chung and Milosz Zurkowski Chapter 15 LITHUANIA ..........................................................................188 Giedrius Kolesnikovas Chapter 16 LUXEMBOURG ....................................................................201 Martine Gerber-Lemaire Chapter 17 MALAYSIA .............................................................................213 Rabindra S Nathan Chapter 18 MEXICO ................................................................................227 Thomas S Heather Chapter 19 NETHERLANDS ..................................................................240 Paul Kuipers Chapter 20 NIGERIA ................................................................................255 Seyi Akinwunmi Chapter 21 NORWAY ...............................................................................266 Stine D Snertingdalen and Ingrid Tronshaug Chapter 22 PORTUGAL ...........................................................................273 Helena Soares de Moura and Nuno Gundar da Cruz iv