Cash Pooling and Insolvency

The first edition of this book was very well received. Since then, there have been a number of reasons to update the information it contains: new case law, new national legislation and recent EU initiatives. Furthermore, chapters on Estonia, Latvia and Lithuania have been added to the already impressive number of jurisdictions covered.

'Cash is king’ – and, presumably, will remain king for a long time to come. This viewpoint is even more relevant since the 2008 international financial crisis. Banks are still hesitant to provide credit lines to companies, whether national or cross-border. High interest rates are charged on debt but hardly any interest is paid on credit amounts. More than ever before, companies need to limit both debit and credit amounts. Pooling cash within a corporate group or among a number of companies enables the best use of the funds available at as little cost as possible, thus strengthening the financial position of the companies involved. Cash pooling is thereby a means of reducing the risk of insolvency during difficult economic times.The first edition of this book, published in 2012, was very well received. Since then, there have been a number of reasons to update the information it contains: new case law, new national legislation and recent EU initiatives. Furthermore, chapters on Estonia, Latvia and Lithuania have been added to the already impressive number of jurisdictions covered.This title, published in association with the International Bar Association, draws together leading practitioners from a wide range of countries, who together provide detailed analysis on the provisions in their jurisdiction for cash pooling and insolvency. Each chapter follows the same template for ease of reference; topics featured include specific legal requirements from various perspectives, the liability of company directors, banking requirements, regulatory requirements and tax.This practical handbook is an essential guide for any insolvency professional, in-house counsel or adviser in banking and finance.

Introduction 7Marcel WillemsKennedy Van der Laan NVCash pooling and the EU Insolvency Regulation 9Bart de ManJeroen PostmaKennedy Van der Laan NVArgentina 17Tomás M ArayaM&M Bomchil AbogadosMario Benjamín TeránLawyerDaniela A BianchiMarval, O’Farrell & MairalAustria 35Arno Brauneisbkp RechtsanwälteAustralia 45Ian WalkerMinter EllisonBelgium 59Tom GeudensYves LendersPieter MeeusLydianCanada 75Mary ArzoumanidisJeffrey CarolanRoyal Bank of CanadaChina 89Rogier van BijnenKathleen CaoR&P China LawyersCyprus 105Venetia ArgyropoulouAlexandra Pelaghias-ChristodoulouPelaghias, Christodoulou, Vrachas LLCCzech Republic 121Ernst GieseMária PiacˇkováGiese & Partner, vosDenmark 135Carsten CeutzThomas FrøbertMorten KrogsgaardBech-BruunEngland 151Charles KerriganOlswang LLPEstonia 173Martin MäesaluRaino ParonTõnis VahesaarRaidla EllexFinland 185Pekka JaatinenAnna-Kaisa RemesCastrén & Snellman Attorneys LtdFrance 199Amélie DorstAnja Droege GagnierBMH AvocatsGermany 213Daniela MaderKirsten Schümann-KleberGÖRGGreece 229Constantinos N KlissourasChristina K PapachristopoulouKP Law FirmHungary 243Melinda PelikánZsófia PolyákJános TóthWolf TheissIreland 257Daragh BohanFrank FlanaganMayson Hayes & CurranItaly 281Flavio A Acerbi5LexSilvio CavalloDomenico GioiaPaolo ManganelliPaul HastingsCosimo PennettaRCC LexJapan 323Naoya AriyoshiMaya ItoShinsuke UshirobiraNishimura & AsahiLatvia 339Dia¯na BalkenaBDO LegalLithuania 347Liudgardas MaculevicˇiusRödl & PartnerLuxembourg 355Franz FayotLaurent FischFischFayotMexico 371Darío U OscósOscós AbogadosNetherlands 379Marcel WillemsKennedy Van der Laan NVNorway 395Børge GrøttjordKari Amalie PettersenGrette DAPortugal 417Miguel de Avillez PereiraGómez-Acebo & PomboHugo TeixeiraAbreu AdvogadosSouth Korea 429Sang-Jin AhnKeum-Ho LeeSteve Sunghwa SongKim and ChangSpain 441Maria Luisa de AlarcónAgustín BouCarlos PolJausasSweden 459Kristina EinarssonMathias WingeSetterwallsSwitzerland 471Benedict F ChristDavid JennyNadia Tarolli SchmidtVISCHER AGUnited States 483Judith ElkinJudith Elkin PLLCKourtney P LydaArsalan MuhammadKelli Stephenson NorfleetHaynes and Boone, LLPAbout the authors 505