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Vassiliyan Zanev and Arnaud Barchman of Loyens & Loeff explain what Luxembourg has been doing to make it the EU Islamic finance hub

Elizabeth Barrett of Slaughter and May explains how sanction regimes can threaten multilateral development banks’ crucial role in financing emerging market projects

Activism and engagement have long outlived the shareholder spring of 2012. Skadden's Scott Hopkins and Lorenzo Corte explain why UK boards must prepare to become more responsive

Limited recourse provisions don’t preclude an issuer from becoming insolvent. Slaughter and May's Sanjev Warna-Kula-Suriya and Eric Phillips analyse whether this is this a concern

Lead contributors Shaun Lascelles and Steven Daniels from Skadden Arps Slate Meagher & Flom consider the major issues affecting the global private equity market

www.skadden.com

www.skadden.com

www.skadden.com

A debtor in financial distress – either insolvent or with negative equity – can request a moratorium and initiate composition proceedings by submitting a provisional restructuring plan to the competent composition court. The latter will, upon a summary examination of its merits, grant a provisional moratorium if it comes to the conclusion that a composition plan may be achievable. It will reject the moratorium, if it finds that there are obvious indications that the plan will most likely fail. The moratorium is first granted on a provisional basis with a maximum duration of four months and is not published if the debtor so requests and the interests of the creditors and other third parties, if any, are sufficiently protected. The court can grant a final moratorium of four to six months (which needs to be published), provided it considers the chances of achieving a composition agreement are sufficiently realistic. If the restructuring during the (provisional) moratorium is successful and no composition agreement is necessary, the debtor can file for a suspension of the moratorium and thus no composition proceedings follow.