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ACIC Private Notes                                 July 2017
Welcome to the July edition of the ACIC Private Notes! We hope you are having a fantastic summer! Tune in this month for a message from our President, Tom O'Connell of Morgan, Lewis & Bockius UK LLP, and learn more about international legal developments of interest in Europe (from Tom Bannister and Barry Russell of Akin Gump Strauss Hauer & Feld LLP) and Canada (courtesy of Joe Mooney and Danielle Maksimow of Norton Rose Fulbright Canada LLP).

The ACIC Communications Committee would like to welcome its newest Co-Editor, Josephine Vashi of AIG, who is replacing Stefanie Greer of Prudential as she transitions from the role of Co-Editor to that of Co-Chair of the Communications Committee. A big thank you to both Josephine and Stefanie!

The ACIC would like to welcome the following new members: Megan Arrogante (Cuna Mutual Group), Clinton Culpepper (Baker Botts LLP), Kristen Danyluk (Allstate Insurance Company), Timothy DeSieno (Morgan Lewis & Bockius LLP), Terrence L Dugan (Morgan Lewis & Bockius LLP), Maurice Horwitz (AIG), James Kelly (Allstate Insurance Company), Rebecca Rosenthal Kristall (Greenberg Traurig LLP), John Meade (Allstate Insurance Company), David Osei (Allstate Insurance Company) and Christina Elizabeth Humphreys Jacobs (Aegon Asset Management). Don't miss next month's edition, where you will get to know some of our new members a bit better!

President's Message
Tom O'Connell reflects on important highlights from the ACIC's year to date and shares some information about the upcoming 2017 Annual Meeting and Education Conference, including a theme which is sure to be a hit! 

To read more, click here

European Legal Developments
Recent case law in Europe indicates a growing trend for the Courts to show greater scrutiny towards schemes of arrangement involving overseas companies. F or more information, click here.

On June 26  2017, Regulation (EU) 2015/848 of the European Parliament and of the Council of May 20, 2015 on insolvency came into effect, replacing in its entirety the EU Regulation (1346/2000) on insolvency proceedings and directly effecting all Member States. For a high-level summary of the changes and the implications of same, click here.

Historically, the German Stock Corporation Act only allowed for the issuance of regular bonds, including convertible bonds, but did not expressly mention the issuance of "contingent convertible bonds". In 2016, the legislation was amended and now expressly allows for the issuance of such bonds and as a result, the German bond market has seen first issuances of this rather new and interesting type of instrument. To read more, click here.
Canadian Legal Developments
In the recent case of  XPG v. Royal Bank of Canada ,  the Ontario Superior Court of Justice provides guidance with respect to a lender's discretion to refuse advances under a credit facility as well as when a credit agreement might be considered varied or altered by the conduct of the parties.  To read more, click here.

In  Payless Holdings Inc. LLC, Re , an application for the approval of certain debtor-in-possession financing arrangements between, among others, a US parent in Chapter 11 and its Canadian subsidiary, was rejected on the basis that the arrangements did not provide sufficient protection for all Canadian creditor parties that stood to be affected.  For more information, click here.