HOMOLOGATION IN THE UK.

Last September, a British Court approved the first homologation of a debt restructuring agreement in favour of a Polish Company belonging to a Spanish industrial group (for further information, see Reorg Research).  In Spain, the legal homologation process is regulated by the Insolvency Act. The legal homologation means that all new payments agreed by the debtor company with financial institutions are automatically extended to include institutions that were not a party to the agreement.