On Wednesday 27 November, the Member States' ambassadors to the European Union (Coreper) reached political agreement in principle on the proposal for a directive introducing an accelerated out-of-court procedure for the recovery of collateral, in the form of movable and immovable property, when a loan to a company becomes non-performing.
This new mechanism, which will not apply to consumer loans or loans for which the borrower's principal residence is used as collateral, will require a prior...