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CMS Guide to Restructuring, Insolvency and Distressed Debt Trading in Europe

Editors: Martin Brown
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Introduction
We are delighted to present the CMS guide to Restructuring, Insolvency and Distressed Debt Trading. This guide provides a comparative analysis of certain key areas of law and procedure for those involved in or affected by financial distress of a corporation and the trading of distressed debt across Europe.
One of the main challenges when dealing with financially distressed businesses with operations in more than one country is that each country has its own unique insolvency and restructuring laws. There is only one piece of pan-EU legislation: the EC Regulation on Insolvency Proceedings , which came into force in May 2002 (referred to in this guide as the “Regulation”). The Regulation recognises the differing laws across the region and the impracticability of attempting to formulate a common code of insolvency law. The Regulation was passed with the relatively modest ambition of codifying an agreement on significant aspects of cross-border insolvencies so that it is easier for insolvency practitioners to deal with cross-border insolvencies.
There is one other piece of international law designed to assist in the area of cross-border insolvency: the UNCITRAL Model Law on cross-border insolvency, which was adopted by the United Nations Commission on International Trade Law in 1997 and has since been implemented into local legislation by several countries including the UK, Poland, Slovenia, Romania, the US and Japan. In the countries where it has been adopted, the UNCITRAL Model Law deals with the recognition of foreign insolvency proceedings and co-operation between courts and competent authorities involved in cases of cross-border insolvency.
We explain the Regulation and the UNCITRAL Model Law in more detail in the first chapter of this guide. The rest of the guide is dedicated to explaining the law and procedure in each jurisdiction on certain key corporate and insolvency and restructuring issues and the law and regulations that govern the sale and purchase of debt on the secondary market. The areas and issues covered, in relation to 20 different European jurisdictions, include the following:
  • duties of directors of companies in financial difficulties;
  • extending credit facilities to companies in financial difficulties;
  • the taking of additional security and/or guarantees in return for bridge finance or other forms of support from lenders;
  • options available to lenders for monitoring the performance of companies in financial difficulties;
  • debt for equity swaps;
  • legal mechanisms available to the majority of a company’s creditors to compel the dissenting minority to implement a restructuring plan;
  • interaction of formal insolvency procedures and consensual restructuring techniques or sale of the insolvent company’s business;
  • methods of transfer of non-performing loans and security;
  • regulatory issues in respect of distressed debt trading;
  • debt buy-backs by the borrower;
  • rights of persons who acquire distressed debt to participate and vote in formal insolvency procedures of insolvent companies; and
  • impact of data protection and bank secrecy laws on distressed debt trading.

We publish a quarterly newsletter on topical restructuring, insolvency and distressed debt trading issues across Europe. If you would like to receive a copy, please contact:
Elaine Bolwell, Secretary to Martin Brown at CMS Cameron McKenna LLP in London (elaine.bolwell@cms-cmno.com).
If you have any questions arising out of any of the issues contained in this Guide, please do contact us. The main contacts for each jurisdiction can be found on page 122.
CMS Practice Group for Restructuring and Insolvency, February 2011.
About CMS
CMS aims to be the best European provider of high-quality legal and tax advice.

Our detailed knowledge of industries, plus extensive European presence, means that CMS is uniquely qualified to provide highly specialised advice that adds value to your business.

CMS has a common culture and a shared heritage that is distinctively European. With more than 5,000 people working in 53 offices and 28 jurisdictions, CMS has the most extensive footprint in Europe.

Our single organisation of practice groups and sector groups provides clients with high quality advice that is seamless, client-driven and coordinated across borders.

It means we understand your business and can provide the best legal and tax solutions. Our clients expect the best, and we deliver. It is all part of creating and maintaining strong relationships built on trust.

If you are doing business in Europe, or considering such a move, CMS is your best choice for high-quality legal and tax advice.
The CMS Practice Group for Restructuring and Insolvency 

Representing all the restructuring and insolvency teams of the various CMS jurisdictions, the restructuring and insolvency practice group has a long history of association and commands strong positions, both locally and on the international market. The group was created in order to meet the growing demand for integrated, multi-jurisdictional legal services in this field.

Members of the Practice Group advise on specialised restructuring and insolvency issues affecting business across Europe.

Restructuring and insolvency issues can be particularly complex and there is a wide range of different laws and regulations affecting them. The integration of our firms across Europe means we can provide coordinated European advice through a single point of contact. Contact details are set out at the end of this guide.

The information contained in this guide is of a general nature and is not intended to be a full legal review of the topics covered and cannot be relied upon for specific advice. We accept no responsibility for any acts or omissions as a result of the information contained in this guide. If you would like to receive specific legal advice, please contact your usual CMS attorney.

The information in this guide is accurate as at February 2011 but please be aware that this is a developing area.
EC Insolvency Regulation and UNCITRAL Model Law
1. The EC Regulation on Insolvency Proceedings
The introduction of the European Regulation on Insolvency Proceedings (Council Regulation 1346/2000) (the “Regulation”) in May 2002 was intended to achieve a level of harmonisation in relation to insolvencies across EU Member States (except Denmark which opted not to participate). Given the rise in cross border transactions, the pre-amble to the Regulation outlines the need for coordination of the measures to be taken with regard to an insolvent debtor’s assets within the EU.
However, the Regulation also recognises the differing substantive laws across the EU and the impracticality of attempting to formulate a code of insolvency law applicable throughout every Member State. The Regulation therefore only provides rules only on significant aspects of cross border insolvencies. These include which Member State’s courts have jurisdiction to open insolvency proceedings, the choice of law applicable to such proceedings, and recognition across the EU of the effects of judgments by a court in a Member State having jurisdiction.
To whom does the Regulation apply?
The Regulation applies to a debtor (who can be either a physical or legal person) having its centre of main interests (“COMI”) within a Member State of the EU. Credit institutions and insurance companies are excluded from the scope of the Regulation and are dealt with by separate directives.
Perhaps surprisingly, as COMI is one of the cornerstones of the Regulation, the Regulation itself does not contain a definition of the term. The pre-amble to the Regulation, which serves as an aid to interpretation, but which is not legally binding, provides that COMI “should correspond to the place where the debtor conducts the administration of his interests on a regular basis and is therefore readily ascertainable by third parties”. In the case of a company, the place of the registered office is presumed to be the COMI in the absence of proof to the contrary.
The concept of COMI was left to be interpreted by the courts of each Member State, which in some cases has given rise to inconsistencies of interpretation. Also, one unintended consequence of the introduction of the concept of COMI was that a debtor company incorporated outside the EU may fall within the scope of the Regulation if it has its COMI within the EU. This was first shown in relation to a corporation incorporated in Delaware that was put into administration in the UK on the basis that its COMI was in the UK (Re BRAC Rent-a-Car International Inc ). The presumption in favour of the place of incorporation or the location of the registered office was rebutted on the facts.
The only case on the interpretation of COMI that has so far been considered by the European Court of Justice is In re Eurofood IFSC Ltd . The ECJ decided that the presumption that COMI is where the registered office is located can be rebutted if factors which are both objective and ascertainable by third parties lead to the conclusion that the COMI is elsewhere. The analysis should focus on where the head office functions of the company are performed, as this will not necessarily coincide with the location of the registered office.
To what proceedings does the Regulation apply?
The Regulation applies to all “collective insolvency proceedings which entail the partial or total divestment of a debtor and the appointment of a liquidator”. A “liquidator” is defined as a person whose function it is to administer or liquidate assets of which a debtor has been divested or to supervise the administration of his affairs.
The Regulation defines the terms “insolvency proceedings” and “liquidator” by reference to each Member State in the Annexes to the Regulation.
Jurisdiction: main proceedings
Primary jurisdiction is accorded to the courts of the Member State within which the COMI of the debtor is located. Subject to any secondary proceedings (see below) and any relevant exceptions, insolvency proceedings opened in the Member State where the debtor’s COMI is located are called “main proceedings” and they are deemed to be of universal scope encompassing all the debtor’s assets on a worldwide basis.
Subject only to certain entrenched rights (see below), the law of the Member State in which the proceedings are opened determines the conditions for the opening of those proceedings, their conduct and their closure. Regulation 4(2) lists, not exhaustively, those matters that are governed by the law of that Member State. They include, for example, the respective powers of the debtor and the office-holder, the effects of the insolvency proceedings on current contracts to which the debtor is party and the rules governing the lodging, verification and admission of claims.
Jurisdiction: secondary proceedings
The courts of other Member States have jurisdiction to open secondary insolvency proceedings against a debtor possessing an “establishment” within the territory of that other Member State.
The term establishment is defined as “any place of operations where the debtor carries out a non-transitory economic activity with human means and goods”.
Primacy of main proceedings
Secondary proceedings are limited to the assets of the debtor situated in the territory of the Member State in which proceedings are commenced and may only be “winding up proceedings”. Various provisions of the Regulation ensure the primacy of the main proceedings, including a requirement on the liquidator of the secondary proceedings to co-operate with the liquidator of the main proceedings.
Recognition
A judgment handed down in the main proceedings will, subject to limited exceptions based on public policy, be recognised and given effect in other Member States with no further formalities.
The liquidator appointed in the main proceedings will be entitled to exercise all the powers conferred on him by the law of the Member State of the main proceedings in another Member State, provided no secondary proceedings have been opened in that other Member State nor any preservation measures to the contrary have been taken there.
Entrenched rights
Certain creditors’ rights are excluded from the general choice of law rule in the Regulation and are given entrenched status. Rights in rem (including security rights of a proprietary nature) are one example. So if a debtor has its COMI and main proceedings in, say, France, in general the Regulation dictates that its insolvency and assets (wherever they are) are dealt with according to French insolvency law. But if it also has a creditor with a proprietary claim relating to an asset in, say, Germany, the law applicable to the proprietary claim remains German law. Other entrenched rights include reservation of title claims, set-off and contracts relating to immoveable property.
Problems with the Regulation
The practical application of the Regulation across the Member States since its introduction in 2002 has not always been smooth. There have been instances of ‘forum shopping’ and jurisdictional conflicts, which the Regulation was supposed to avoid. However, it is hoped that these problems will reduce as the Regulation case law and practice develops. Notwithstanding these early problems, the Regulation represents progress towards co-operation and coordination in the field of international insolvency, for the benefit of insolvent businesses and their creditors.
2. UNCITRAL Model Law on Cross-Border Insolvency (The “Model Law”)
The United Nations Commission on International Trade Law (UNCITRAL) (established in 1966) is a subsidiary body of the General Assembly of the United Nations with the general mandate to further the progressive harmonisation and unification of the law of international trade.
Collaboration between UNCITRAL and INSOL International resulted in the adoption in 1997 of the Model Law. The Model Law is designed to assist states to equip their insolvency laws with a modern, harmonized and fair framework to address more effectively instances of cross-border insolvency. Those instances include cases where the insolvent debtor has assets in more than one state or where some of the creditors of the debtor are not from the state where the insolvency proceeding is taking place. The Model Law recognises differences among national procedural laws and does not attempt a substantive harmonisation of insolvency law.
The Model Law has since been adopted by 13 states, including the USA and from the jurisdictions covered by this guide: the United Kingdom (2003), Poland (2003), Romania (2003), Serbia (2004), Slovenia (2007).
The Model Law provides for among other things: foreign assistance for insolvency proceedings taking place in the enacting state; foreign representative’s access to courts of the enacting state; recognition of foreign proceedings; cross-border cooperation; and coordination of concurrent proceedings.
In states that have enacted the Model Law, recognition may be sought for foreign proceedings that are collective insolvency proceedings, and which are subject to the supervision and control of a foreign court. The Regulations provide for the recognition of two types of proceedings: foreign main proceedings and foreign non-main proceedings.
Foreign main proceedings
Foreign main proceedings are proceedings taking place in the state in which the debtor has its centre of main interests. As with the Regulation, COMI is not defined but is subject to a rebuttable registered office presumption substantially similar to the presumption in the Regulation. The presumption will be rebutted where there is objective evidence that third parties would ascertain the “head office functions” of the debtor to be in a state other than that of the registered office .
Foreign non-main proceedings
Foreign non-main proceedings are proceedings occurring in a state in which the debtor has an “establishment” (which is defined as any place of operations where the debtor carries out an economic activity with human means and goods, which is not of a temporary nature).
Recognition as foreign main proceedings results in an automatic stay of certain types of creditor action including: the commencement of proceedings concerning the debtor’s assets, rights, obligations or liabilities; execution against the debtor’s assets; and the transfer or disposal of the debtors assets. As with the Regulation, proprietary rights, and set-off are excluded from the general rules.
There is no automatic stay for foreign non-main proceedings, but discretionary relief is available.
Austria
Belgium
Bulgaria
Croatia
Czech Republic
England, Wales and Scotland
France
Contact
Daniel Carton
T +33 1 47 38 56 51
E daniel.carton@cms-fl.com
Germany
Contact
Rolf Leithaus
T +49 221 7716 234
E rolf.leithaus@cms-hs.com
Hungary
Contacts
Árpád Lantos
T +36 1 48348 23
E arpad.lantos@cms-cmno.com

Erika Papp
T +36 1 48348 13
E erika.papp@cms-cmno.com
Italy
Contact
Paolo Bonolis
T +39 06 4781 51
E paolo.bonolis@cms-aacs.com
The Netherlands
Contacts
David Bos
T +31 30 2121 590
E david.bos@cms-dsb.com

Jan Willem Bouman
T +31 30 2121 285
E janwillem.bouman@cms-dsb.com

Marcel Groenewegen
T +31 20 3016 410
E marcel.groenewegen@cms-dsb.com

Marc van Zanten
T +31 20 3016 414
E marc.vanzanten@cms-dsb.com
Poland
Contact
Malgorzata Chruściak
T +48 22 520 8416
E malgorzata.chrusciak@cms-cmno.com
Romania
Contact
Alina Tihan
T +40 21 4073 875
E alina.tihan@cms-cmno.com
Russia
Contacts
Konstantin Baranov
T +7 495 786 4070
E konstantin.baranov@cmslegal.ru

Karen Young
T +7 495 786 3080
E karen.young@cmslegal.ru..
Serbia
Contacts
Dr. Radivoje Petrikic
T +43 1 40443 1650
E radivoje.petrikic@cms-rrhs.com

Časlav Petrović
T +381 11 3208900
E caslav.petrovic@cms-rrh.com
Slovenia
Contacts
Brigita Kraljič
T +386 1 62052 10
E brigita.kraljic@cms-rrh.com

Aleš Lunder
T +386 1 62052 10
E ales.lunder@cms-rrh.com
Spain
Contacts
Juan Ignacio Fernández Aguado
T +34 91 4519 300
E juanignacio.fernandez@cms-asl.com

Abraham Nájera Pascual
T +34 91 4519 296
E abraham.najera@cms-asl.com
Switzerland
Contacts
Philipp Dickenmann
T +41 44 2851 111
E philipp.dickenmann@cms-vep.com

Stephan Werlen
T +41 1 2851 383
E stephan.werlen@cms-vep.com
Ukraine
Contacts
Daniel Bilak
T +380 44 39137 01
E daniel.bilak@cms-cmno.com

Peter Malecek
T +380 44 39137 49
E peter.malecek@cms-cmno.com

Adam Mycyk
T +380 44 39137 02
E adam.mycyk@cms-cmno.com

Johannes Trenkwalder
T +43 1 40443 1650
E johannes.trenkwalder@cms-rrh.com
Contact details
Austria
Armin Dallmann
T +43 1 40443 1150
E armin.dallmann@cms-rrh.com
Belgium
Jean-François Goffin
T +32 2 74369 21
E jeanfrancois.goffin@cms-db.com

Carl Leermakers
T +32 2 74369 12
E carl.leermakers@cms-db.com

Arnaud Van Oekel
T +32 2 74369 54
E arnaud.vanoekel@cms-db.com

Bulgaria
Gentscho Pavlov
T +359 2 92199 21
E gentscho.pavlov@cms-rrh.com

Reneta Petkova
T +359 2 92199 46
E reneta.petkova@cms-cmno.com
Croatia
Gregor Famira
T +43 1 40443 2650
E gregor.famira@cms-rrh.com

Czech Republic
Pavla Křečková
T +420 2 210 98 888
E pavla.kreckova@cms-cmno.com

Ian Parker
T +420 2 210 98 815
E ian.parker@cms-cmno.com
England, Wales and Scotland
Duncan Aldred
T +44 20 7367 2709
E duncan.aldred@cms-cmno.com

Martin Brown
T +44 20 7367 2590
E martin.brown@cms-cmno.com

Rita Lowe
T +44 20 7367 2798
E rita.lowe@cms-cmno.com

Maria McKenna
T +44 131 220 7675
E maria.mckenna@cms-cmno.com

Peter Wiltshire
T +44 20 7367 2896
E peter.wiltshire@cms-cmno.com

France
Daniel Carton
T +33 1 47 38 56 51
E daniel.carton@cms-fl.com
Germany
Rolf Leithaus
T +49 221 7716 234
E rolf.leithaus@cms-hs.com

Hungary
Árpád Lantos
T +36 1 48348 23
E arpad.lantos@cms-cmno.com

Erika Papp
T +36 1 48348 13
E erika.papp@cms-cmno.com
Italy
Paolo Bonolis
T +39 06 4781 51
E paolo.bonolis@cms-aacs.com

The Netherlands
David Bos
T +31 30 2121 590
E david.bos@cms-dsb.com

Jan Willem Bouman
T +31 30 2121 285
E janwillem.bouman@cms-dsb.com

Marcel Groenewegen
T +31 20 3016 410
E marcel.groenewegen@cms-dsb.com

Marc van Zanten
T +31 20 3016 414
E marc.vanzanten@cms-dsb.com
Poland
Malgorzata Chruściak
T +48 22 520 8416
E malgorzata.chrusciak@cms-cmno.com

Romania
Alina Tihan
T +40 21 4073 875
E alina.tihan@cms-cmno.com
Russia
Konstantin Baranov
T +7 495 786 4070
E konstantin.baranov@cmslegal.ru

Karen Young
T +7 495 786 3080
E karen.young@cmslegal.ru

Serbia
Dr. Radivoje Petrikic
T +43 1 40443 1650
E radivoje.petrikic@cms-rrhs.com

Časlav Petrović
T +381 11 3208900
E caslav.petrovic@cms-rrh.com
Slovenia
Brigita Kraljič
T +386 1 62052 10
E brigita.kraljic@cms-rrh.com

Aleš Lunder
T +386 1 62052 10
E ales.lunder@cms-rrh.com

Spain
Juan Ignacio Fernández Aguado
T +34 91 4519 300
E juanignacio.fernandez@cms-asl.com

Abraham Nájera Pascual
T +34 91 4519 296
E abraham.najera@cms-asl.com
Switzerland
Philipp Dickenmann
T +41 44 2851 111
E philipp.dickenmann@cms-vep.com

Stephan Werlen
T +41 1 2851 383
E stephan.werlen@cms-vep.com

ukraine
Daniel Bilak
T +380 44 39137 01
E daniel.bilak@cms-cmno.com

Peter Malecek
T +380 44 39137 49
E peter.malecek@cms-cmno.com

Adam Mycyk
T +380 44 39137 02
E adam.mycyk@cms-cmno.com

Johannes Trenkwalder
T +43 1 40443 1650
E johannes.trenkwalder@cms-rrh.com

CMS Offices
AUSTRIA
Vienna
CMS Reich-Rohrwig Hainz
Rechtsanwälte GmbH
Ebendorferstraße 3
1010 Vienna, Austria
T +43 1 40443 0
F +43 1 40443 90000
BELGIUM
Brussels
CMS DeBacker
Chaussée de La Hulpe 178
1170 Brussels, Belgium
T +32 2 74369 00
F +32 2 74369 01

BOSNIA AND HERZEGOVINA
Sarajevo
CMS Reich-Rohrwig Hainz d.o.o.
Ul. Fra Anđela Zvizdovića 1
71000 Sarajevo, Bosnia and Herzegovina
T +387 33 2964 08
F +387 33 2964 10
BULGARIA
Sofia
Pavlov and Partners Law Firm
in cooperation with
CMS Reich-Rohrwig Hainz
Landmark Centre
14 Tzar Osvoboditel Blvd.
1000 Sofia, Bulgaria
T +359 2 92199 21
F +359 2 92199 29

Sofia
Petkova & Sirleshtov Law Office
in cooper­ation with
CMS Cameron McKenna
Landmark Centre
14 Tzar Osvoboditel Blvd.
1000 Sofia, Bulgaria
T +359 2 92199 10
F +359 2 92199 19

CHINA
Shanghai
CMS, China
2801 Tower 2, Plaza 66
1266 Nanjing Road West
200040 Shanghai, China
T +86 21 6289 6363
F +86 21 6289 0731
CROATIA
Zagreb
CMS Zagreb
Ilica 1
10000 Zagreb, Croatia
T +385 1 4825 600
F +385 1 4825 601

CZECH REPUBLIC
Prague
CMS Cameron McKenna v.o.s.
Palladium
Na Poříčí 1079 / 3a
110 00 Prague 1, Czech Republic
T +420 2 96798 111
F +420 2 96798 000
FRANCE
Paris
CMS Bureau Francis Lefebvre
1 – 3, villa Emile Bergerat
92522 Neuilly-sur-Seine Cedex, France
T +33 1 4738 5500
F +33 1 4738 5555

GERMANY
Berlin
CMS Hasche Sigle
Lennéstraße 7
10785 Berlin, Germany
T +49 30 20360 0
F +49 30 20360 2000

Cologne
CMS Hasche Sigle
Kranhaus 1
Im Zollhafen 18
50678 Cologne, Germany
T +49 221 7716 0
F +49 221 7716 110

Dresden
CMS Hasche Sigle
An der Dreikönigskirche 10
01097 Dresden, Germany
T +49 351 8264 40
F +49 351 8264 716

Duesseldorf
CMS Hasche Sigle
Breite Straße 3
40213 Duesseldorf, Germany
T +49 211 4934 0
F +49 211 4934 120

Frankfurt
CMS Hasche Sigle
Barckhausstraße 12 – 16
60325 Frankfurt, Germany
T +49 69 71701 0
F +49 69 71701 40410

Hamburg
CMS Hasche Sigle
Stadthausbrücke 1 – 3
20355 Hamburg, Germany
T +49 40 37630 0
F +49 40 37630 40600

Leipzig
CMS Hasche Sigle
Augustusplatz 9
04109 Leipzig, Germany
T +49 341 21672 0
F +49 341 21672 33
Munich
CMS Hasche Sigle
Nymphenburger Straße 12
80335 Munich, Germany
T +49 89 23807 0
F +49 89 23807 40110

Stuttgart
CMS Hasche Sigle
Schöttlestraße 8
70597 Stuttgart, Germany
T +49 711 9764 0
F +49 711 9764 900
HUNGARY
Budapest
Ormai és Társai
CMS Cameron McKenna LLP
YBL Palace
Károlyi Mihály utca, 12
1053 Budapest, Hungary
T +36 1 48348 00
F +36 1 48348 01

ITALY
Rome
CMS Adonnino Ascoli & Cavasola Scamoni
Via Agostino Depretis, 86
00184 Rome, Italy
T +39 06 4781 51
F +39 06 4837 55
Luxembourg
Luxembourg
CMS DeBacker Leclère Walry
70, route d’Esch
1470 Luxembourg, Luxembourg
T +352 26 2753 1
F +352 26 2753 53

THE NETHERLANDS
Utrecht
CMS Derks Star Busmann
Newtonlaan 203
3584 BH Utrecht, The Netherlands
T +31 30 2121 111
F +31 30 2121 333
POLAND
Warsaw
CMS Cameron McKenna
Dariusz Greszta Spółka Komandytowa
Warsaw Financial Centre
Ul. Emilii Plater 53
00-113 Warsaw, Poland
T +48 22 520 5555
F +48 22 520 5556

Romania
Bucharest
CMS Cameron McKenna SCA
S-Park
11 – 15, Tipografilor Street
B3 – B4, 4th Floor
District 1
013714 Bucharest, Romania
T +40 21 4073 800
F +40 21 4073 900
RUSSIA
Moscow
CMS, Russia
Gogolevsky Blvd., 11
119019 Moscow, Russia
T +7 495 786 4000
F +7 495 786 4001

SERBIA
Belgrade
CMS Reich-Rohrwig Hasche Sigle d.o.o.
Cincar Jankova 3
11000 Belgrade, Serbia
T +381 11 3208 900
F +381 11 3208 930
SLOVENIA
Ljubljana
CMS Reich-Rohrwig Hainz
Tomšičeva 1
1000 Ljubljana, Slovenia
T +386 1 62052 10
F +386 1 62052 11

SPAIN
Madrid
CMS Albiñana & Suárez de Lezo, S.L.P.
Calle Génova, 27
28004 Madrid, Spain
T +34 91 4519 300
F +34 91 4426 045
SWITZERLAND
Zurich
CMS von Erlach Henrici Ltd
Dreikönigstrasse 7
8022 Zurich, Switzerland
T +41 44 2851 111
F +41 44 2851 122

UKRAINE
Kyiv
CMS Cameron McKenna LLC
6th Floor, 38 Volodymyrska Street
01034 Kyiv, Ukraine
T +380 44 39133 77
F +380 44 39133 88

Kyiv
CMS Reich-Rohrwig Hainz TOV
19B Instytutska St.
01021 Kyiv, Ukraine
T +380 44 50335 46
F +380 44 50335 49
UNITED KINGDOM
London
CMS Cameron McKenna LLP
Mitre House
160 Aldersgate Street
London EC1A 4DD, United Kingdom
T +44 20 7367 3000
F +44 20 7367 2000


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