CASE COMMENTS: STATE AIDS – CONCEPT OF STATE AID – PRIVATE CREDITOR BEHAVIOUR TEST – DEBT RESCHEDULING AGREEMENT – DUTY TO STATE REASONS

Private creditor behaviour test: The General Court endorses the analysis by the Commission of a private creditor behaviour test applied to a debt rescheduling granted by a wages guarantee fund and a Social Security body (Sniace)

*This article is an automatic translation of the original article, provided here for your convenience. Read the original article. GCEU, 30 November 2011, Sniace v. Commission, Case T-238/09 The Sniace judgment of 30 November 2011 is the culmination of a long controversy punctuated by several judgments of the General Court and the Court of Justice and several Commission decisions. SNIACE is a Spanish company in the textile chemicals sector which was declared in suspension of payments in 1993. The Wage Guarantee Fund ("Fogasa") then paid the company's employees their remuneration and wage allowances and concluded agreements with SNIACE for reimbursement by the latter. Debt rescheduling agreements

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  • European Commission - Legal Service (Brussels)

Quotation

Bruno Stromsky, Private creditor behaviour test: The General Court endorses the analysis by the Commission of a private creditor behaviour test applied to a debt rescheduling granted by a wages guarantee fund and a Social Security body (Sniace), 16 February 2012, Concurrences N° 1-2012, Art. N° 42245, pp. 173-174

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