Budniok v Adjudicator, Insolvency Service [2017] EWHC 368 (Ch)
Chief Registrar Baister overturned the Adjudicator's decision in refusing to grant a Bankruptcy Order where the Debtor's COMI was an issue.
Mr Budniok, a German citizen who had recently moved to London, applied online for a Bankruptcy Order in England. After several requests for further information, the Adjudicator was not satisfied Mr Budniok's centre of main interests ("COMI") was in England and as such refused the application. Mr Budniok appealed.
Summary
The German Federal Court of Finance (BFH) has recently decided on the tax treatment of profits resulting from debt waived in the course of a company´s restructuring (case file no. GrS 1/15, 28 November 2016).
The BFH:
On 23 March 2017, the German Parliament passed new rules on criminal law measures for recovery of criminal proceeds. In the future, enforcement of financial claims against criminal offenders will be widely handled by the public prosecution. Whilst the new rules may facilitate access to compensation for private parties affected by crimes, intellectual property right owners fighting counterfeiters may often find civil enforcement more promising.
Cornerstones of new rules
I. Executive Summary
The reform (which has come into force and effect on 5 April 2017 ("Reform")) is aiming at increasing legal certainty in cases of rescission inside and outside of insolvency proceedings regarding insolvency rescissions due to willful disadvantages (Vorsatzanfechtung) for creditors.
On 5 April 2017, an amendment to the German Insolvency Code (Insolvenzordnung – “InsO”) has come into force which provides for various changes to the avoidance rules and clawback laws in German insolvency proceedings.
The major change affects the right of an insolvency administrator to challenge transactions for willful disadvantage (§ 133 InsO).
New EU Regulation on Cross-Border Preservation of Accounts Potentially Useful Tool to Secure Assets in EU Member States
Um die Insolvenzmasse zu erhöhen, ermöglicht das Insolvenzanfechtungsrecht dem Insolvenzverwalter, unter bestimmten Voraussetzungen auf Werte zuzugreifen, derer sich der Schuldner vor der Stellung des Antrags auf Eröffnung des Insolvenzverfahrens zu Lasten einzelner oder aller Gläubiger entäußert hat. The insolvency challenge rights give the insolvency administrator, under certain prerequisites, access to assets which the debtor disposed of to the detriment of the creditors prior to the filing for insolvency, thus increasing the insolvency estate.
I. Executive Summary
Der Bundestag hat Ende Februar 2017 eine Reform des Anfechtungsrechts verabschiedet. Die Reform bringt substantielle Änderungen des Insolvenzanfechtungsrechts, von denen in erster Linie Lieferanten und Dienstleister profitieren dürften, die sich Ansprüchen eines Insolvenzverwalters in der Insolvenz ihres Kunden ausgesetzt sehen. Die neuen Regeln sind am 5. April 2017 in Kraft getreten und gelten für alle Insolvenzverfahren, die ab diesem Datum eröffnet werden.
1. Hintergrund der Anfechtungsreform
Everyday, most of us in the United States encounter evidence of relentless economic globalization. Gone are the days when American-brand automobiles dominated our roads. As a result of NAFTA, fresh Mexican produce fills the shelves of our local supermarkets. You are perhaps just as likely to fly overseas on Japan Air Lines, Aer Lingus or Lufthansa as on Northwest-Delta, American or United.