(7th Cir. Mar. 11, 2016)
(Bankr. E.D. Ky. Mar. 7, 2016)
(Bankr. W.D. Ky. Mar. 8, 2016)
The bankruptcy court sustains the debtors’ objection to the creditor’s claim. The court determines that the creditor failed to establish that the transaction with the debtors was intended as a loan. Instead, the parties had formed a partnership with the creditor making capital contributions, rather than loans. Opinion below.
Based on a referral by the German Federal Court of Justice (BGH) the ECJ held that provisions such as § 64 of the German Limited Liability Companies Act (GmbHG) which regulates the personal liability of German GmbH directors in cases of insolvency, can be regarded as an insolvency law rule by virtue of Art. 4 para. 1 European Insolvency Regulation. The provision can therefore be applicable to a UK limited company (having its centre of main interest in Germany) and its director respectively, in accordance with European law: according to Art. 4 para.
(7th Cir. Mar. 4, 2016)
(6th Cir. B.A.P. Mar. 3, 2016)
(6th Cir. B.A.P. Mar. 3, 2016)
(Bankr. S.D. Ind. Feb. 24, 2016)
(Bankr. W.D. Ky. Feb. 18, 2016)
(Bankr. W.D. Ky. Feb. 16, 2016)