The recent Court of Appeal decision inLBI EHF v Raiffeisen Bank International AG [2018] EWCA Civ 719 affirms the wide discretion of the non-Defaulting Party to determine "fair market value" in accordance with the close-out mechanism under paragraph 10(e)(ii) of the standard Global Master Repurchase Agreement (2000 version) ("GMRA").
The German Federal Court of Justice (Bundesgerichtshof) has taken the opportunity to clarify its position on section 17(2) German Insolvency Act (Insolvenzordnung, InsO). According to sec. 17(2) a debtor is deemed insolvent if he is unable to pay his debts as they fall due (Zahlungsunfähigkeit).
There is more trouble for the British High Street as Toys R Us and Maplins have both entered Administration. Toys R Us' remaining stores are due to close once stock is sold as the Administrators have been unable to find a buyer. Maplins' stores remain open for now and the Administrators are still looking to secure a buyer, but so far have been unsuccessful. New Look has announced it will be closing 60 stores, and Carpetright has announced plans to close poorly performing stores.
The Knesset has aimed to update the law on insolvency by passing the Law of Insolvency and Economic Rehabilitation.
This has arisen as a result of the current insolvency laws being considered to be regulated under outdated legislation, being disorganised and having had a detrimental effect on debtors, creditors, and the economy. The incoming Law will take effect in 18 months' time and is designed to rectify the situation and provide the Israeli economy with modern legislation with respect to insolvency.
The Law has three primary objectives:
Article Summary:
In Wright (and another) (as joint liquidators of SHB Realisations Ltd (formerly BHS Ltd) (in liquidation)) v Prudential Assurance Company Ltd, the court held that, when the BHS CVA terminated, the landlord was entitled to claim the full rent due under its lease. With more recent retail CVAs seeking to push the envelope even further, is the continued compromise of landlord creditors post-CVA the next issue to be tested in the courts?
Summary: In Wright (and another) (as joint liquidators of SHB Realisations Ltd (formerly BHS Ltd) (in liquidation)) v Prudential Assurance Company Ltd, the court held that, when the BHS CVA terminated, the landlord was entitled to claim the full rent due under its lease. With more recent CVAs seeking to push the envelope even further, is the continued compromise of landlord creditors post-CVA the next issue to be tested in the courts?
Following the collapse of Monarch and Air Berlin last year, the International Air Transport Association ("IATA") has suggested that bankruptcy laws should be reviewed globally in order to allow a “reasonable timeframe” for airlines to continue operating after entering insolvency to allow more passengers to complete their journeys.
The Swiss government presented a draft bill in May 2017 which was approved by the Swiss Council of States in December 2017 with very few amendments. The revised law could be effective as from 1 January 2019 if the Swiss National Council approves the revision this year.
Key changes include:
Brexit plays a part in an application by the Joint Administrators of Nortel Networks UK Limited and others to extend the Administrators' terms of office as uncertainty lies over what, if any recognition will be given to the Administrators by the courts of the EU Member States after 29 March 2019.
The Grand Court of the Cayman Islands granted common law recognition and assistance to the foreign Liquidators of a Cayman Islands company post Rubin v Eurofinance and Singularis Holdings Limited v PwC.
In Re China Agrotech Holdings Limited Ltd (FSD 157 of 2017 (NSJ)), the Grand Court of the Cayman Islands ("Cayman Court") granted Liquidators appointed by the High Court of Hong Kong leave to present and consent to a scheme of arrangement on behalf of China Agrotech Limited (the "Company") based on a common law discretion.