In a judgment issued yesterday (Francis v Gross [2024] NZCA 528), the Court of Appeal unanimously overturned the controversial High Court decision in Francis v Gross [2023] NZHC 1107 and held that purchasers of partly constructed modular buildings (pods) did not have equitable liens (at all, and especially not in priority to secured creditors) over those pods.
Nach der Implementierung des StaRUG-Verfahrens in 2021 zeichnet sich abermalig die Einführung eines neuen sanierungsrechtlichen Verfahrens ab. Auch wenn der europäische Gesetzgebungsprozess sich noch in einem frühen Stadium befindet, verspricht die bisher angedachte Art und Weise der Umsetzung der gesetzlichen Änderungen sowohl für (potentielle) Schuldner als auch für die übrigen Beteiligten im insolvenznahen Umfeld weitreichende Folgen zu haben.
This morning, after much anticipation, the Supreme Court has released its judgment in Yan v Mainzeal Property Construction Limited (in liq) [2023] NZSC 113, largely upholding the Court of Appeal's decision, and awarding damages of $39.8m against the directors collectively, with specified limits for certain directors. The decision signals that a strong emphasis on 'creditor protection' is now embedded in New Zealand company law.
In recent years much ink has been spilled opining on the so called 'Quincecare' duty of care, and the limits of it (see links to our recent insolvency law updates covering the topic below). The judgment in Barclays Bank plc v Quincecare Ltd [1992] 4 All ER 363 was a first instance decision on Steyn J, in which he found that a bank has a duty not to execute a payment instruction given by an agent of its customer without making inquiries if the bank has reasonable grounds for believing that the agent is attempting to defraud the customer.
Der BGH hat mit Entscheidung vom 27. Oktober 2022 (IX ZR 145/21) eine langwährende, insolvenzrechtliche Streitigkeit entschieden. In seiner Entscheidung nahm der BGH an, dass sich das Verwertungsrecht des Insolvenzverwalters nach § 166 InsO nicht auf sonstige Rechte erstreckt. Dies legt einen lange bestehenden und intensiv geführten Streit bei, ob sich das Verwertungsrecht neben beweglichen Sachen im Besitz des Verwalters und abgetretenen Forderungen auch auf sonstige Rechte wie insbesondere verpfändete Gesellschaftsanteile oder abgetretene oder verpfändete IP-Rechte erstreckt.
In its decision of October 27, 2022 (IX ZR 145/21), the German Federal Court of Justice (BGH) ruled on a long-running dispute under German insolvency law. In its decision, the Court assumed that the insolvency administrator's right of realization under section 166 German Insolvency Code (InsO) does not extend to other rights.
1.1 Are there international treaties and/or cross-border instruments applicable?
The restructuring Q&A provides a comprehensive overview of some of the key points of law and practice of restructuring in Switzerland.
1.1 What formal insolvency proceedings are available in Switzerland?
Wirecard's insolvency administrator has won a first victory before the Munich I Regional Court. On 5 May, the court declared the annual financial statements for 2017 and 2018, which show balance sheet profits totalling around EUR 600 million, null and void. Dividends of around EUR 47 million were distributed to Wirecard's shareholders from these profits, which probably never existed. As a consequence of the nullity of the annual accounts, the resolutions on the utilisation of the balance sheet profits are also null and void.
AML changes for court-appointed liquidators
Important changes for court-appointed liquidators to the regulations under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (Act) will come into force on 9 July 2021. These changes provide that, for a court-appointed liquidator: