This month the new Insolvency Rules 2016 came into force, replacing the Insolvency Rules 1986. We cover this, and other issues affecting professionals in the insolvency and fraud investigation industry below.
Pursuant to article 47(1) of the Commercial Companies (Structural Changes) Act ("LME"), spin-offs (partial divisions) are excluded from pre-insolvency acts of disposal susceptible to clawback (avoidance).
An insolvency practitioner filed an avoidance claim, pleading, in the main, that the conveyance of certain real property under the partial division of the insolvent company be held unenforceable and, in the alternative, that the division itself be held unenforceable.
Gowling WLG's finance litigation experts bring you the latest on the cases and issues affecting the lending industry.
Uncrystallised pension pot remains protected following bankruptcy
Gowling WLG's finance litigation experts bring you the latest on the cases and issues affecting the lending industry.
- Debt capitalisation in court-approved refinancing agreements
The 4th additional provision (4th a.p.) of the Spanish Insolvency Act (IA) provides that certain effects under a court-sanctioned refinancing agreement may extend to financial creditors that either have not signed the agreement or have expressed disagreement with it (dissenting creditors).
- RDA (RDL, its Spanish acronym) 11/2014, of 5 September, on urgent measures in insolvency matters, amends, inter alia, the rules on majorities required for the acceptance of settlement proposals.
The new rules can be found in art. 124(1) of the Spanish Insolvency Act (Ley Concursal), which now reads as follows:
- El RDL 11/2014, de 5 de septiembre, de medidas urgentes en materia concursal, ha venido a modificar, entre otros extremos, el régimen de las mayorías necesarias para la aceptación de propuestas de convenio.
El corazón de la nueva disciplina está constituido por el nuevo apartado 1 del art. 124 LC, que ha quedado redactado como sigue:
According to its Explanatory Notes, RD Act (Order in Council) 4/2014, of 7 March, adopting urgent measures on business debt refinancing and restructuring, aims to facilitate the financial repair and recovery of companies facing an economic crisis. To this end, a set of rules varying in scope and significance have been laid down, which I here discuss with regards to the treatment reserved to loans granted under refinancing agreements - as provided by the Spanish Insolvency Act (IA) - and their signatory creditors.
EL RDL 4/2014, de 7 de marzo, por el que se adoptan medidas urgentes en materia de refinanciación y reestructuración de deuda empresarial, tiene como objetivo declarado (vid. su Exposición de Motivos) facilitar el saneamiento financiero de las empresas en situación de crisis económica. A estos efectos se han dictado un conjunto de normas de diferente alcance y significado.
Sale at an undervalue; time for presenting a petition; implied term avoids manifest injustice; complying with time limits; order for sale threshold; Wragge & Co's finance litigation experts bring you the latest on the cases and issues affecting the lending industry.
Sale at an undervalue
In Butterfield Bank (UK) Ltd v Philip and others, the bank sought summary judgment against four guarantors of a bank facility. It was alleged that the bank had sold a property at a £500,000 undervalue.