[Note: deemed consent cannot be used to decide on remuneration, or where the Act/Rules requires a decision by a decision procedure.]
The Deemed Consent procedure is set out in sections 246ZF (corporate insolvency) and 379ZB (personal insolvency) of the Insolvency Act 1986, as inserted by the Small Business, Enterprise and Employment Act 2015, and rule 15.7 of the Insolvency Rules 2016.
The deemed consent procedure is that relevant creditors/contributories are given notice:
Disclaimer - Rules 19.1 - 19.11
The Rules relating to Disclaimer remain largely unchanged, except for bankruptcy and liquidation being included in the same section and some minor updates to the Act. The deadlines for all actions remain unchanged.
19.8 - Application for permission to disclaim in bankruptcy (section 315(4))
The notes in this section refer to changes within the Act as amended by the Deregulation Act 2015 and the Enterprise and Regulatory Reform Act 2013.
Registrar Baister overturned the adjudicator's decision in refusing to grant a Bankruptcy Order where the debtors 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.
La Dirección General de Tributos examina, en un contexto de consolidación fiscal, las consecuencias fiscales de una operación en virtud de la cual la entidad dominante condona los créditos que tiene sobre sus filiales, derechos adquiridos previamente por medio de una operación de reestructuración empresarial no acogida al régimen de neutralidad fiscal y registrados por un valor inferior a su nominal.
La Dirección General de Tributos examina algunas de las consecuencias que pueden derivarse de una operación de reestructuración empresarial a efectos de la constitución de la reserva de capitalización prevista en el artículo 25 de la Ley del Impuesto sobre Sociedades.
The High Court considers questions relating to the location of three companies' COMIs and an alleged "improper motive" regarding the appointment of administrators
El Tribunal Supremo confirma en casación la procedencia de imponer sanción en supuestos de operaciones de reestructuración empresarial carentes de motivos económicos válidos sobre la base de argumentos que, en última instancia, lo llevan a reconducir la operación al campo de la simulación negocial.
1. Análisis de la Sentencia del Tribunal Supremo de 13 de diciembre del 2016 (rec. 2211/2015)
Following the collapse of Banco Espirito Santo, the Court of Appeal held that a $835m loan had not been transferred to Novo Banco.
This case concerns a Court of Appeal hearing following the 2014 collapse of substantial Portuguese bank Banco Espirito Santo ('BES').
In June 2014, Oak Finance Luxembourg SA ('Oak') entered a facility agreement with BES to lend approximately $835million. The agreement contained English law and jurisdiction clauses.
This article was originally published on The Gazette, and the original article can be found online here.
Substantive amendments to the existing insolvency rules come into force in April. Olivia Bridger, of Ashfords, explains the key changes.
ECJ decides that rights in rem should be interpreted in accordance with German law, despite insolvency proceedings having been opened in France
In the recent case of SCI Senior Home (in Administration) v Gemeinde Wedemark, Hannoversche Volksbank eG, the Court of Justice of the European Union handed down judgment on the question of whether a right in rem created under national law should be considered a "right in rem" for the purposes of Article 5 of the Council Regulation (EC) 1346/2000 on insolvency proceedings (the "Insolvency Regulation").