Florida law provides that a UCC-1 financing statement is “seriously misleading” if it does not include the debtor’s correct name, unless “a search of the records of the filing office under the debtor’s correct name, using the filing office’s standard search logic, if any, would disclose” the financing statement notwithstanding the misnomer. But how much of a search is required?
The Companies (Rescue Process for Small and Micro Companies) Bill 2021 (Bill) detailing the government's proposed rescue process for small and micro companies (SCARP) has successfully passed through the Oireachtas and is expected to be signed into law shortly by the President. The legislation will be commenced at a future date by the Minister.
Background
The European Union (Insurance and Reinsurance) (Amendment) Regulations 2021 (2021 Regulations) will come into operation on 30 June 2021, giving effect to Directive (EU) 2019/2177 of the European Parliament and of the Council of 18 December 2019 (2019 Directive).
The 2019 Directive amends the Solvency II Directive (2009/138/EC), the MiFID II Directive (2014/65/EU) and the 4th Anti-Money Laundering Directive (2015/849/EU).
In a recent High Court decision, a provisional liquidator was ordered to pay the costs of the official liquidator (who replaced the provisional liquidator and was appointed as the new liquidator of the company) and Revenue without being entitled to have recourse to the assets of the company.
The Examinership of Norwegian Air
Key Features
// C O R P O R AT E R E S T R U C T U R I N G & I N S O LV E N C Y
The Examinership of Norwegian Air Group Key Features
On 26 May 2021 Norwegian Air Shuttle ASA (NAS) and related companies (Norwegian Air) exited examinership in Ireland. Through the restructuring Norwegian Air:
raised NOK 6 billion (590 million) in new capital through share and hybrid debt offerings;
The Department of Enterprise, Trade and Employment has published the outline of proposed legislation for a dedicated rescue and restructuring framework for insolvent or potentially insolvent small and micro companies – see here.
Background
In a recent High Court decision, it was ruled that the liquidator not only failed in his application before the court, but in bringing forward an application that was 'doomed to fail', the liquidator was acting negligently and breached his duty of care to the company as liquidator. As a result, the liquidator was held personally liable for the costs of the application.
Brazos Electric Power Cooperative, Inc. (Brazos) recently filed bankruptcy in federal court in Houston, citing a disputed $1.8 billion bill from the state’s grid operator, Electric Reliability Council of Texas (ERCOT). Brazos is one of dozens of electricity providers in Texas facing enormous charges stemming from severe cold snap last month.
Brazos Electric Power Cooperative Inc. (Brazos) recently filed bankruptcy in federal court in Houston, citing a disputed $1.8 billion bill from the state’s grid operator, Electric Reliability Council of Texas (ERCOT). Brazos is one of dozens of electricity providers in Texas facing enormous charges stemming from severe cold snap last month.
On 24 September 2020, the European Commission (the Commission) relaunched its Capital Markets Union project with the publication of its ambitious new initiative,"A Capital Markets Union for people and businesses – new action plan" (the Action Plan). The purpose of the Action Plan is to reduce the current fragmented approach in financial markets and to tackle some of the remaining barriers to a single European capital market.