GRANADA COMMERCIAL COURT NO. 1 RULING OF MARCH 17, 2014; LOGROÑO COURT OF FIRST INSTANCE NO. 6 DECREE OF APRIL 25, 2014; BARCELONA COURT OF FIRST INSTANCE NO. 38 DECREE OF MAY 14, 2014; AND PONTEVEDRA COMMERCIAL COURT NO. 2 DECISION OF JUNE 6, 2014: FIRST DECISIONS ON THE SUSPENSION OF ENFORCEMENT PROCEEDINGS UNDER ARTICLE 5 BIS OF THE INSOLVENCY ACT AFTER ROYAL DECREE-LAW 4/2014
BARCELONA PROVINCIAL COURT (DIVISION 15) RULING OF APRIL 3, 2014, NO.
116/2014, AND LA CORUNA PROVINCIAL COURT (DIVISION 4) RULING OF APRIL 22,
2014, NO. 118/2014: ARTICLE 90.1.6 OF THE INSOLVENCY ACT REFERS TO THE PLEDGE SECURING FUTURE CREDITS
Two new decisions on article 90.1.6 of the Insolvency Act coincide in stating that the last point of this precept refers to the pledge securing future credits, and not to the pledge over future credit rights.
(ORDONNANCE Nº 2014-326 DU 12 MARS 2014 ET DÉCRET NO 2014-736 DU 30 JUIN 2014)
La nouvelle ordonnance nº 2014-326 du 12 mars 2014 modifie avec environ 120 articles essentiellement insérés dans le Code de Commerce, le régime des entreprises en difficulté. Un décret d’application publié le 30 juin 2014 a précisé les détails de ce texte.
Nous exposons ici quelques points principaux de la réforme (liste non exhaustive) :
In Re Citywest Hire Ltd (In Liquidation)
Myles Kirby was appointed as Official Liquidator of Citywest Hire Limited (In Liquidation) (“Citywest”). Citywest had operated Il Segreto Restaurant on Merrion Row, Dublin 2 until late June 2013.
In January 2014, the Malta Financial Services Authority (“MFSA”) announced that Setanta Insurance Company Limited (“Setanta Insurance”) had ceased carrying on insurance business. As a result, no new business or renewals would be issued by the company, although existing policies would remain in force.
Judgment of the Supreme Court of Justice of 20-03-2014 Standardization of Jurisprudence – Insolvency Proceedings – Right of Retention
Flanagan & Anor -v- Crosby & Ors [2014] IEHC59
In Re Home Payments Limited (In Liquidation) [2013] IEHC 507, an application for directions was made by the Joint Liquidators of Home Payments Limited for the liquidators’ remuneration, costs and expenses to be discharged from customer accounts. Prior to its liquidation the company had operated as a nationwide household budgeting and bill paying company.
On 15 April 2014 the European Parliament voted in favour of the European Commission initiative for a Regulation establishing a European Account Preservation Order (EAPO) to simplify EU cross-border debt recovery in civil and commercial matters. This legislation aims to establish a procedure whereby the courts of EU member states can issue orders preserving or “freezing” bank accounts across the EU without the need for any intervention by the courts of any other member state.
The High Court has confirmed that leave of the Court is required before an application can be brought to cross-examine an Official Assignee (In re Sean Dunne, A Bankrupt [2014] IEHC 113).
Background