The Insolvency (Protection of Essential Supplies) Order 2015 which comes in to force on 1 October 2015 significantly changes the options available for suppliers of IT services in relation to their rights against insolvent customers. Any IT supplier caught within the definition of the new legislation will need to beware that they can no longer insist on payment of outstanding invoices as a condition of continued supply to an insolvent business, nor rely on clauses applying automatic price rises upon insolvency of the customer.
(1) PST Energy 7 Shipping LLC and (2) Product Shipping and Trading S.A. v (1) OW Bunker Malta Limited and (2) ING Bank N.V. [2015] EWHC 2022 (Comm)
When a bankrupt company’s most valuable assets include consumer information, a tension arises between bankruptcy policy aimed at maximizing asset value, on the one hand, and privacy laws designed to protect consumers’ personal information, on the other.
The recent appeal to the High Court in Woolsey v Payne [2015] EWHC 968 (Ch), from the Chief Registrar in insolvency proceedings, considered the application of sections 16B and 74(1)(a) of the Consumer Credit Act 1974, which relate to the enforceability of loans made for business purposes and/or in the course of a business.
The Insolvency Service has published its insolvency statistics for Q1 2015 which show that personal insolvencies were at the lowest level since Q4 2005. In the 12 months ending Q1 2015, 1 in 478 adults (just over 0.2% of the adult population) became insolvent. This was the lowest rate since the 12 months ending Q1 2006.
Social media accounts can be “property of the estate” in a bankruptcy case of a business, and thus belong to the business, even when the contents of the accounts are intermingled with personal content of managers and owners. This principle was recently confirmed by the Bankruptcy Court for the Southern District of Texas in In re CTLI, LLC (Bankr. S.D. Tex. Apr.
Amendments to the Law on the Legal Status of Aliens
The draft amendments to the Law on the Legal Status of Aliens (hereinafter – the Law) aim to ensure more effective control of the migration of the aliens that are posing risk, to reduce the threat of their temporary or permanent residency in Lithuania, as well to establish an order for the urgent issuance of residence permits in the Republic of Lithuania.
Įstatymo Dėl užsieniečių teisinės padėties pakeitimai
Įstatymo Dėl užsieniečių teisinės padėties (toliau tekste – „Įstatymas“) pakeitimo projektu siekiama užtikrinti veiksmingesnę riziką keliančių užsieniečių migracijos kontrolę, mažinti tokių asmenų laikino ar nuolatinio apsigyvenimo Lietuvoje grėsmę, taip pat įtvirtinti leidimų gyventi Lietuvoje išdavimo skubos tvarka institutą.
We don’t know about you, but we’ve been following the contentious litigation between the Consumer Financial Protection Bureau (CFPB) and debt-relief services company Morgan Drexen pretty closely. The CFPB filed its lawsuit in August 2013, alleging, among other things, that the company deceived consumers into paying unlawful up-front fees for debt relief services by disguising them as fees related to “sham” bankruptcy services.
Client Alert February 5, 2015 Second Circuit to Lenders: Get Your UCC Filings Right By Geoffrey R. Peck and Jordan A. Wishnew1 INTRODUCTION On January 21, 2015, the U.S. Court of Appeals for the Second Circuit issued an opinion regarding a mistaken UCC-3 termination statement that all loan market participants should consider carefully.