Azevedo and another v Imcopa Importacao, Exportaacao E Industria De Oleos Ltda and others [2012] EWHC 1849 (Comm)

Summary

The recent TCC decision in Brit Inns Ltd (in liquidation) v. BDW Trading Ltd (Costs) [2012] EWHC 2489 (TCC) is a useful summary of the costs principles that will be applied where Claimants pursue inflated claims – either deliberately or through lack of sufficient care. The relevant principles will be:

Government’s plan to boost UK house building

Recently the Prime Minister announced a new housing and planning package that is intended to stimulate:

California’s AB 506 process was intended to help a municipality in restructuring its debt obligations and avoid bankruptcy. However, the lessons of the bankruptcies of the City of Stockton, the Town of Mammoth Lakes and the City of San Bernardino support the reality that a meaningful restructure requires material involvement by the major stakeholders. California’s recent wave of municipal bankruptcies tend to show that the AB 506 process has not changed this reality, but rather made a difficult process longer and more arduous.

Often, corporate boards do not consider how to handle a company bankruptcy until the moment insolvency is looming.

During the current economic slowdown businesses in many industries, including some in the industrial engineering sector, are struggling to make payments to suppliers; some have even gone into bankruptcy. However, under Polish law it is possible for a creditor to achieve some protection even if specific provisions are absent from the contract.

Financial support directions and insolvency: the Regulator's statement

In reaction to a decision by the U.S. Court of Appeals for the Fourth Circuit, Lubrizol Enterprises, Inc. v. Richmond Metal Finishers, Inc., 756 F.2d 1043 (4th Cir. 1985), in which the court held that a licensee of patents, copyrights and trademarks loses its rights if the trustee or debtor in possession rejects a license under the Bankruptcy Code under which the debtor was the licensor, Congress enacted section 365(n) of the Bankruptcy Code (11 U.S.C. § 365(n)).

The Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board announced the process for receiving and evaluating the initial resolution plans--also known as living wills--from the largest banking organizations operating in the United States. The agencies also gave a timetable for release of the public portion of such plans, which are due on July 2.

On May 29, 2012, the U.S. Supreme Court, in a unanimous decision, resolved a high-profile circuit split regarding the right of secured creditors to credit bid in an asset sale under a chapter 11 plan. In RadLAX Gateway Hotel, LLC v. Amalgamated Bank,¹ the Court held that a debtor cannot deny a secured creditor the right to credit bid as part of a chapter 11 plan providing for the sale of assets free and clear of the secured creditor’s liens on those assets.