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.
The United States bankruptcy judge overseeing the liquidation of MF Global Inc., approved the trustee’s proposal to pay all unsecured general creditors $461 million. Once paid, this distribution would result in total distributions to unsecured general creditors of 72 percent of their approved claims.
The New York State Attorney General settled a lawsuit against Ernst & Young related to its involvement in the financial statement preparation of Lehman Brothers Holding, Inc. The NY AG had alleged that the auditing firm had countenanced Lehman’s inclusion of certain repurchase transactions as sales and not as financings, which permitted the firm to remove “tens of billions of dollars” of securities from its balance sheet. According to the NY AG, the repo transactions—known as “Repo 105”—“served no legitimate purpose.
The trustee for the liquidation of MF Global Inc. is seeking permission from the bankruptcy judge overseeing the firm’s dissolution to make a distribution of US $461 million to unsecured general creditors. If approved, this distribution would result in total distributions to unsecured general creditors of 72 percent of their approved claims. To date, the trustee has distributed 100 percent of approved claims of MF Global’s customers (totaling US $6.7 billion), and 100 percent of approved secured, priority and administrative claims.
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.
On January 14, 2015, Target Corporation ("Target US") announced the exit of substantially all of its Canadian operations less than two years after opening its first Canadian stores in a strategic push to operate at least one store in every province of Canada. The following day, on January 15, the Ontario Superior Court of Justice (Commercial List) in Toronto (the "Court") granted Target Canada Co.
On 15 January 2015, it was announced that the bankruptcy creditor petition limit will be increased from £750 to £5,000 following a consultation into insolvency proceedings.
Business Minister, Jo Swinson said:
In Graves v Capital Home Loans Ltd [2014] EWCA Civ 1297, it was held that the appointment of Law of Property Act Receivers by a mortgagee because the borrower lacked the mental capacity to manage his financial affairs was valid even if the borrower was mentally fit by the time of the appointment. It was further held that the treatment of the borrower by the lender in such circumstances did not give rise to an unfair relationship under ss 140A and 140B of the Consumer Credit Act 1974 (CCA 1974).
Background