De Afdeling bestuursrechtspraak van de Raad van State heeft in een uitspraak van 25 januari 2017 (zaaknr. 201508332/1/A3) nogmaals bevestigd dat de bereidheid van een bestuursorgaan om te wachten met invordering van verbeurde dwangsommen totdat op een tegen de last onder dwangsom aanhangig gemaakt beroep is beslist door de rechter, haar duur kan komen te staan. In deze zaak verloor het college van burgemeester en wethouders van Eindhoven (het college) de bevoegdheid om EUR 26.500,00 aan verbeurde dwangsommen in te vorderen.

On January 17, the US Court of Appeals for the Second Circuit rendered a much anticipated decision in Marblegate Asset Management, LLC v. Education Management Corp., No. 15-2124-cv(L), 15-2141-cv(CON), reversing the Southern District of New York's holding that only a non-consensual amendment to an indenture's core payment terms violates Section 316(b) of the Trust Indenture Act (TIA).

On November 17, 2016, the US Court of Appeals for the Third Circuit in Delaware Trust Co. v. Energy Future Intermediate Holding Co. LLC, No. 16-1351 (3d Cir. Nov. 17, 2016) clarified the often-muddy interplay between indenture acceleration provisions and "make-whole" redemption provisions, holding that Energy Future Intermediate Holding Co. LLC and EFIH Finance Inc. (collectively, "EFIH") were unable to avoid paying lenders approximately $800 million in expected interest by voluntarily filing for bankruptcy.

Background

The infamous history of MF Global is closer to ending after the administrator for the bankrupt holding company filed a proposed notice of settlement that, if approved, would provide a payment of US $132 million to resolve most outstanding litigation against the company and individual former officers by certain customers and other creditors. The funds would come from insurance proceeds from policies maintained on behalf of the former officers of MF Global that were named as defendants in the litigation, including John Corizine, former chief executive officer.

Hoge Raad 24 juni 2016, ECLI:HR:NL:2016:1311

Eiseres is in cassatie gegaan tegen een arrest van het hof Den Bosch van 28 juli 2015. Eiseres heeft de cassatiedagvaarding laten betekenen ten kantore van verweerder's (eerdere) advocaat. De cassatiedagvaarding is enkel aan verweerder uitgebracht.

The bankruptcy court overseeing the Lehman Brothers chapter 11 cases rejected efforts by Lehman Brothers Special Financing Inc. (LBSF) to recover roughly $1 billion in payments made to numerous noteholder defendants from the liquidation of collateral originally pledged to secure both obligations under notes issued by special purpose entities and credit default swap (CDS) obligations to LBSF, holding that the termination of the swap and liquidation and distribution of the collateral were protected by the Bankruptcy Code’s safe harbor.

On 5 February 2016 the Dutch Supreme Court ruled that the fact that a trustee in bankruptcy unlawfully collected pledged receivables has no consequences for the ranking of his salary. That the trustee in this case would profit from his unlawful behaviour (his salary is the highest ranking claim in a bankruptcy) is undesirable, but not enough reason to change the ranking.

In its 18 December 2015 ABN/Marell judgement, the Dutch Supreme Court held that if secured debt is pledged, the holder of that right of pledge has the authority to enforce not only its own pledge but also the security connected with that pledged secured debt. Such chains of secured debt are not uncommon, but often parties are not aware that they exist. According to this new case law, security down the chain can be used in the enforcement of the primary security.

The Board of Governors of the Federal Reserve System proposed a rule that would require US global systemically important banking institutions to amend their contracts for certain common financial transactions to preclude the immediate termination of such contracts if a firm enters bankruptcy or a resolution process. Relevant contracts – termed “qualified financial contracts” – that would have to be amended include those used for derivatives, securities lending and short time financing such as repurchase agreements.