To date, a debt waiver has been frequently used as a tool to successfully restructure German based companies in financial difficulties. A decision of the German Federal Fiscal Court (Bundesfinanzhof) published on February 8, 2017 currently limits such an option, given that it held that one of the main instruments used by tax authorities to grant relief from an otherwise taxable cancellation of debt income (CODI) in the form of the so-called Restructuring Decree (Sanierungserlass) violates fundamental constitutional rights.
You will have previously seen a landlord's consent is usually required to enable a pharmacist to assign or sell their lease to a third party.
It is usual for the landlord's consent to be specified not to be unreasonably withheld or delayed.
On a lease assignment a landlord will want to ensure that the tenant is of sufficient financial strength to be able to comply with the lease covenants (including payment of the rent).
In Akers (and others) v. Samba Financial Group [2017] UKSC 6, the UK Supreme Court has confirmed the limited nature of British insolvency officer-holders’ ability to void dispositions of a company’s assets held on trust. The Supreme Court also highlighted the potential dangers inherent in holding on trust assets located in jurisdictions which do not recognise common law trusts.
Second Circuit’s reversal of controversial restructuring decision may boost confidence among distressed bond issuers.
The decision provides some additional, though limited protection for licensees of trademarks in bankruptcy proceedings
Introduction
In In re Tempnology LLC,1 the Bankruptcy Appellate Panel (the BAP) for the First Circuit provided additional clarity regarding the rights of intellectual property licensees under section 365(n) of the United States Bankruptcy Code,2 particularly with respect to trademark licenses. In Tempnology, the First Circuit BAP concluded that:
Section 365(n) extends only to licenses of "intellectual property" as defined in the Bankruptcy Code,3
With a new Insolvency and Bankruptcy Code that has become effective on 1 December 2016, India seeks to expedite the process for creditors seeking payment or foreclosure through the courts.
Il Decreto Legge n. 59/2016 (il cosiddetto “Decreto Banche”, di seguito il Decreto) è stato pubblicato in Gazzetta Ufficiale (e successivamente modificato e convertito in legge con la Legge n. 199/2016) ed è recentemente entrato in vigore ma è ancora per alcuni aspetti in attesa della normativa secondaria per la sua implementazione.
The so called “Banks Decree” Decree (Law Decree no. 59/2016, hereinafter the “Decree”), published on the Official Gazette and converted into Law no. 199/2016, has recently entered into force.
The main purpose of the Decree is to grant a partial reimbursement to investors of few local banks that were resolved in November 2015. However, the Decree has also introduced additional innovations which represent a further significant step in the Government’s effort of streamlining the credit recovery activities and implementing a more creditor-friendly environment.
Italy's latest law reforms continue with creditor-friendly amendments to support the local banking sector while providing confidence to investors.
Decree Law No. 59/2016 (the so-called "Banks Decree," hereinafter the Decree) was published in the Official Gazette (the Decree was later amended and converted into law by Law No. 119/2016) and has recently entered into force.
On 30 September 2016, the Competition and Markets Authority (“CMA”) published its finding that two companies involved in the online retail of licensed sport and entertainment posters and frames had breached the Competition Act 1998 (“CA98”) by entering into agreements (or, at least, ‘concerted practices’) to artificially inflate the prices charged for certain products. A formal charge was accepted by the main protagonist, Trod Limited (in administration) (“Trod”) and fines imposed, which became payable by Trod’s administrators as of 13 October 2016.