Hanjin Shipping's collapse

In order to protect its assets from creditors following its financial collapse, Hanjin obtained a rehabilitation order in Seoul on 1 September.

Different jurisdictions / approaches

One of the main difficulties arising out of the Hanjin collapse is that whilst those administering Hanjin's rehabilitation may have taken steps internationally to protect its assets, different jurisdictions have different approaches.

The Legal Intelligencer

Het hof Amsterdam heeft in het voorjaar van 2016 een uitspraak gedaan over het ontstaansmoment van vorderingen van zorgaanbieders op patiënten en/of zorgverzekeraars. Het ontstaansmoment van een vordering is relevant om in geval van een faillissement van de pandgever te kunnen bepalen of een vordering (reeds) bestond – en dus geldig kan zijn verpand – of dat een vordering nog niet bestond – en dus niet geldig kan zijn verpand.

Feitencomplex

Vanquish Properties (UK) Ltd Partnership v Brook Street (UK) Ltd [2016] EWHC 1508 (Ch)

Vanquish, a developer, was a Limited Partnership under the Limited Partnerships Act 1907 with one General Partner, liable for all obligations of the business, and four Limited Partners.

It was granted an overriding lease by the City Corporation in the name of the Limited Partnership, “acting by” its General Partner. There was no mention of the four Limited Partners.

Introduction

The government has commenced a consultation exercise on its proposals to introduce procedures for further education and sixth-form colleges which become insolvent.

The proposed regime would include a Special Administration Regime, aimed at protecting learners from disruption to their courses, helping the rehabilitation of a college where this is possible or providing an orderly wind-up procedure.

When the debt owed by a debtor is cancelled or forgiven, the debtor generally has cancellation of indebtedness (COD) income. COD income is generally includable in gross income, but may be excluded under section 108 of the Internal Revenue Code in some instances. A statutory exclusion exists for COD income that arises in a title 11 bankruptcy case or when the taxpayer is insolvent. Final regulations were issued recently that apply these exclusions to a grantor trust or a disregarded entity (DRE).

The effect of EU law on UK insolvencies is, as a general rule, limited to cross-border issues. Within the EU, the EC Regulation on Insolvency Proceedings governs all the main jurisdictional and choice of law questions that arise in international insolvencies (with the exception of the insolvencies of banks, insurers and certain investment companies).

In recent years, constructively fraudulent transfer claims asserted in bankruptcy cases, especially those arising from LBOs and similar shareholder transactions, have hit a major road block.

The U.S. Bankruptcy Court for the District of Delaware recently issued an opinion that addresses, among other issues, the question of whether section 546(e) of the Bankruptcy Code preempts certain fraudulent transfer avoidance actions brought under state law. In re Physiotherapy Holdings Inc., No. 15-51238 (Bankr. D. Del. June 20, 2016).

Veidojot tiesiskumā balstītu uzņēmējdarbības vidi, Ārvalstu investoru padome Latvijā (ĀIPL) organizēja paneļdiskusiju un augsta līmeņa tikšanos valdībā, turpinot jau ilggadējo sadarbību ar nolūku sekmēt kvalitatīvu investīciju piesaisti.

26. maija paneļdiskusijā biroja vecākais partneris Māris Vainovskis pārstāvēja ĀIPL tiesu sistēmas efektivitātes un investīciju aizsardzības darba grupu par tiesiskuma jautājumiem Latvijā.

2016 is turning out to be a year of significant reform of insurance law. The Insurance Act comes into force on 16 August 2016 and now we know that the Third Parties (Rights against Insurers) Act 2010 will finally come into force on 1 August 2016, having been updated by the Third Parties (Rights against Insurers) Regulations 2016.