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Personal liability of a “weak” provisional insolvency administrator for an escrow account established for enforcement purposes

In a judgment dated 26 / 03 / 2015, ref. no. IX ZR 302 / 13, the Federal Court of Justice (BGH) held that a provisional insolvency administrator is personally liable for monies paid into the escrow account in the event of claims of unjust enrichment being made due to the payments having no proper basis in law.

The ruling related to the following situation:

Germany, Insolvency & Restructuring, Litigation, CMS Germany, Unjust enrichment
Persönliche Haftung des vorläufigen schwachen Insolvenzverwalters für das Vollstreckungstreuhandkonto

Mit Urteil vom 26. März 2015, AZ IX ZR 302 / 13, entschied der BGH, dass ein vorläufiger Insolvenzver- walter für Zahlungen auf das Voll- rechtstreuhandkonto persönlich haf- tet, wenn Bereicherungsansprüche wegen rechtsgrundloser Zahlungen geltend gemacht werden.

Dieser Entscheidung lag folgender Sachverhalt zu Grunde:

Germany, Insolvency & Restructuring, Litigation, CMS Germany, Debtor
Justice Friedman allows breach of fiduciary duty claim to proceed against corporate directors under Delaware Law

In AP Services, LLP v. Lobell et. al, No. 651613/2012, 2015 NY Slip Op 31115(U) (N.Y. Sup. Ct. June 19, 2015) (argued Feb.

USA, Delaware, Company & Commercial, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Sheppard Mullin Richter & Hampton LLP, Breach of contract, Fiduciary
Germany: implementation of the Single Resolution Mechanism

Report contents:

Germany, Banking, Capital Markets, Insolvency & Restructuring, CMS Germany
Update banking & finance - July 2015

Banking & Finance Aktuelle Informationen des Geschäftsbereichs Banking & Finance News from the Banking & Finance practice Juli/July 2015 4 | Editorial Fokus 6 | BaFin erlaubt regulierten Fonds die direkte Kreditvergabe 8 | Immer wieder Restrukturierung von Anleihen 10 | Zur Verwertung von mit fremden Marken gekennzeichnetem Sicherungsgut durch den Sicherungsnehmer und der Bedeutung des markenrechtlichen Erschöpfungsgrundsatzes, §24 Abs.

Germany, Banking, Capital Markets, Company & Commercial, Insolvency & Restructuring, Litigation, CMS Germany
Supreme Court holds that bankruptcy courts can adjudicate Stern claims

In a 6-3 ruling, the U.S. Supreme Court held that bankruptcy courts have the authority to adjudicate Stern claims so long as the litigant parties provide “knowing and voluntary consent.”  This decision in Wellness International Network, et. al. v. Richard Sharif  provides much needed guidance as to the breadth and applicability of the Supreme Court’s 2011 decision in Stern v.

USA, Insolvency & Restructuring, Litigation, Sheppard Mullin Richter & Hampton LLP, United States bankruptcy court
Delaware Chancery Court holds that creditor plaintiffs in derivative suits may satisfy standing requirement by showing corporation’s insolvency at time of suit, regardless of later solvency

In Quadrant Structured Products Co., Ltd. v. Vertin, C.A. No. 6990-VCL, 2015 WL 2062115 (Del. Ch.

USA, Delaware, Insolvency & Restructuring, Litigation, Sheppard Mullin Richter & Hampton LLP, Shareholder, Standing (law), Credit derivative, Delaware Court of Chancery
Second Circuit holds that SIPA does not permit an inflation or interest adjustment to “net equity” claims for customer property

In In re Bernard L. Madoff Investment Securities LLC, No. 14-97-bk(L), 2015 WL 727965 (2d Cir. Feb.

USA, Capital Markets, Insolvency & Restructuring, Litigation, Sheppard Mullin Richter & Hampton LLP, Broker-dealer, Inflation, Second Circuit
Update banking & finance - Dezember 2014

Banking & Finance
Aktuelle Informationen des
Geschäftsbereichs Banking & Finance
News from the Banking & Finance practice
Dezember / December 2014

Germany, Capital Markets, Company & Commercial, Insolvency & Restructuring, Litigation, Tax, CMS Germany
Delaware Court of Chancery rejects contemporaneous ownership requirement for creditors asserting derivative claims

In Quadrant Structured Products Co. v. Vertin, C.A. No. 6990-VCL, 2014 Del. Ch. LEXIS 193 (Del. Ch. Oct. 1, 2014), the Delaware Court of Chancery held that when creditors of insolvent firms assert derivative claims, they need not meet the contemporaneous ownership requirement applied to stockholder-plaintiffs.

USA, Delaware, Company & Commercial, Insolvency & Restructuring, Litigation, Sheppard Mullin Richter & Hampton LLP, Fiduciary, Standing (law), Credit default swap, Derivative suit, Delaware General Corporation Law, Delaware Court of Chancery