Since the Welfare Reform and Pensions Act 1999 (“1999 Act”), it has been understood that the rights of a bankrupt under a tax approved pension plan are excluded from the bankruptcy estate and do not vest in his Trustee in Bankruptcy.
That said, where a Bankrupt was already drawing an income from his pension, his Trustee could seek an Income Payments Order over that income.
The staff of the Federal Trade Commission’s Bureau of Consumer Protection recently sent a letter to the court handling ConnectEdu’s bankruptcy proceedings and sale of assets, which may include their customer’s personal information.
The Insolvency Rules 1986 (“IR 1986”) are to be replaced in their entirety by the Insolvency Rules 2015 (“IR 2015”).
The Insolvency Service has been running a long-standing ‘modernisation’ project to consolidate the 23 amending instruments to IR 1986 and provide a number of substantive amendments to existing insolvency law and practice.
Goldman Sachs RMBS Lawsuit Moves Forward.
On March 28, Bloomberg reported that a U.S. District Judge in Manhattan declined to dismiss a securities lawsuit over residential mortgage-backed securities Goldman Sachs sold in 2007, noting that an appellate decision overturning her findings in a related case had altered the legal landscape. RMBS Suit.
Overnight Income Doesn't Float ERISA Plan's Boat.
The Court of Appeal has handed down an important judgment for landlords and insolvency practitioners, in the case of Jervis v Pillar Denton; re Games Station (“Game”).
The impending abolishment of the ancient common law self-help remedy of distress will affect landlords, tenants and insolvency practitioners.
What is Distress?
The ability of landlords to recover arrears of rent without going to Court, by instructing bailiffs to seize, impound and sell certain goods located at the premises and belonging to the tenant. This right will remain until 6 April 2014, but after that date distress will no longer be available and commercial landlords will instead have to rely on Commercial Rent Arrears Recovery (“CRAR”).
The Canadian online dating service PlentyofFish.com had been attempting to purchase the 43 million member database of bankrupt dating site True Beginnings. Information in the database included dates of birth, usernames, passwords, credit card numbers, as well as dating profiles. The database purchase price was set at $700,000. The Texas Attorney General, however, filed an objection with the bankruptcy court on the grounds that the purchase would be a violation of True Beginnings’ privacy policy, since members had not agreed to have their information sold.
On October 30th, the Commodity Futures Trading Commission ("CFTC") adopted new final rules imposing requirements on swap dealers and major swap participants with respect to the treatment of collateral posted by their counterparties to margin, guarantee, or secure uncleared swaps.
According to The Times (25 October 2013) the British Property Federation has advised landlords to take larger rent deposits to reduce losses caused by the insolvency of a tenant.