The International Swaps and Derivatives Association, Inc. (“ISDA”) published the ISDA 2014 Resolution StayProtocol (the “Protocol”) on November 12, 2014 in response to continued efforts by regulators to build additional flexibility into the statutory regimes that would apply in the event of the insolvency of a major financial institution.
On 7 November 2014, the Government released the draft Insolvency Law Reform Bill 2014, with key changes proposed to be put in place by 30 June 2015.
On 4 September 2014, the Government introduced the Fair Entitlements Guarantee Amendment Bill 2014 to the House of Representatives (Bill). The Bill is intended to amend the Fair Entitlements Guarantee Act 2012 (Cth) so as to limit the entitlements payable by the Government to those employees made redundant due to the liquidation or bankruptcy of their employer.
Crumbs Bake Shop Inc. shut down in July and filed for bankruptcy in New Jersey court that same month. The bankruptcy court ordered an auction sale, and a purchaser has come forward to buy all of the company’s assets.
A class of consumers suing the bankrupt Kangadis Food Inc. over its allegedly misleading olive oil purity claims is now suing the owners of the company in a separate class action aimed at holding them accountable.
Gupta’s $13.9 Million SEC Insider Trading Penalty Affirmed
The case of Executive Benefits Insurance Agency v. Arkison (In re Bellingham Ins. Agency), No. 12- 1200, was easily one of the most closely watched bankruptcy cases in many years. Last week’s decision in that case, however, was far less dramatic than some practitioners feared it might be. The Supreme Court answered two important questions regarding the power of bankruptcy courts that it left open three years ago in Stern v. Marshall.
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 recent decision of Australian Building Systems Pty Ltd v Commissioner of Taxation [2014] FCA 116 involves a significant development in the taxation collection obligations of liquidators involved in winding up a company.
In this Alert, Special Counsel Justin Byrne and Solicitor Rachael Nyst discuss the implications of the case in regard to the need to retain an amount from sale proceeds of a property in order to meet capital gains tax (CGT) liabilities.
Key points
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.