For anyone thinking of donating antiques or other valuable gifts to be part of a museum collection there is a moral to follow: beware how you give and to who you give it to! This was never better demonstrated than in the example of the Wedgwood collection and the case of the disappearing museum.
The Supreme Court recently addressed two bankruptcy issues. In its opinion, the Court resolved a circuit split regarding the breadth of the safe harbor provision which protects certain transfers by financial institutions in connection with a securities contract. In Village at Lakeridge, the Court weighed in on the scope of appellate review and whether a bankruptcy court’s factual determination should be reviewed for clear error or de novo. These decisions are notable because they provide guidance on previously murky issues of bankruptcy law.
Tiuta International Ltd (In Liquidation) v De Villiers Surveyors Ltd [2017] UKSC 77
Overview
Carillion was perhaps best known for its public sector work. However, the insolvency of the UK’s second-largest construction company will inevitably have significant implications for the private sector.
Judge Swain’s decision in the PROMESA Title III bankruptcy proceeding of the Puerto Rico Highways and Transportation Authority (“PRHTA”) that a federal bankruptcy court cannot compel a municipal debtor to apply special revenues to post-petition debt service payments on special revenue bonds has generated controversy and caused some market participants to question whether, if the decision is upheld by the First Circuit on appeal, the perception that special revenue bonds have special rights in bankruptcy remains justified.
Last week, President Trump unveiled his proposal to fix our nation’s aging infrastructure. While the proposal lauded $1.5 trillion in new spending, it only included $200 billion in federal funding. To bridge this sizable gap, the plan largely relies on public private partnerships (often referred to as P3s) that can use tax-exempt bond financing.
Last week, President Trump unveiled his proposal to fix our nation’s aging infrastructure. While the proposal lauded $1.5 trillion in new spending, it only included $200 billion in federal funding. To bridge this sizable gap, the plan largely relies on public private partnerships (often referred to as P3s) that can use tax-exempt bond financing.
In the recently decided case, Mission Product Holdings, Inc. v. Tempnology, LLC, the United States Court of Appeals for the First Circuit took a hardline position that trademark license rights are not protected in bankruptcy. Bankruptcy Code section 365(n) permits a licensee to continue to use intellectual property even if the debtor rejects the license agreement.
Question
My client is buying a property from a receiver appointed under an equitable charge granted by a company which has become insolvent. The charge gives a receiver a power of sale and contains a power of attorney. Will the receiver be able to sign all the necessary documents to allow the transaction to proceed to completion?
Answer
(1) Timothy Crowden and (2) Carol Crowden v. QBE Insurance (Europe) Limited [2017] EWHC 2597 (Comm)
Summary
This case involved a claim in respect of negligent investment advice brought directly against the insurer of an insolvent financial adviser, pursuant to the Third Parties (Rights against Insurers) Act 1930 (the “1930 Act”).
The insurer successfully relied on an insolvency exclusion clause contained within the insolvent adviser’s professional indemnity policy in order to deny liability to the claimants.
Case Facts