The economically significant investment activity by insurance companies is subject to the regulatory requirements of the German Insurance Supervision Act (Versiche­ rungsaufsichtsgesetz – VAG). With regard to the provisions of the European Solvency II Directive, changes to the requirements for capital investments of insurance companies have resulted from the new VAG which came into effect as of 01 January 2016 (VAG new). This gives us cause to take a look at the most important changes.

A.  Former legal situation

Mit seinem Urteil vom 10. Dezember 2015, Az. C-594 / 14, hat der EuGH entschieden, dass die Haftung eines Geschäftsführers für verbotene Aus- zahlungen nach Insolvenzreife nach §64 GmbHG eine insolvenzrechtliche Regelung darstellt und deshalb dem Anwendungsbereich der EuInsVO unterliegt.

In its ruling dated 10 December 2015, case ref. C-594 / 14, the ECJ decided that the liability of a managing director for prohibited payments following insolvency under section 64 of the GmbHG is a provision covered by insolvency law and therefore falls within the scope of application of the EU Insolvency Regulation.

On March 29, 2016, the Second Circuit addressed the breadth and application of the Bankruptcy Code's safe harbor provisions in an opinion that applied to two cases before it.  The court analyzed whether: (i) the Bankruptcy Code's safe harbor provisions preempt individual creditors' state law fraudulent conveyance claims; and (ii) the automatic stay bars creditors from asserting such claims while the trustee is actively pursuing similar claims under the Bankruptcy Code.  In In re Tribune Co.

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:

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:

Report contents:

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.

The District Court for the Central District of California recently held that an assignee that acquired rights to a terminated swap agreement was not a "swap participant" under the Bankruptcy Code and, therefore, could not invoke safe harbors based on that status to foreclose on collateral in the face of the automatic stay. ^[1] The court ruled that the assignee acquired only a right to collect payment under the swap agreement, not the assignor's rights under the Bankruptcy Code to exercise remedies without first seeking court approval.

Background

On May 21, 2015, the United States Court of Appeals for the Third Circuit (the "Third Circuit") held that in rare instances a bankruptcy court may approve a "structured dismissal"- that is, a dismissal "that winds up the bankruptcy with certain conditions attached instead of simply dismissing the case and restoring the status quo ante" - that deviates from the Bankruptcy Code's priority scheme. See Official Committee of Unsecured Creditors v. CIT Group/Business Credit Inc. (In re Jevic Holding Corp.), Case No.