The European Commission (EC) announced proposals on 22 November 2016, which are intended to harmonise national insolvency laws across the EU through a proposed directive “on preventative restructuring frameworks, second chance and measures to increase the efficiency of restructuring, insolvency and discharge procedures” (Directive). The Directive will need to be passed by the European Council and European Parliament. Then, EU Member States would be required to adopt the Directive’s provisions into their respective national laws within two years from the date of its entry into force.
Keeping children safe in education – revised statutory guidance
On 5 September 2016, the Department for Education’s revised guidance, ‘Keeping children safe in education’, came into force. The document is the Government’s statutory guidance which all schools, academies and colleges must have regard to when carrying out their duties to safeguard and promote the welfare of children.
The Barton doctrine (named after the U.S. Supreme Court case Barton v. Barbour, 104 US 126 (1881)), generally prohibits suits against receivers and bankruptcy trustees in forums other than the appointing courts, absent appointing court's permission. It applies to suits that involve actions done in the officers' official capacity and within their authority as officers of the court.
Dixon v Radley House Partnership (A Firm) [2016] EWHC 2511 (TCC)
The claimant (D) brought negligence proceedings against the defendant (R) a firm of architects, for refurbishment works.
In the draft claim form, D had referred to a loss of £35,894.00 allegedly caused by negligent misrepresentation on the part of R, who had been instructed on 27 October 2007.
The draft claim form and the fee were prepared up to a value of £50,000.00 and were received by the court on 25 October 2013, less than six years after the cause of action arose.
Circuit held that when a chapter 11 debtor cures a default under its loan agreements, the debtor is required to pay default interest as required by the loan documents, rather than at the non-default rate.
In Princeton Office Park, the U.S. Court of Appeals for the Third Circuit affirmed the bankruptcy and district court rulings that the purchaser of a NJ tax sale certificate forfeited its claim and lien because it included the premium it paid to the State when it purchased the tax certificate.
Introduction
Key points:
While DIP Lenders rightfully negotiate for super-priority administrative expenses which trump post conversion chapter 7 administrative expenses, these provisions are not uniformly enforced.
DIP Lenders should require the inclusion of specific language providing that section 364(c)(1) super-priority claims have priority over chapter 7 administrative expense claims, including those to be incurred by a chapter 7 trustee above the agreed upon “burial expenses.”
A substantive non-consolidation opinion is a common feature of structured finance transactions in the U.S. Most, if not all, opine as to what a bankruptcy court would do, but express no opinion on the appellate process. We would venture a guess that most opinion recipients assume that if the bankruptcy court gets it wrong, their rights will be vindicated on appeal. The Eighth Circuit opinion in Opportunity Finance1 casts a troubling shadow over that assumption.
Background
Summary