The Irish Government has confirmed that the long-heralded Order to give effect to the “Alternative A” insolvency provisions of the Aircraft Protocol to the Cape Town Convention has been signed. While the Order has not yet been published, the Government announcement, made on 10 May 2017, states that the change in law has immediate effect.
Background
Historically, German insolvencies have been perceived as extremely unattractive, particularly because they were dominated by court-appointed bankruptcy administrators, with limited to no influence for creditors. This has, however, significantly changed over the last years. In that respect, it was the clearly expressed intention of the German legislature to make insolvencies more attractive for all parties involved. However, the available powerful features are often still unknown and hence not used, in particular by foreign investors.
In a recent judgment, the High Court has provided further guidance on the correct approach to an assessment of an application under s115A of the Personal Insolvency Acts.
I sense a sea change in the recent Delaware decision in Intervention Energy Holdings, LLC, 2016 WL 3185576 (6/3/16), refusing to enforce a bankruptcy proofing provision of a Delaware LLC’s operating agreement. Until recently, the trend had been to accept the fundamental principles of bankruptcy remoteness, although courts sometimes found ways to avoid honoring anti-bankruptcy devices in specific cases.
Infrastructure & Economic Development
This briefing sets out some of the key points of the 2016 Programme for
Government, which includes a wide range of policy proposals in areas
such as infrastructure and economic development, public administration,
constitutional change, financial services, taxation and employment law and
industrial relations.
It is expected that the Government’s Legislation Programme will be
published soon, setting out the legislation that the new Government will
promote in order to give effect to the Programme for Government.
In a significant recent judgment, the High Court has set aside an extension of a protective certificate issued to a debtor under the Personal Insolvency Act 2012 on the grounds of material and culpable non-disclosure by a personal insolvency practitioner.
On 25 December 2015 the Bankruptcy (Amendment) Act 2015 (the “2015 Act”) was signed into Irish law. Its purpose is to create a more rehabilitative regime for bankrupt individuals while simultaneously deterring and penalising those who refuse to cooperate with the bankruptcy or who try to conceal income or assets from creditors.
Our latest Financial Services Regulatory Group bulletin contains new updates on significant developments in financial services regulation, including the Personal Insolvency (Amendment) Act 2015, financial services remuneration, cyber-security, the Capital Markets Union, and recent Supreme Court case law regarding the Code of Conduct on Mortgage Arrears and appeals from the Financial Services Ombudsman.
Greenberg Traurig, LLP | gtlaw.com 1 Sixth Annual American College of Bankruptcy Seventh Circuit Education Committee Seminar Session: Exploring the Outer Limits of the Avoiding Powers September 11, 2015 IIT Chicago-Kent College of Law 565 West Adams Street Chicago, IL Moderator: Nancy A.
This week’s unanimous Supreme Court decision barring the strip off of wholly unsecured junior liens in chapter 7 cases is one of the stranger recent opinions of the Court. See Bank of America, N.A. v. Caulkett, No. 13-1421, ___ U.S. ___ (June 1, 2015). While the result is not particularly surprising, what is unusual is that the Court goes out of its way to question its two decades old decision inDewsnup and may even be hinting that it is ready to overrule that decision. See Dewsnup v. Timm,502 U.S. 410 (1992).