VLM Holdings Limited –v- Ravensworth Digital Services Limited [2013] EWHC 228 (Ch)

Précis – In February 2013, the High Court ruled that businesses are permitted to use software under a sub-licence if the head licensee’s business is terminated or becomes insolvent. This ruling, however, is dependent upon the “scope of authority” given to the sub-licensor by the head licensor.

What?

How will it impact on pensions?

Under the Bankruptcy Act 1988, the general rule is that all property “belonging” to a person adjudicated bankrupt on the date of adjudication vested in the Official Assignee. The extent to which this rule extended to pension assets depended on the type of pension vehicle the person being declared bankrupt participated in and the actual terms of the pension scheme or policy.

The 1988 Act has now been amended to include detailed and prescriptive provisions relating to the treatment of pension assets on bankruptcy.

The New Year seems to be starting with a bang for the ILS industry.  On January 23rd, KKR announced it had taken a 24.9% stake in Nephila.  Earlier in the month Validus reported a $400 million capital raise to fund investments in collateralized reinsurance and ILS.  In a transaction on which Edwards Wildman Palmer LLP advised Transatlantic Re, Transatlantic Re in December acquired a minority interest in Pillar Capital Management and announced a strategic partnership with Pillar, a manager of funds investing in collateralized reinsurance and ILS.

There have been a number of recent developments regarding the current system of examinership and the legislation governing repossession and other lender’s rights. Norman Fitzgerald, Partner and Head of Eversheds’ Insolvency Group, discusses the proposed amendments and their likely impact.

Circuit Court Provisions for Examinership

In Ollerenshaw and Reeh v the Financial Services Authority (the FSA), former directors of the Black and White Group Limited (in liquidation) (B&W), challenged decisions of the FSA in a reference to the Upper Tribunal.

On October 16, 2012, the United States Tenth Circuit Court of Appeals overturned decisions of the United States Bankruptcy Court for the District of Colorado and the United States District Court for the District of Colorado that had cast doubt as to whether a lender could enforce a security interest in the proceeds from the sale of a borrower’s FCC broadcast license. The case, Valley Bank and Trust Company v. Spectrum Scan, LLC (In re Tracy Broadcasting Corp.), 2012 U.S. App. LEXIS 21505 (10th Cir. Colo. Oct.

Azevedo and another v Imcopa Importacao, Exportaacao E Industria De Oleos Ltda and others [2012] EWHC 1849 (Comm)

Summary

The recent TCC decision in Brit Inns Ltd (in liquidation) v. BDW Trading Ltd (Costs) [2012] EWHC 2489 (TCC) is a useful summary of the costs principles that will be applied where Claimants pursue inflated claims – either deliberately or through lack of sufficient care. The relevant principles will be:

Government’s plan to boost UK house building

Recently the Prime Minister announced a new housing and planning package that is intended to stimulate:

During the current economic slowdown businesses in many industries, including some in the industrial engineering sector, are struggling to make payments to suppliers; some have even gone into bankruptcy. However, under Polish law it is possible for a creditor to achieve some protection even if specific provisions are absent from the contract.