On 24 March 2015, the Bulgarian parliament promulgated an emergency insolvency law that makes almost all of the major effects of insolvency proceedings applicable to Corporate Commercial Bank, even as the court proceedings on the application for commencement of insolvency against the bank continue. In accordance with the new law, on 25 March 2015 the court appointed temporary insolvency administrators to that bank vested with broad powers to recover assets of the bank.
The Fifth Circuit recently dealt with the interplay of bankruptcy and oil and gas liens in the case of In Re: T.S.C. Seiber Services, L.C., decided November 3, 2014.
The Supreme Court has recently declined to hear retailer Game’s appeal, ruling that there was no arguable point of law of general public importance which ought to be considered, particularly bearing in mind the case had already been the subject of judicial decision and reviewed on appeal.
“… permission to appeal be refused because the application does not raise an arguable point of law of general public importance which ought to be considered by the Supreme Court…”
On 29 May 2014, the Moldovan Parliament passed the Act No. 90/2014 on amending and supplementing of certain legislative acts (Act No. 90). Act No.90, which entered into force on 27 June 2014, implements simplified rules on the liquidation of companies in Moldova (in particular, at the decision of their shareholders), namely by inter alia amending the Civil Code of Moldova, Act No. 845/1992 on Entrepreneurship and Enterprises, Act No. 220/2007 on State Registration of Companies and Individual Entrepreneurs.
On 27 June 2014, the High Court of Justice of England and Wales sanctioned the solvent scheme of arrangement made by J.K. Buckenham Limited and its Scheme Creditors pursuant to Part 26 of the Companies Act 2006 which was voted on and approved by the Scheme Creditors during the meeting held on 4 June 2014. A copy of the Order sanctioning the Scheme was delivered to the Registrar of Companies on 30 June 2014, and the Scheme became effective on that date.
On 16 April 2014 we assisted J.K. Buckenham Limited (JKB) in successfully obtaining the court’s leave to convene a meeting of its creditors, a meeting at which JKB will ask such creditors to consider and to vote on a scheme of arrangement under the Companies Act 2006 (the Scheme). JKB is promoting the Scheme as part of a wider solution to end its broking obligations, release trapped cash, relinquish its FCA permissions, and ultimately liquidate.
THE SCHEME
Many questions arise when a contractual partner enters into insolvency. One question is what happens with the debtor's ongoing contracts when the insolvency starts? Are they maintained or terminated?
One of the main principles governing insolvency proceedings states that the debtor's reorganisation should be sought before bankruptcy. To this end, the Romanian Insolvency Law (RIL) provides a series articles supporting the debtor's potential reorganisation.
American and British directors of corporations should be mindful of the different standards of conduct, obligations, and potential personal liability when holding directorships in Turkish companies, particularly if such companies’ financial situation is deteriorating.
When the final version of the Omnibus II Directive comes into force, it will amend the Solvency II Directive so that it includes a sunrise clause, a phasing-in clause, and a run-off and restructuring exemption, as well as significant reporting and other transitional measures. It will also allow or require the European Commission and the European Insurance and Occupational Pensions Authority (EIOPA) to adopt “regulatory technical standards”,“implementing technical standards” and “comply or explain Guidelines”.