Advances in production technology have led to an unprecedented supply of natural gas in the United States, putting downward pressure on market prices. Both the Henry Hub cash price and the NYMEX price closed below $2.00/MMBtu at times in the past month and prices continue to hover in the $2.00 range.
KEY POINTS
The onset of the global financial crisis brought into focus the extent to which the UAE’s business and economic landscape had changed. In order to continue to grow and protect existing investment, whilst also continuing to encourage new investment, the UAE Government recognised that various steps would need to be taken. In particular, legislative reform would be required in certain key areas.
It is always an interesting question as to what rights a lender has with respect to a motor vehicle owned by a consumer who becomes insolvent, and whether a secured creditor is able to seize a motor vehicle in order to satisfy an obligation due under a loan. The answer may be surprising. The recent BC Court of Appeal case, Atwal (Re) (2011 BCSC 687), highlights the rights of a debtor vis-à-vis a trustee in bankruptcy with respect to the ownership of a motor vehicle.
FSA has published a set of frequently asked questions designed to help readers understand MG Global’s insolvency position and investors’ rights under it. (Source: MF Global Investors – Your Questions Answered)
The High Court has recently considered whether a bankrupt individual of pensionable age can be forced to draw his pension to pay his creditors.
Raithatha v. Williamson [2012] EWHC 909 (Ch)
Background
A bankruptcy order was made against Mr Raithatha on 9 November 2010. Mr Raithatha's trustee in bankruptcy applied for an income payments order (IPO) against Mr Raithatha's pension shortly before he was due to be discharged from bankruptcy. Mr Raithatha was then aged 59 and his pension scheme allowed him to draw a pension from age 55.
Sultani Decrees
Sultani Decree No. 19/2012
Appoints HE Liyutha bint Sultan bin Ahmed Al Mughairi – the Omani delegate at the United Nations in New York – as non-residential ambassador to the Republic of Cuba and the Republic of Venezuela.
Promulgated on 31 March 2012.
Effective on promulgation.
Sultani Decree No. 20/2012
Promotes Salim bin Said bin Salim Al Rahbi to the position of Supreme Court judge.
Promulgated on 31 March 2012.
Effective on promulgation.
Pension scheme assets can rise and fall. So can liabilities. The timing of the section 75 debt calculation is, therefore, critically important to the ability of the scheme to meet its liabilities.
So when should trustees calculate their section 75 debt? Can they use one date to calculate scheme assets and choose a different date to calculate the cost of buying out the scheme’s liabilities?
Whether a lease is a “true” or “finance” lease has been debated in Canadian courts for decades in many different contexts. The consequences of the categorization of a lease can have a material impact on the recovery that a lessor may have in an insolvency of its lessee. The Alberta Court of Queen’s Bench recently released its decision in the matter of Royal Bank of Canada v. Cow Harbour Ltd. and 1134252 Alberta Ltd. (“Cow Harbour”) on January 23, 2012.
FSA has won a case in the High Court in which the court held one individual and two businesses were operating a collective investment scheme without authorisation. The court banned James Maynard from selling land for business purposes in the UK for life and made a bankruptcy order against him. It ordered him and Countrywide Land Holdings Limited to pay £31,896,194 to FSA and ordered Plateau Development & Land Limited, now in liquidation, to pay £918,975. Tracey McDermott said there was a low probability of getting meaningful compensation but that FSA had scored an important victory.