MiFID 2 package published in OJEU: The text of the recast Markets in Financial Instruments Directive (MiFID 2) and its related Regulation (MiFIR) were published in OJEU on 12 June and will come into force on the 20th day following that of their publication. Member States have to transpose MiFID 2 by 3 July 2016 and both it and MiFIR will apply from 3 January 2017.
Under the equity of exoneration, where jointly owned property is charged to secure the indebtedness of one joint owner, the other joint owner is presumed, in the absence of evidence to the contrary, to be acting as a surety only, and is entitled to be exonerated by the principal debtor. This long established principle remains relevant in the modern day, as was recently demonstrated in Day v Shaw.
KEY POINTS
CLLS responds on bail-in: CLLS' financial and insolvency law committees have responded to Treasury's consultation on the implementation of bail-in powers. CLLS feels it would have been better for the Financial Services (Banking Reform) Act 2013 and relevant secondary legislation to have been promulgated only once the EU Bank Recovery and Resolution Directive (BRRD) was final. However, it appears the UK Government does not want to wait until January 2016 to apply bail-in requirements and so is proceeding ahead of the EU timetable.
What you need to know
The entry of the Cape Town Convention into force under Canadian law is a positive step, but has led to a legislative “black hole” in the protection provided to certain aviation creditors, bringing with it considerable uncertainty and potentially expensive ramifications.
The Cape Town Convention in Canada
Law No. 176-V "On Rehabilitation and Bankruptcy" came into effect on 25 March 2014.
The Law "On Rehabilitation and Bankruptcy" (Law) has replaced the Law “On Bankruptcy” dated 21 January 1997. The law applies to legal entities and individual entrepreneurs. As with its predecessor, the Law does not apply to state owned entities, pension funds, banks, and insurance companies (for which special provision is made in the relevant legislation).
As compared with the previous law, the Law focuses more on rehabilitation procedure.
Russia has continually been working to improve the functioning of its judicial system and the administration of justice for more than two decades. The active reforms began with a decree by the Russian president creating the judiciary as a branch of the state, separate from the legislature and the executive, and these reforms have yet to be completed. In fact, we are now seeing a new level of reform, in which the Supreme Arbitration Court of the Russian Federation will cease to exist and its powers will pass to the newly formed Supreme Court of Russia.
In recent years some high profile (and controversial) court decisions have swelled the list of liabilities that must be paid as expenses of an administration. Administration expenses enjoy "super priority", being payable out of floating charge realisations ahead of the claims of preferential creditors and floating charge holders. So, when an otherwise unsecured claim ranks as an administration expense, it clearly benefits the relevant creditor, but at the expense of the floating charge holder.
Novedades concursales y fiscales introducidas por el Real Decreto‑ley 4/2014, de 7 de marzo, por el que se adoptan medidas urgentes en materia de refinanciación y reestructuración de deuda empresarial (B.O.E. de 8 de marzo de 2014) A. Objeto de la Reforma Con la entrada en vigor el pasado 9 de marzo del Real Decreto‑ley 4/2014, de 7 de marzo, por el que se adoptan medidas urgentes en materia de refinanciación y reestructuración de deuda empresarial (el “RD‑Ley 4/2014”), el ejecutivo trata de mejorar el marco legal de los acuerdos de refinanciación (los “Acuerdos de Refinanciación”).
Novedades concursales y fiscales introducidas por el Real Decreto‑ley 4/2014, de 7 de marzo, por el que se adoptan medidas urgentes en materia de refinanciación y reestructuración de deuda empresarial (B.O.E. de 8 de marzo de 2014)