Over the past few years, the Belgian legislature has consolidated various pieces of legislation regulating businesses into a single instrument: the Code of Economic Law (Wetboek van economisch recht/ Code de droit économique). Insolvency law has not escaped this trend. In the summer of 2017, the Belgian Parliament enacted Book XX of the Code of Economic Law, entitled "Insolvency of Undertakings" (hereinafter the "Insolvency Code").
In the recent decision in LBI EHF v. Raiffeisen Bank International AG [2018] EWCA Civ 719, the Court of Appeal has considered the close-out valuation provisions for "repo" trades entered into under a Global Master Repurchase Agreement (2000 edition). The court refused to limit the wide discretion given to a non-defaulting party to determine fair market value under the GMRA.
The factual background
Recently, the Dutch Supreme Court rendered a judgment in which it has given a detailed explanation of the effects of bankruptcy proceedings on a contract or other legal relationship.[1] The case in question involved a dispute between a bankruptcy trustee and a bank as to whether the bank could file its post-bankruptcy l
Recently, the Dutch Supreme Court rendered a judgment in which it has given a detailed explanation of the effects of bankruptcy proceedings on a contract or other legal relationship.[1] The case in question involved a dispute between a bankruptcy trustee and a bank as to whether the bank could file its post-bankruptcy l
NautaDutilh
Introduction of senior non-preferred debt in the Netherlands
3 April 2018
FCS Financial Law
KEY TAKEAWAYS
A new EU Directive adopted in December 2017 will enable EU banks, large investments firms and relevant group companies (e.g. holding companies) to issue so-called 'senior non-preferred' debt instruments.
Such senior non-preferred debt will rank senior to regulatory capital instruments (CET1, AT1 and Tier 2) and other subordinated debt, but junior to the institution's senior debt (such as deposits and ordinary creditors).
Introduction
Under reforms commencing in July 2018, Australia will have new insolvency laws which will limit the exercise of contract rights to terminate for insolvency. Partners David McIntosh and Robyn Chatwood, explain how these reforms will impact the retail sector in Australia, including suppliers of goods and services and lenders.
Background
In good news for liquidators, the Federal Court’s decision in Marsden (liquidator) v CVS Lane PV Pty Limited Re: Pentridge Village (in which Dentons acted for the liquidator) confirms that time will be extended for liquidators who are unable to bring voidable transaction proceedings within the relevant timeframe due to a lack of funding.
The case also has wider implications. It could be relied upon by liquidators to justify subsequent claims which could otherwise have been brought at an earlier stage if funding had been available.
Friendly societies, along with other mutual societies, are registered with and regulated by the Financial Conduct Authority under the Co-operative and Community Benefit Societies Act 2014 (the Act).
Ministerial Decisions
Amending the Classification Guide of the General Budget of State (Annex 1), attached to the Executive Regulations of the Finance Law (MD 118/2008). Issued on 24 January 2018. Effective from the issue date.
Promulgating the Regulations on school assemblies. Issued on 25 January 2018. Effective from 11 February 2018.
Official Announcements