After filing for US bankruptcy protection in Texas based on aJapanese bankruptcy, the Judge ordered that Mt.
On March 19, 2014, the U.S. Court of Appeals for the Seventh Circuit decided Grede v. FCStone, LLC, Nos. 13-1232, 13-1278 (7th Cir. Mar. 19, 2014), an opinion that reinforces the importance of the portability of investment accounts carrying commodity customer funds. The Seventh Circuit held that commodity futures customer funds must be protected in an insolvency situation, and that the release of customer funds to meet margin obligations should be upheld at all costs.
The Third Party (Rights Against Insurers) Ordinance Cap 273 (TPRAI) in Hong Kong allows third parties to claim against the wrongdoer’s liability insurer in the event of insolvency. The Supreme Court of New Zealand (the country’s highest court) found in BFSL 2007 Ltd (in liquidation) v. Steigrad [2013] NZSC 156 (known as the Bridgecorp case) that under the equivalent statutory provision in New Zealand, payment of defence costs do not reduce the limit of indemnity.
Introduction Hong Kong At a Glance Population: 7 million Languages: English, Cantonese and Mandarin Time zones: 8 hours ahead of Greenwich Mean Time Climate: Subtropical with long, hot summers and pleasant temperate winters Political System
The debtor in Law listed his house on his bankruptcy schedules, claiming a homestead exemption in the amount of $75,000 under Cal. Civ. Proc. Code § 704.730(a)(1). The debtor represented that the house was encumbered by two liens: a note and deed of trust for $147,156.52 in favor of Washington Mutual Bank, and a second note and deed of trust for $156,929.04 in favor of “Lin’s Mortgage & Associates.” Based on these representations, the debtor made it appear as if there was no nonexempt value in the house that the trustee could realize for the benefit of the estate.
Mt. Gox shut down and a lawsuit was filed that alleges Mt. Gox and Mark Karpeles’ “catastrophic loss …uncovered a massive scheme to defraud millions of consumers into providing a private company with real, paper money in exchange for virtual currency.” Computerworld reported that Mt.
Did you know that dispositions of property of a solvent company made after the commencement of a winding-up will unlikely be disturbed unless it can be demonstrated that the disposition is not in the interests of the company?
As we pointed out in our Legal Update of 30 January 2014 ("New Companies Ordinance – Old Winding Up and Insolvency Regime"), the new Companies Ordinance for Hong Kong (Chapter 622) is scheduled to take effect from 3 March 2014 but it will not cover the winding-up and insolvency regime.
The power of an appellate court in the federal system to stay the orders of lower courts or to enjoin conduct that lower courts have refused to enjoin, so as to preserve the appellate court’s jurisdiction to review those orders on ultimate appeal, is clearly established yet infrequently invoked. In addition to other potential sources, the power derives from the All Writs Act, 28 U.S.C.
Did you know that in the recent matter of Chan Kam Cheung v. Sun Light Elastic Ltd & Another1 the petitioner's alternative remedy for winding-up was struck out by the court?