The Claim

In an earlier Judgment the Court at first instance ruled that Countrywide Surveyors Limited (the “Defendant”) was liable in deceit to Mortgage Express (the “Claimant”), in relation to 39 loans, further to property valuations produced by the Defendant.

Summary

Third parties associated with an employer may find themselves liable to contribute to the employer's occupational pension scheme. Where a pension scheme is in deficit, the Pensions Regulator has powers - so-called 'moral hazard' powers - that can require a third party to give financial support or a specific payment to the pension scheme.

È stata pubblicata sulla Gazzetta Ufficiale n.153 del 2 luglio 2016 la legge di conversione n. 119/2016 (la Legge di Conversione) del Decreto Legge n. 59/2016 recante “Disposizioni urgenti in materia di procedure esecutive e concorsuali nonché a favore degli investitori in banche in liquidazione” (il Decreto). Di seguito una breve descrizione delle misure più rilevanti come modificate in sede di conversione in legge.

Una nuova forma di garanzia, il “pegno mobiliare non possessorio”

This briefing covers Brexit implications of restructuring and insolvency, in particular it discusses the implications on the European Regulation on Insolvency Proceedings and recognition of insolvency judgments and how schemes of arrangement will be impacted by Brexit.

Court holds that distributions made pursuant to priority payment provisions contained in CDO transactions are protected by Section 560 of the Bankruptcy Code

The Commercial Court recently held that the Defendant, a former majority beneficial owner of the Claimant bank, had acted dishonestly and in breach of duties owed to the Claimant in causing the Claimant to advance monies in eight transactions which had not been repaid or recovered, to a borrower closely connected to the Defendant

Background

Summary

Pension scheme trustees will generally be concerned to try to ensure that the “safety net” provided by the Pension Protection Fund (PPF) remains potentially available for their scheme.

E’ stato pubblicato sulla Gazzetta Ufficiale n. 59 del 3 maggio 2016 il Decreto Legge recante “Disposizioni urgenti in materia di procedure esecutive e concorsuali nonché a favore degli investitori in banche in liquidazione” (il Decreto). Il Decreto dovrà essere convertito in legge entro il 2 luglio 2016 (60 giorni dalla data di pubblicazione). Di seguito una breve descrizione delle misure più rilevanti.

Una nuova forma di garanzia, il “pegno mobiliare non possessorio”

A law decree providing for urgent measures on guarantees, foreclosure and insolvency proceedings and aiming at restoring damages suffered by investors of banks under liquidation, was published on the Italian Official Gazette n. 59 on 3 May 2016 (the Decree). The Decree must be converted into law by the Italian Parliament by 2 July 2016 (i.e. within 60 days from the date of its publication) to become fully effective.

“Pegno mobiliare non possessorio”, an Italian floating security interest

Section 546(e) of the bankruptcy code bars state law constructive fraudulent conveyance claims asserted by creditors seeking to augment recoveries from a bankruptcy estate

Earlier today, the Second Circuit Court of Appeals issued a decision in In re Tribune Company Fraudulent Transfer Litigation, No. 13-3992-cv, holding that the Bankruptcy Code’s safe harbor of Section 546(e) (the Safe Harbor) prohibits clawback claims brought by creditors under state fraudulent transfer laws to the same extent that it prohibits such claims when brought by a debtor.