Introduction The number of financial institutions that have announced the relocation of their EU headquarters from the UK to Germany has increased during the last weeks. In the meantime, some of the largest US and Asian institutions have confirmed their plans to expand their operations in Germany, and we expect others to follow soon. How can we assist? This briefing shall provide you with an overview of a number of issues that may be of interest for your decision to expand your operations in Germany.
The High Court has refused a challenge by a liquidator to an invoice discounting agreement entered into by the Company prior to liquidation.
The liquidator argued that the invoice discounting agreement was in fact a loan agreement under which the Bank took a charge over the Company’s book debts. If that was the case, then those funds would be funds in the liquidation and the Bank an unsecured creditor, because the loan agreement was not registered and therefore void as against the liquidator.
The High Court recently rejected an appeal by KBC Bank Ireland (“KBC”) to write down a portion of a debtor couple’s mortgage due to the uncertainty in the ability of the debtors to repay the warehousing portion of the loan. The Personal Insolvency Arrangement (“PIA”) which had been approved by the Circuit Court was upheld.
A recent High Court case has brought about a change in the status quo involving personal insolvency arrangements and separated spouses. Banks were previously unable to complete deals with one spouse without the mutual cooperation of both parties. However the decision of JD & Personal Insolvency Acts1 has altered this position.
Il 5 aprile scorso l’Avvocato Generale Campos Sànchez-Bordona (AG) ha rassegnato le proprie conclusioni nell’ambito della causa C-245/16 pendente innanzi alla Corte di Giustizia (CdG) e instaurata su un rinvio pregiudiziale da parte del TAR Marche.
New legislation came into force in Hong Kong in eary February which gives the court power to set aside transactions performed at an undervalue. This briefing explains the scope of this new law and the key considerations for directors when approving corporate transactions in order to avoid the risk of incurring personal liability. It is available in English and Chinese.
The High Court yesterday held that a Chairperson of a shareholder scheme meeting may reject votes cast against a scheme of arrangement in circumstances where the shares were acquired through an artificial share-splitting exercise designed to frustrate the scheme. It is the first English case to consider this issue and while it arose in the context of a shareholder scheme, the impact is also significant for debt restructurings implemented by way of a creditor scheme of arrangement.
Background
Welche Folgen hat die Entscheidung für abgeschlossene Verfahren? Was bedeutet sie für die Zukunft?
On November 22, Judge Stuart Bernstein of the United States Bankruptcy Court for the Southern District of New York dismissed a series of claims brought by the bankruptcy trustee (Trustee) responsible for liquidating Bernard L. Madoff Investment Securities LLC (BLMIS), which sought to claw back and recover over $4 billion in transfers made by certain nonU.S. hedge funds to their non-U.S. investors.
On 22 November 2016, the European Commission published a draft directive on insolvency, restructuring and second chance. In this briefing we consider the proposals and what it means for European insolvency and for the UK.
On 22 November 2016, the European Commission published a draft directive on insolvency, restructuring and second chance (the Proposals).
What are the Proposals? The Proposals have three main parts: