[2008] EWHC 1099 (Ch)
The High Court has ruled that calculations of employer debt by scheme actuaries cannot be challenged by insolvency practitioners unless there is evidence of fraud or error.
The European Commission Internal Market and Services DG has sent to the CEBS and CEIOPS Interim Working Committee on Financial Conglomerates a third call for technical advice on the Financial Conglomerates Directive.
View Call for technical advice on financial conglomerates, (PDF 554KB), 7 May 2008
Typically, courts will only rarely and sparingly interfere with contractual rights that parties freely negotiate and agree upon.
However, in Protiva Biotherapeutics Inc. v. Inex Pharmaceuticals Corp., the British Columbia Court of Appeal recently determined that the courts can adjust contractual rights in order to achieve a workable plan of arrangement proposed by a company under the British Columbia Business Corporations Act (the "Act").
In order to get the information necessary to seize a debtor's assets or garnish his income, Rule 60.18 of the Rules of Court permit a creditor to require a debtor to attend an examination under oath before a court reporter and be questioned in relation to:
(a) the reason for non-payment or non-performance of the judgment;
(b) the debtor's income and property;
(c) the debts owed to and by the debtor;
(d) the disposal the debtor has made of any property either before or after the making of the order;
The lengthening of the restoration period for dormant companies may make a solvent liquidation an attractive option for some companies. James Stonebridge examines the impact of changes introduced under the Companies Act 2006.
The judgment of the Commercial Court in WASA and AGF v Lexington shows that a “follow settlements” clause in a reinsurance contract will not obviate the need for the reinsured to demonstrate that an inwards settlement falls within the terms and conditions of its outwards reinsurance. Partner Michael Mendelowitz reviews the judgment.
On the 1 October 2007 new Practice Directions to the Civil Procedure came into force which will affect applications to court under the Companies Acts 1985 and 2006. In particular the rules in relation to schemes of arrangement under section 425 Companies Act 1985 are being amended to incorporate provisions in the Companies Act 2006 coming into force on 1 October 2007.
The 4th session of the committee of governmental experts on Intermediated Securities met in May 2007 to continue negotiation of the draft Convention. The Convention deals primarily with the rights of account holders in relation to intermediated securities - securities held through financial intermediaries.
Courts will only rarely and sparingly interfere with contractual rights that parties freely negotiate and agree upon.
However, in Protiva Biotherapeutics Inc. v. Inex Pharmaceuticals Corp., the British Columbia Court of Appeal recently determined that it could adjust contractual rights in order to achieve a workable plan of arrangement proposed by a company under the British Columbia Business Corporations Act (“Act”).
The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) has published an Issues Paper on 'Risk Management and Other Corporate Issues'. The paper is not a formal consultation. Instead, it is part of CEIOPS' preparation for future work under the Solvency II project.