Background
On 24 March 2015, the Bulgarian parliament promulgated an emergency insolvency law that makes almost all of the major effects of insolvency proceedings applicable to Corporate Commercial Bank, even as the court proceedings on the application for commencement of insolvency against the bank continue. In accordance with the new law, on 25 March 2015 the court appointed temporary insolvency administrators to that bank vested with broad powers to recover assets of the bank.
Bill could significantly alter medical and financial disclosures in asbestos cases
West Virginia State Senate passes SB 411, creating the Asbestos Bankruptcy Trust claims Transparency Act and the Asbestos and Silica Priorities Act. Next, the bill goes to the House of Delegates for review and likely passage.
A recent bankruptcy decision from the Southern District of New York should caution business partners about the risks presented if the partnership becomes bankrupt. Limited liability partnerships present advantages such as flexibility in the operation of the business and tax advantages. LLPs also provide protection for partners from the business’ debts. As a result, LLPs are popular among professionals, including attorneys.
The “discharge injunction” of Section 524 of the Bankruptcy Code is one of the most, if not the most, important features of United States bankruptcy law. Debtors in bankruptcy must complete detailed paperwork regarding their assets and liabilities and either turn over their non-exempt assets to a bankruptcy trustee or execute a payment plan that repays all or a portion of their debt.
On 29 May 2014, the Moldovan Parliament passed the Act No. 90/2014 on amending and supplementing of certain legislative acts (Act No. 90). Act No.90, which entered into force on 27 June 2014, implements simplified rules on the liquidation of companies in Moldova (in particular, at the decision of their shareholders), namely by inter alia amending the Civil Code of Moldova, Act No. 845/1992 on Entrepreneurship and Enterprises, Act No. 220/2007 on State Registration of Companies and Individual Entrepreneurs.
Many questions arise when a contractual partner enters into insolvency. One question is what happens with the debtor's ongoing contracts when the insolvency starts? Are they maintained or terminated?
One of the main principles governing insolvency proceedings states that the debtor's reorganisation should be sought before bankruptcy. To this end, the Romanian Insolvency Law (RIL) provides a series articles supporting the debtor's potential reorganisation.
As seen in The Community Banker