DOMESTIC
Research on the impact of repossession risk on mortgage default
Terry O’Malley published an economic letter considering whether reducing the risk of repossession resulted in more Irish borrowers defaulting on their mortgages. The letter considers the impact of the ''Dunne judgment'' in 2011 which temporarily removed a bank's ability to lawfully repossess a home. One of the key findings was that borrowers defaulted on mortgages at a higher rate than if the repossession regime at the time was legally upheld.
Introduction
There are two principal mechanisms for the dissolution of a solvent Irish company:
- Voluntary Strike-Off (VSO); and
- Members' Voluntary Liquidation (MVL).
To the extent there are other Irish or EU entities in the group, it may also be possible to dissolve the company by way of merger with another group entity.
On January 30, 2018, the Michigan House of Representatives passed House Bill 4471, which creates a Uniform Commercial Real Estate Receivership Act (the “Act”) in Michigan, by a vote of 101-7. The Michigan Senate previously approved the Act, and the proposed law now goes to Governor Snyder for his signature. House Bill 4471 can be viewed here.
The Background of the Bill
Filing for Chapter 13 bankruptcy as a consumer is a voluntary decision. Once a Chapter 13 case has been filed, it is also up to the debtors to dismiss the case if they so choose.
What happens if, after a Chapter 13 case has been filed and a plan confirmed, a debtor decides to dismiss the case but the Chapter 13 trustee is holding funds that would have otherwise been distributed to creditors?
Numerous changes to the Federal Rules of Bankruptcy Procedure (the “Rules”) take effect on December 1, 2017. The changes significantly impact the administration of consumer bankruptcy cases, and Chapter 13 cases in particular.
Some of the most significant changes to affect creditors, explained in more detail below, include:
The United States Bankruptcy Court for the Western District of Michigan recently issued an opinion in a bankruptcy case involving a husband and wife who filed for Chapter 7 bankruptcy protection.
Two proposed bills are working their way through the Michigan Legislature that would significantly impact state law pertaining to commercial real estate receiverships.
Specifically, House Bills 4470 and 4471 were approved by the Michigan House of Representatives in early November 2017 and have been sent to the State Senate for consideration.
In Reilly & Personal Insolvency Acts 2012-2015 [2017] IEHC 558, Baker J, 5 October, 2017, the High Court held that applications to Court under Section 115A of the Personal Insolvency Acts 2012-2015 (the Acts), for approval of a Personal Insolvency Arrangement (PIA) despite its rejection by creditors, must be made by a Personal Insolvency Practitioner (PIP) and not by the Debtor themselves.
There is nothing quite like a big sale to a new customer - the prospect of recurring revenue from a new source, the validation of business strategy, or the culmination of a successful negotiation.
However, there is nothing more disheartening than when a new customer is unable or unwilling to pay for the product you just shipped or services you just provided. Perhaps there is one thing that is worse, when a long-term customer fails to pay.
Two years have passed since the United States Supreme Court passed down a 5-4 decision in Obergefell v. Hodges which held that same-sex couples have a fundamental right to marry under both the Due Process and Equal Protection Clauses of the Fourteenth Amendment.