On 5 February 2016, the Dutch Supreme Court (“Supreme Court“) ruled (ECLI:NL:HR:2016:199) that an estate claim (boedelvordering) based on damage suffered by a pledge holder, caused by the wrongful collection of claims encumbered by a right of pledge by a bankruptcy trustee, does not have priority over the estate claim relating to the remuneration of the trustee.
In the Summer of 2014, we wrote about a Chapter 7 bankruptcy case in the U.S. Bankruptcy Court for the Western District of Michigan (the “Bankruptcy Court”) involving an intra-family squabble.
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.
Students have taken on more than $1 trillion in debt to pay for the relentlessly rising costs of higher education. With that much debt outstanding, it’s no surprise that there are increasing numbers of borrowers defaulting on student loan debt, and seeking to discharge that debt by filing for bankruptcy protection. But, as a Wisconsin man recently learned, discharging student loan debt in bankruptcy is no easy feat.
De wetsvoorstellen civielrechtelijk bestuursverbod en herziening strafbaarstelling faillissementsfraude behoren tot het Wetgevingsprogramma Herijking Faillissementsrecht en zijn gericht op fraudebestrijding. De verwachting was dat beide wetsvoorstellen op 1 januari 2016 in werking zouden treden, maar dit is niet gehaald.
On 2 December 2015 the draft bill on modernization of bankruptcy proceedings entered into public consultation. The bill is part of the Dutch legislative programme to improve and modernize bankruptcy law, known as Wetgevingsprogramma Herijking faillissementsrecht in the Netherlands.
On November 30, 2015, the City of Detroit began filing complaints against vendors and service providers seeking to avoid and recover potentially “preferential payments” made by the City of Detroit during the 90 days preceding entry of the Order for Relief in its Chapter 9 bankruptcy case. The Order for Relief was entered on December 5, 2013, and the City must file its claims by December 5, 2015.
As of 1 January 2015 the harmonized financial institution resolution rules from the Bank Recovery and Resolution Directive will be implemented in national Dutch legislation. Among other things these rules confer upon the Dutch Central Bank the so-called "bail-in power". Pursuant to the bail-in instrument, the Dutch Central Bank will have the power to cancel and/or reduce the unsecured liabilities of a financial institution under resolution or convert such liabilities into equity.
In a ruling dated 16 October 2015, the Dutch Supreme Court has confirmed the enforceability of security surplus arrangements in the event a security provider is declared bankrupt. In addition, the Dutch Supreme Court has confirmed that, unlike statutory recourse claims (regresrechten), contractual recourse claims can be construed in such a manner that they come into existence (as conditional claims) before payment by the guarantor of the debt owed by the debtor, after which they become unconditional.
Recently, the Dutch Supreme Court has given an interesting ruling relating to the consequences of commingling (vermenging) of multiple objects for a security right created over one of those objects.
Dutch Supreme Court 14 August 2015 (ECLI:NL:HR:2015:2192)