In the case, the insolvency proceedings had not been used for the purposes provided by Law 85/2006 on insolvency proceedings (Law 85) but for other purposes.
Banks in Bulgaria are seriously concerned with borrowers fraudulently manipulating their accountancy books with the effect that banks’ security interests are declared invalid and banks are declassed into ordinary (unsecured) insolvency creditors.
In times of financial difficult and a challenging market environment, establishing a restructuring trust provides an insolvencyproof structure that meets the demand of the financing banks for an immediate change of control in the com pany while ensuring a professional M&A process with an upside for all stakeholders.
Going through bankruptcy is traumatic enough; doing so and still having your credit report still list your discharged debts as "delinquent" is enough to drive some people to litigation. And that's how several credit agencies found themselves on the receiving end of a series of Fair Credit Reporting Act class actions.
BAIL-OUT DÉJÀ-VU
Tax-qualification requirements generally prohibit plan sponsors from eliminating optional methods of distribution under a retirement plan. This “anti-cutback” requirement is subject to only a limited number of exceptions. A recent modification to this rule adds a new exception for single-employer defined benefit plans maintained by employers in bankruptcy. Such employers may amend their plans to eliminate lump-sum distribution options if certain conditions are met.
The Anti-Cutback Rule
The Moldovan Parliament adopted a new insolvency law on 29 June 2012. The In-solvency Act No. 149 (Act No. 149), which will enter into force on 14 March 2013, is evolutionary rather than revolutionary, as its main goal appears to be the optimiza-tion of the existing insolvency procedures.
Following the new act’s entry into force, insolvency cases shall fall under the compe-tence of the court of appeal where the seat of the debtor is located. Also each such court of appeal shall hold a public register of insolvency cases.
Timing
The Austrian Act on Financial Collateral (Finanzsicherheiten-Gesetz; FinSG), which regulates the granting and enforcement of financial collateral arrangements between participants in the financial markets, has recently been amended with effect from 30 June 2011. Changes include the extension of the scope of application of the law.
Since the enactment of the new insolvency law in 2006, its proceedings have been amended many times to improve and simplify bankruptcy. In the past few years, the economic downturn has caused more and more companies to request court protection with the hope of undergoing reorganisation, realising that insolvency need not be the death of the company but, rather, a second chance.
The means of obtaining information on a person’s creditworthiness were broadened in 2011 by launching a pending execution proceedings register kept by the Bulgarian Private Bailiffs Chamber.