Below we will explore several problems that arise in connection with para. 9 of the 4th Additional Provision ("AP") of the Insolvency Act ("LCon") when there are personal guarantors – or collateral-providers for third party debt – within refinancing arrangement ‘homologation’ (court-sanctioning) proceedings under said 4th AP.
1. Contingent claim against the guarantor who refinances under the 4th AP.
La Dirección General de Tributos analiza las reglas de valoración aplicables en supuestos de aportaciones de capital realizadas por compensación de créditos en aquellos casos en los que la capitalización se efectúa en diferentes plazos y de forma sucesiva.
The financial crisis has brought significant regulatory changes for credit institutions, many of them aimed at strengthening their capital requirements and creating safety buffers to absorb losses and recapitalise unsound and failing institutions.
The latest is an instrument known as senior non-preferred debt, which is midway between senior debt and subordinated/Tier 2 debt. This instrument will not qualify as Tier 1 or Tier 2 capital, but will be eligible to compute for purposes of TLAC/MREL requirements and will be cheaper for banks than pure subordinated debt.
Siguen sin resolverse satisfactoriamente las cuestiones laborales y de la Seguridad Social en relación con la transmisión de unidad productiva en concurso.
La Dirección General de Tributos examina, en un contexto de consolidación fiscal, las consecuencias fiscales de una operación en virtud de la cual la entidad dominante condona los créditos que tiene sobre sus filiales, derechos adquiridos previamente por medio de una operación de reestructuración empresarial no acogida al régimen de neutralidad fiscal y registrados por un valor inferior a su nominal.
British law firm DWL LLP has acquired insurance specialist Triton Global for the bargain basement price of 30% of its value. The deal was struck just days before HM Revenue & Customs attempted to wind the firm up over unpaid tax of £1.3m. Triton Global was a competitor of DWL, but cash flow difficulties left it unable to cover its working capital requirements and service creditor debt. The deal sees DWL pay £1.1m for Triton Global, with unsecured creditors set to receive less than 4p to the pound. Of the purchase price, only £174,000 is allocated to the approxima
In Body Corporate 341188 v Kelly, a judgment debtor sought to overturn an Associate Judge's decision not to set aside a bankruptcy notice. The notice was in respect of a District Court judgment and a costs order obtained by the Body Corporate in a separate High Court proceeding. The debtor argued (among other grounds) that the notice was invalid because it was in respect of two judgment debts rather than one.
The Supreme Court has recently dismissed an appeal against a Court of Appeal decision on the disclosure of trust documents to discretionary beneficiaries.
Commercial Factors Ltd v Meltzer concerned a funding agreement between Commercial Factors Ltd (CFL) and the liquidators of Blue Chip New Zealand Ltd (in liq) (Company) by which CFL agreed to lend $67,750 to allow the liquidators to obtain an opinion on the merits of claims against the Company's directors.
If proceedings were commenced, the Company was to pay 2.5% of any proceeds received to CFL. If the Company did not commence proceedings but otherwise received funds, the agreement stipulated CFL's right to repayment after any liquidator costs.
In 2008, Harvey, an experienced businessman, guaranteed a debt owed to Dunbar Assets plc (Dunbar). Dunbar subsequently served a statutory demand on Harvey in 2011 for payment under the guarantee.
In 2012, Harvey applied, unsuccessfully, to set aside the demand in the County Court on the ground of promissory estoppel. However, the demand was subsequently set aside by the Court of Appeal on a completely unrelated ground.