Reform des Insolvenzanfechtungsrechts
Das Gesetz zur Reform des Insolvenzanfechtungsrechts ist am 05.04.2017 in Kraft getreten. Im Fokus steht mit § 133 InsO die sogenannte Voranfechtung, die bislang in ihrer Ausprägung durch die Rechtsprechung des Bundesgerichtshofs in der Kritik stand. Im Ergebnis musste ein Gläubiger so bereits dann mit einer Insolvenzanfechtung durch den Insolvenzverwalter rechnen, wenn er seinem Schuldner eine Ratenzahlung gewährte.
Whether third party claimant entitled to pre-action disclosure of currently solvent insured's insurance policy
When Hanjin Shipping went into administration in late 2016, reportedly over 500,000 containers were stranded or arrested at ports worldwide, including many in the Middle East. Cargo owners who find themselves in such circumstances can be critically affected (particularly if the cargo is temperature sensitive, perishable or urgently required), and they will often look to their cargo insurers. This note highlights a number of issues which are likely to arise when a carrier becomes insolvent during a laden voyage, and claims are made under a marine cargo policy in the UAE.
In our previous two briefings on the Bankruptcy Law, we have looked at a summary of the key changes made by the Law, and the potential personal liability faced by directors of UAE companies in financial difficulty. In this briefing, we turn to creditor protection.
It has been just over two months since one of South Korea's largest shipowners and operators, Hanjin Shipping Co Ltd (“Hanjin”), applied for court rehabilitation. On 1 September 2016, the Bankruptcy Division 6 of the Seoul Central District Court (the “court”) issued a decision accepting that application and commencing rehabilitation proceedings.
Privy Council considers entitlement to costs of preparing to comply with a third party disclosure order
The UAE government has issued Federal Decree Law No. 9 of 2016 on Bankruptcy (the New Law). The New Law was published in the Official Gazette with a publication date of 29 September 2016 and will come into force three months later on 29 December 2016.
Key Points
A company in liquidation appealed against a decision that its claim against the directors, for breach of fiduciary or statutory duty in relation to distribution in specie of the claimant company’s shareholding in another company, was time-barred.
A summary of recent developments in insurance, reinsurance and litigation law.
This Week's Caselaw
Essar v Norscot: Court confirms that arbitrators can award the costs of litigation funding/time limits for challenging a corrected award
The fact that the receiver appointed for Hanjin, Mr Tai-Soo Suk, quickly took steps to extend to the UK the protection afforded by the Korean rehabilitation proceedings, was of little surprise, as England is likely to be the forum where the majority of creditors will have to bring proceedings to recover debts or claim damages for breach of contract.