In its judgment 500/2016 of July 19, 2016, the Supreme Court interprets article 62.4 of the Insolvency Act, regulating the effects of contract resolution during insolvency:
If an agency agreement is resolved due to the agent being declared insolvent, the business owner must compensate the agent for clientele if the requirements under the Agency Act are met (the agent brought new clients or clearly increased transactions with existing clients, and the previous activity is still beneficial for the business owner).
In its writ dated February 2, 2016, the First Instance Civil Court No. 38 of Barcelona raised a preliminary issue to the Court of Justice of the European Union. In that writ, it requested the EU court to determine whether the business practice of assigning or buying credits without offering consumers the possibility to settle the debt by paying the assignee the outstanding amount is in line with EU law.
Introduction
Summary
- The farming and agricultural sector continues to experience financial pressures.
Hanjin Shipping's collapse
In order to protect its assets from creditors following its financial collapse, Hanjin obtained a rehabilitation order in Seoul on 1 September.
Different jurisdictions / approaches
One of the main difficulties arising out of the Hanjin collapse is that whilst those administering Hanjin's rehabilitation may have taken steps internationally to protect its assets, different jurisdictions have different approaches.
Het hof Amsterdam heeft in het voorjaar van 2016 een uitspraak gedaan over het ontstaansmoment van vorderingen van zorgaanbieders op patiënten en/of zorgverzekeraars. Het ontstaansmoment van een vordering is relevant om in geval van een faillissement van de pandgever te kunnen bepalen of een vordering (reeds) bestond – en dus geldig kan zijn verpand – of dat een vordering nog niet bestond – en dus niet geldig kan zijn verpand.
Feitencomplex
Vanquish Properties (UK) Ltd Partnership v Brook Street (UK) Ltd [2016] EWHC 1508 (Ch)
Vanquish, a developer, was a Limited Partnership under the Limited Partnerships Act 1907 with one General Partner, liable for all obligations of the business, and four Limited Partners.
It was granted an overriding lease by the City Corporation in the name of the Limited Partnership, “acting by” its General Partner. There was no mention of the four Limited Partners.
Introduction
The government has commenced a consultation exercise on its proposals to introduce procedures for further education and sixth-form colleges which become insolvent.
The proposed regime would include a Special Administration Regime, aimed at protecting learners from disruption to their courses, helping the rehabilitation of a college where this is possible or providing an orderly wind-up procedure.