The insolvency system established under Royal Decree-Law 5/2005 applies to interest rate swap agreements if they are subject to a contractual compensation agreement, even when there is only a financial transaction under that agreement. Any claims arising from these agreements that might have accrued after the declaration of insolvency will be charged against the insolvency estate.
The Council of State has issued a report regarding the request for a declaration of the administration’s financial liability made by a party expropriated for fair value in legal proceedings in view of the declaration of insolvency of the concessionaire benefitting from the expropriation.
On 15 January 2015, it was announced that the bankruptcy creditor petition limit will be increased from £750 to £5,000 following a consultation into insolvency proceedings.
Business Minister, Jo Swinson said:
In Graves v Capital Home Loans Ltd [2014] EWCA Civ 1297, it was held that the appointment of Law of Property Act Receivers by a mortgagee because the borrower lacked the mental capacity to manage his financial affairs was valid even if the borrower was mentally fit by the time of the appointment. It was further held that the treatment of the borrower by the lender in such circumstances did not give rise to an unfair relationship under ss 140A and 140B of the Consumer Credit Act 1974 (CCA 1974).
Background
In Spencer Day v Tiuta International Ltd and other [2014] EWCA Civ 1246, the Court held that a creditor who relies on subrogation is still a secured creditor, and therefore cannot be subject to a set off claim for unliquidated damages as per Natwest v Skelton (1993).
Background
Judgment of the Supreme Court of Justice No 15/2014, published in Diário da República (Portuguese official gazette) No 24 of 2014-12-22
Insolvency – Insolvency Administrator – Presumption of bad faith
Portaria (Ordinance) No 261/2014 - Diário da República (Portuguese official gazette) No 242/2014, Series I of 2014-12-16
Amending for the first time the Regulation of the Local Support and Micro-company Incentive Scheme.
Reviewing the legal framework of urban lease.
Judgment of the Court of Appeal of Porto of 2014-11-06
Insolvency proceedings – Creditors of the insolvent debtor – Termination of proceedings – No need to adjudicate on the action
The Official Journal of the European Union of July 31, 2014, published the European Commission Guidelines establishing the conditions under which state aid for rescuing and restructuring non-financial undertakings in difficulty can be considered compatible with the domestic market. The Commission has been applying these Guidelines since August
The lender’s credit in respect of the joint-and-several guarantor declared insolvent is contingent unless existence of p