The Swiss government presented a draft bill in May 2017 which was approved by the Swiss Council of States in December 2017 with very few amendments. The revised law could be effective as from 1 January 2019 if the Swiss National Council approves the revision this year.
Key changes include:
Brexit plays a part in an application by the Joint Administrators of Nortel Networks UK Limited and others to extend the Administrators' terms of office as uncertainty lies over what, if any recognition will be given to the Administrators by the courts of the EU Member States after 29 March 2019.
The Grand Court of the Cayman Islands granted common law recognition and assistance to the foreign Liquidators of a Cayman Islands company post Rubin v Eurofinance and Singularis Holdings Limited v PwC.
In Re China Agrotech Holdings Limited Ltd (FSD 157 of 2017 (NSJ)), the Grand Court of the Cayman Islands ("Cayman Court") granted Liquidators appointed by the High Court of Hong Kong leave to present and consent to a scheme of arrangement on behalf of China Agrotech Limited (the "Company") based on a common law discretion.
The Facts
PV Solar Solutions Ltd (the "Company") supplied and installed solar panels. When the government reduced preferential tariffs, the Company's profits were affected and it entered Administration in May 2013. The Company subsequently entered into voluntary Liquidation in November 2014.
Capital Funding One Limited (the "Company") arranged short term bridging finance for borrowers who were unable to obtain loans from more conventional sources. The funding for these loans were obtained from King Street Bridging Limited ("King Street").
Garrigues detected that there was no clear guideline that allowed notaries to issue another enforceable copy of the mortgage deed to funds that had acquired NPLs.
The Directorate-General of Registries and Notaries (Dirección General de los Registros y del Notariado or DGRN) has issued an important ruling, which will enable international investors acquiring NPLs (non-performing loans) from Spanish financial institutions to speed up their recovery significantly, especially if the debts are secured with a mortgage guarantee.
FEBRUARY 2018 • SUMMARY v NEW LEGISLATION NOTIONAL PYRAMID GARRIGUES ARCHIVES CURRENT NEWS FEBRUARY 2018 - SPECIAL Nº50 (2009 - 2018) WHAT IS THE CURRENT SITUATION OF NPLs IN THE EUROPEAN UNION?
In Endersby and Coote v Astrosoccer 4 U Ltd the High Court made a retrospective Administration order over a company that was subject to a winding-up petition to "cure" an invalid directors' out-of-court appointment of Administrators.
The Insolvency Service has announced that the UK government is planning to conduct an assessment of the impact of the voluntary industry measures introduced in November 2015 to improve the transparency of connected party pre-pack sales in Administration.
The 2014 Graham Review found that pre-pack sales were a useful business rescue tool but noted that there was evidence of less successful outcomes where the pre-pack sale was to a connected party.
The High Court held that a moratorium in relation to restructuring proceedings in Azerbaijan could not be extended in breach of the Gibbs rule, allowing two significant creditors to proceed with their claims in the English Courts.