The Court of Justice of the European Union ("ECJ") has handed down a notable judgment in the case of ENEFI Energiahatékonysági Nyrt v Directia Generala Regionala a Finantelor Publice Brasov (DGRFP) [2016] All ER (D) 110 (Nov), ruling that domestic laws governing forfeiture of a claim in insolvency proceedings apply to foreign creditors too
Background
This article was originally published on The Gazette, and the original article can be found online here.
Substantive amendments to the existing insolvency rules come into force in April. Olivia Bridger, of Ashfords, explains the key changes.
We continue our roundup of events concerning the marine industry in 2016, as well as looking forward to 2017, by looking at how the collapse of Hanjin affected the world of shipping.
ECJ decides that rights in rem should be interpreted in accordance with German law, despite insolvency proceedings having been opened in France
In the recent case of SCI Senior Home (in Administration) v Gemeinde Wedemark, Hannoversche Volksbank eG, the Court of Justice of the European Union handed down judgment on the question of whether a right in rem created under national law should be considered a "right in rem" for the purposes of Article 5 of the Council Regulation (EC) 1346/2000 on insolvency proceedings (the "Insolvency Regulation").
In the recent case of SCI Senior Home (in Administration) v Gemeinde Wedemark, Hannoversche Volksbank eG, the Court of Justice of the European Union handed down judgment on the question of whether a right in rem created under national law should be considered a "right in rem" for the purposes of Article 5 of the Council Regulation (EC) 1346/2000 on insolvency proceedings (the "Insolvency Regulation").
Background
PricewaterhouseCoopers sought to recover their costs in complying with disclosure orders obtained by the Liquidators of Saad Investments Co Ltd and Singularis Holdings Ltd. The disclosure orders were ultimately set aside but the costs appeal was rejected by the Court of Appeal of Bermuda.
It is an unfortunate reality that many farming businesses are operating at their limits and are struggling financially. There are several aspects of the insolvency law that should be borne in mind should you run your farm through a limited company that begins to face financial difficulty.
Directors' Duties
Directors' duties under the Companies Act:
After much delay, the Third Parties (Rights Against Insurers) Act 2010 (the 2010 Act) came into force on 1 August 2016. The 2010 Act aims to assist parties wishing to claim against insolvent companies and individuals who supply professional services by allowing them to claim directly against their insurers.
Victoria, Samnuggur and Titaghur
The Scottish Court of Session considers the interaction of Indian insolvency proceedings for three Scottish Companies that had also been placed into Administration in Scotland.
Background
The Victoria Jute Company Limited ("Victoria"), The Samnuggur Jute Factory Limited ("Samnuggur") and Titaghur plc ("Titaghur") were all incorporated in Scotland, but had been carrying out their business in India.
The Scottish Court of Session considers the interaction of Indian insolvency proceedings for three Scottish Companies that had also been placed into Administration in Scotland.
Background
The Victoria Jute Company Limited ("Victoria"), The Samnuggur Jute Factory Limited ("Samnuggur") and Titaghur plc ("Titaghur") were all incorporated in Scotland, but had been carrying out their business in India.