In a ruling dated 16 October 2015, the Dutch Supreme Court has confirmed the enforceability of security surplus arrangements in the event a security provider is declared bankrupt. In addition, the Dutch Supreme Court has confirmed that, unlike statutory recourse claims (regresrechten), contractual recourse claims can be construed in such a manner that they come into existence (as conditional claims) before payment by the guarantor of the debt owed by the debtor, after which they become unconditional.

Recently, the Dutch Supreme Court has given an interesting ruling relating to the consequences of commingling (vermenging) of multiple objects for a security right created over one of those objects.

Dutch Supreme Court 14 August 2015 (ECLI:NL:HR:2015:2192)  

In a judgment dated 13 October 2015 in proceedings between a bank and its client the Arnhem-Leeuwarden Court of Appeal ruled that the bank was allowed to terminate the credit agreement with the client on the grounds that the client had caused a reduction in the value of shares pledged to the bank.

Arnhem-Leeuwarden Court of Appeal 13 October 2015 (ECLI:NL:GHARL:2015:8354)

Blog on The Hague Court of Appeal, 17 February 2015, ECLI:NL:GHDHA:2015:281 (FGH Bank N.V. v. Aannemingsbedrijf Fraanje B.V.)

Help is at hand for insolvency practitioners (IPs) who need clarification on the Regulator’s views on scheme trustee appointments and statutory notices. The Pensions Regulator recently released a statement intended to assist IPs to understand these two areas which are of particular relevance to them.

TRUSTEES

The statement deals with scheme trustee appointments in four areas:

Court of Appeal Arnhem-Leeuwarden: a shareholder loan does not in itself have a subordinated character. If subordination has not been specifically agreed, other creditors may file a claim on the basis of tort law or on the principles of reasonableness and fairness in order to achieve a similar result, in other words as if the shareholder loan had been subordinated.

‘Visit England’ promotes tourism to England and Wales by reference to the beautiful scenery, world-class museums and abundance of culture on offer. Following the recent judgment of JSC Bank of Moscow v Kekhman & Ors [2015] EWHC 396 (Ch) (Kekhman), it should consider adding an advantageous personal insolvency regime to this list. 

Enactment

On 11 September the Belgian Act that introduces certain measures to restrict the activities of vulture funds (the “Act”) was published in the Belgian Official Journal.

Bankruptcy remains the most well-known, and perhaps most feared, of the personal insolvency processes. Since the current threshold was introduced 30 years ago, it has been used by creditors owed as little as £750 as a dire threat to extract payment from reluctant debtors. However, the Government has stepped in and is squeezing the bankruptcy process, seeking to ensure bankruptcy is reserved for the most appropriate cases and encouraging alternative regimes for the management of small debts.

Op 23 juni 2015 zijn de wetsvoorstellen civielrechtelijk bestuursverbod en herziening strafbaarstelling faillissementsfraude door de Tweede Kamer aangenomen. Beide wetsvoorstellen behoren tot het Wetgevingsprogramma Herijking Faillissementsrecht en zijn gericht op fraudebestrijding. Deze wetsvoorstellen zullen mogelijk op 1 januari 2016 in werking treden.