Foreign judgments may be enforced in Australia under the Foreign Judgments Act 1991 or, if that Act does not apply, pursuant to common law principles.
Registration and enforcement pursuant to the Foreign Judgments Act 1991
1. It is hard to get rid of this preconceived idea that unlike other systems, the French insolvency system (excessively) favours debtors at the expense of their creditors.
Some recent decisions make it possible to question this idea.
These decisions deal with the conditions required for the approval of a safeguard plan and are warnings to debtors that might be tempted to force their plan through.
Safeguard proceedings end with the court-approval of a restructuring plan when there are serious chances of rescuing the business (French Commercial Code, Art. L.626-1).
Following the opening of insolvency proceedings, the insolvency receiver typically tries to enlarge the insolvency estate by asserting voidance claims. Legal acts that occurred within certain suspect periods prior to the opening of insolvency proceedings might be declared void. Creditors may mitigate certain avoidance risks by investigating the debtor's financial situation when conducting legal transactions.
Responsibility to investigate
Do you know the new rules?
The alarming increase in "speculative mergers" and the increasingly frequent occurrence of strawmen in commercial companies' management structures has long been seen as a major obstacle on the Slovak market. In response, the Ministry of Justice of the Slovak Republic has amended the Commercial Code to support and encourage business in Slovakia.
Below we summarise the key changes that affect all business entities, not only with respect to mergers, but also in other areas of day-to-day commercial activity in Slovakia.
If you've ever traded with a company that subsequently enters liquidation, you'll know that it can be very frustrating and disruptive to your business. If the company owes you money and you're an unsecured creditor, you'll join the (often long) line of other unsecured creditors and may see little or no money at the end of the process.
schönherr journal www.schoenherr.eu 02/2017 S cílem harmonizovat a posílit ochranu proti odcizení obchodního tajemství na úrovni EU byla minulý rok přijata Směrnice Evropského parlamentu a Rady (EU) 2016/943 ze dne 8. června 2016 o ochraně nezveřejněného know-how a obchodních informací (obchodního tajemství) před jejich neoprávněným získáním, využitím a zpřístupněním (dále jen „Směrnice“). V návaznosti na zavádění Směrnice do českého právního řádu dozná určitých změn dosud platná právní ochrana obchodního tajemství.
Reasoning behind the changes
In the two years that the "new" bankruptcy regime – the Bankruptcy Act of September 2015 (Stečajni zakon; the "BA") – has been in place, the number of pre-bankruptcy procedures initiated in Croatia has plummeted to only 273, with 58 restructuring plans being accepted. By comparison, under the previous pre-bankruptcy regime from 2012 to 2015, 8,262 pre-bankruptcy procedures were initiated, with 2,224 restructuring plans being reached.
The amendment to the Hungarian Insolvency Act came into force on 1 July 2017, with the aim of enhancing the protection of beneficiaries of security interests, and clarifying the position of creditors in liquidation proceedings, which are secured by call option, security assignment or pledge over future receivables.
In an appeal against an order refusing a worldwide freezing order on the basis that the applicant could not show assets somewhere in the world, Lord Justice Longmore has confirmed that it is not enough for an applicant to assert that the respondent was apparently wealthy and must have assets somewhere.
On 10 July 2017, the Commission announced the public consultation on the development of secondary markets for non-performing loans (NPLs) and distressed assets. Following the commencement of this public consultation, the Council introduced its Action Plan for NPLs.