In a recent judgment, the Dutch Supreme Court ruled that a party who purchases and accepts the transfer of moveable assets subject to a retention of title acquires a right of conditional ownership with respect to those moveable assets and has the power to create an unconditional right of pledge over such right of conditional ownership.

The Personal Property Securities Register (“PPSR”) has operated for several years, but defective registrations remain a (sometimes serious) problem for many of those looking to protect their interests. Unlike with real property, the PPSR has no title registrars who will requisition faulty forms. The responsibility for noticing mistakes lies with the party attempting to protect their interests.

1. Inleiding

Dit is onze halfjaarlijkse nieuwsbrief over ontwikkelingen op het gebied van het Nederlandse vennootschaps- en ondernemingsrecht. In deze Corporate Update geven wij eerst een overzicht van enkele wetswijzigingen. Verder gaan we in op de stand van zaken van een aantal lopende wetsvoorstellen en tot slot signaleren wij nog enkele overige actualiteiten.

A recent decision of the High Court has ended an insurer’s fight to avoid being joined to insolvent trading proceedings. This decision confirms the ability of liquidators to directly pursue proceeds of insurance policies held by insolvent insured defendant directors and has important ramifications for insolvency practitioners as well as insurers and litigation funders.

Summary

In the matter of Fat 4 Pty Limited (In Liquidation)

A recent case in the Supreme Court of Victoria has provided some relief for liquidators seeking to add a defendant to a voidable transaction claim after the expiry of the limitation period in circumstances where the wrong defendant was sued by mistake. In such circumstances, liquidators can substitute the incorrect party for the desired defendant without being time barred by s 588FF(3) of the Corporations Act, irrespective of whether the liquidator’s mistake as to the correct party was reasonable.

In the event of bankruptcy, creditors are entitled to disclosure of the bookkeeping of the estate under certain conditions. In its decision dated 8 April 2016 (ECLI:NL:HR:2016:612), the Dutch Supreme Court ruled that this right is limited and depends on the purpose of the disclosure. Creditors are not entitled to disclosure if the purpose is to retrieve information to support their claim against a third party.

Al sinds 2004 schrijft de MiFID richtlijn voor dat dat beleggingsondernemingen financiële instrumenten (waaronder verhandelbare derivaten) veilig en bankruptcy remote moeten aanhouden voor hun cliënten. In 2005 bleek waarom: bij het faillissement van Van der Hoop Bankiers bleek dat beleggers geen aanspraak meer hadden op hun derivaten, maar concurrent schuldeiser van de bank waren geworden.

De Minister van Justitie beloofde daarop met wettelijke bescherming te komen. Die is er nu.

Geen afgescheiden vermogen

In a recent judgment, the Dutch Supreme Court ruled that in the event of a bankruptcy whereby the bankruptcy receiver has wrongfully collected receivables which were pledged to a secured creditor and the total value of the assets of the bankrupt estate was insufficient to pay all debts, the bankruptcy receiver was allowed to recover its salary from the proceeds of that wrongful collection with priority over the claim of that secured creditor.

On 29 February 2016, the Insolvency Law Reform Bill 2015 received Royal Assent. The resulting Act, the Insolvency Law Reform Act 2016 (Cth) represents the most significant suite of reforms to Australia’s bankruptcy and corporate insolvency laws in twenty years and is an integral component of the Federal Government’s agenda of improving economic incentives for innovation and entrepreneurialism.

In a decision handed down on 11 February 2016, the High Court has confirmed that the State Supreme Courts have jurisdiction to grant relief to plaintiffs seeking to join insurers of insolvent or potentially insolvent defendants, and a declaration that the insurer is liable to indemnify the defendant. 

Introduction