De Raad voor Onroerende Zaken ("ROZ") heeft op 4 juni 2018 een nieuw model voor de bankgarantie gepubliceerd. Het model voor de bankgarantie en de handleiding daarbij zijn te downloaden via de website van de ROZ.

In Longley v Chief Executive, Department of Environment and Heritage Protection [2018] QCA 32, the Queensland Court of Appeal has clarified the ability of liquidators to disclaim onerous property, including obligations that arise in respect of that property under State environmental legislation.

Over the past few years, the Belgian legislature has consolidated various pieces of legislation regulating businesses into a single instrument: the Code of Economic Law (Wetboek van economisch recht/ Code de droit économique). Insolvency law has not escaped this trend. In the summer of 2017, the Belgian Parliament enacted Book XX of the Code of Economic Law, entitled "Insolvency of Undertakings" (hereinafter the "Insolvency Code").

Recently, the Dutch Supreme Court rendered a judgment in which it has given a detailed explanation of the effects of bankruptcy proceedings on a contract or other legal relationship.[1] The case in question involved a dispute between a bankruptcy trustee and a bank as to whether the bank could file its post-bankruptcy l

Recently, the Dutch Supreme Court rendered a judgment in which it has given a detailed explanation of the effects of bankruptcy proceedings on a contract or other legal relationship.[1] The case in question involved a dispute between a bankruptcy trustee and a bank as to whether the bank could file its post-bankruptcy l

The Victorian Court of Appeal and a Full Court of the Federal Court have each recently held that the statutory priority regime applies to the winding up of companies that act as trustees of trading trusts, confirming that employee claims and a liquidator’s remuneration and costs are priority debts. Special leave to appeal the Court of Appeal’s decision has been sought.

NautaDutilh

Introduction of senior non-preferred debt in the Netherlands

3 April 2018

FCS Financial Law

KEY TAKEAWAYS

A new EU Directive adopted in December 2017 will enable EU banks, large investments firms and relevant group companies (e.g. holding companies) to issue so-called 'senior non-preferred' debt instruments.

Such senior non-preferred debt will rank senior to regulatory capital instruments (CET1, AT1 and Tier 2) and other subordinated debt, but junior to the institution's senior debt (such as deposits and ordinary creditors).

Can you prefer one creditor by arranging a third party loan, the proceeds of which are paid directly to that creditor, without the arrangement being void against your trustee in bankruptcy? “Yes” says the Full Federal Court – thus confirming an important distinction between personal and corporate insolvency.

Rambaldi (Trustee) v Commissioner of Taxation, in the matter of Alex (Bankrupt) [2017] FCAFC 217

Hughes v Pluton Resources Ltd [2017] WASCA 213

This case concerned the application of the Personal Property Securities Act 2009 (Cth) (the PPSA) to funds held by a company in liquidation following the termination of a DOCA. In the course of its decision, the Court considered the meaning of various provisions of the PPSA, including: