Freezing orders and the Foreign Judgments Act
Freezing orders (also known as Mareva orders or Mareva injunctions) are oft-used tools available to a plaintiff to preserve the assets of a defendant, where there is a danger of the defendant absconding or of the assets being removed from the jurisdiction or otherwise diminished. Such dangers put in peril the ability of a plaintiff to recover any favourable judgment against that defendant.
Introduction
The Full Court of the Federal Court has given some important guidance on the calculation of remuneration for court appointed receivers. In its decision in Templeton v Australian Securities and Investment Commission the Court has highlighted the importance of proportionality in determining reasonable remuneration.
General Position
The Hungarian Parliament has adopted a new legal regime setting out debt settlement procedures for private individuals. The act will enter into force on 1 September 2015, and will have a huge impact on the business of banks and financial undertakings in Hungary.
The Bulgarian Corporate Commercial Bank ("CCB")’s insolvency has resulted in a variety of changes to the Bulgarian banking legislation. Lifting of bank secrecy in cases of bank insolvency is the newest addition to the pile of governmental attempts at accountability and transparency stemming from the CCB affair.
Poland's parliament recently adopted a new restructuring law (the “Bill”) which will substantially change the country’s economic environment.
After lengthy works, the draft of new restructuring law was finally adopted by the Polish parliament on 9 April 2015. The Bill now requires only the signature of the President.
The Bill provides for its entering into force on 1 June 2015, except for certain regulations that are to enter into force on 1 September 2015.
Current Polish bankruptcy and insolvency environment
Background
On 24 March 2015, the Bulgarian parliament promulgated an emergency insolvency law that makes almost all of the major effects of insolvency proceedings applicable to Corporate Commercial Bank, even as the court proceedings on the application for commencement of insolvency against the bank continue. In accordance with the new law, on 25 March 2015 the court appointed temporary insolvency administrators to that bank vested with broad powers to recover assets of the bank.
- On 11 March 2015, the High Court delivered its decision in Fortress Credit & Anor v Fletcher & Ors [2015] HCA 10.
- The appellant was Fortress Credit.
- On 11 March 2015 the High Court delivered its decision in Grant Samuel & Ors v Fletcher & Ors [2015] HCA 8.
- The appellants were Grant Samuel Corporate Finance Pty Limited and JP Morgan Chase Bank.
The Senate has announced a national inquiry into insolvency in the Australian construction industry (Inquiry).[1]