It’s now official. Priority between competing security interests under the Personal Property Securities Act (PPSA) is assessed at the time those interests come into conflict. This will usually, but not always, be when receivers are appointed.
The PPSA is silent on the issue but the general view, now confirmed by the High Court, has been that the rule established in the Canadian Sperry1 case is the correct approach.
The UK Financial Services Authority (“FSA”) confirmed on 31 Oct. 2011 that MF Global UK Limited (“MF Global UK”) will be subject to the new Special Administration Regime (“SAR”).[1] This is the first time that the new regime, set out in The Investment Bank Special Administration Regulations 2011 (“SAR Regulations”)[2] has been invoked.
Background
On 28 March 2011 the Social Security Department issued guidance for Insolvency Practitioners on the Temporary Insolvency Scheme. The Temporary Insolvency Scheme was set up in 2009, in the wake of well-publicised insolvencies such as that of Woolworths Plc.
The guidance states:
Recently, some bankruptcy courts in Ohio have given mortgage lenders something new to be concerned over: Is the form of your notary’s certification proper? Everyone in the mortgage industry is aware of the wave of cases challenging the validity or effectiveness of certain mortgages or mortgage assignments on account of sub-standard execution, notarization and recordation practices.
The general legal framework of existing Bulgarian insolvency law covers the core features recognised by the international insolvency community and takes account of EC Regula-tions and Directives. On the other hand, it does not always achieve the proper balance between the need to address the debtor’s financial difficulty as efficiently as possible and the interests of the creditors.
This article highlights some inefficiencies of the existing Bulgarian insolvency regime compared with international best practices.
Scope
Construction disputes often boil down to a single issue: “show me the money.” Experienced contractors, owners and financiers understand the risks that come with unfinished projects and unpaid work; best practices have long included tracking first visible work, last day of work, and other issues critical to perfecting and enforcing mechanic’s lien rights. But a bankruptcy or a potential bankruptcy of a project participant introduces a new set of challenges and risks to construction projects.
At the same time as announcing that the Nakheel sukuk due for repayment on 14 December would be repaid in full, the Dubai government stated that it would pass a reorganisation law for the Dubai World group in case that group is unable to achieve an acceptable restructuring of its remaining obligations. The details of that new law have now been released in the form of Dubai Decree No. 57 for 2009 (the Decree).
The Decree is significant in two respects:
At the same time as announcing that the Nakheel sukuk due for repayment on 14 December would be repaid in full, the Dubai government stated that it would pass a reorganisation law for the Dubai World group in case that group is unable to achieve an acceptable restructuring of its remaining obligations. The details of that new law have now been released in the form of Dubai Decree No. 57 for 2009 (the Decree).
The Decree is significant in two respects:
As many Japanese contractors are exposed to the financial crisis in Dubai, this month our Construction Disputes Avoidance Newsletter focuses on an important recent development concerning Dubai World. At the same time as announcing that the Nakheel sukuk due for repayment on 14 December would be repaid in full, the Dubai government stated that it would pass a reorganisation law for the Dubai World group in case that group is unable to achieve an acceptable restructuring of its remaining obligations. The details of that new law have now been released in the form of Dubai Decree No.
In the case of William Hare Ltd v Shepherd Construction Ltd [2009] EWHC 1603 (TCC) (25 June 2009), the court declined to incorporate amendments made to an Act before the contract was signed which were not specifically referred to in the contract.
The facts