Starting from 22 September 2012, the beneficial owners (aka controllers), substantial shareholders, and senior executive officers of Ukrainian commercial banks could face personal financial liability for the insolvency of banks during liquidation.
Secured lenders have had long-held expectations of certain protections in the event the borrower files for bankruptcy.
In re: Qimonda AG, No. 09-14766-SM, Bankr. E.D. Va. (Oct. 28, 2011) [click for opinion]
On 29 February 2012, the Supreme Court of the United Kingdom handed down its long-awaited judgment on client money issues in the context of the Lehman's Administration. The judgment has an important bearing on likely recoveries for both segregated and non-segregated clients, the further work to be conducted by the Administrators and timing of distributions.
Summary
The Supreme Court has found that:
Since the adoption of the 2011 Finance Act, the scope of application for thin capitalization rules, provided for in article 212 of the French Tax Code, was extended to all loans, including bank loans, backed by security interest or a guarantee, granted by a company belonging to the borrower's group or by a company with a guaranteed undertaking secured by a company related to the borrower.
The Court of Appeal has resolved conflicting decisions at EAT level and confirmed that dismissals which are connected with a subsequent TUPE transfer can be automatically unfair under TUPE even where no specific transfer or purchaser is contemplated at the time of dismissal.
Since gaining its independence in 1993, the Slovak Republic has adopted new laws at a rapid pace. As a country in transition, its legal system continues to develop.
Welcome to the fifth edition of Baker & McKenzie's quarterly Asia Pacific Financial Services & Regulatory Newsletter.
Two companies showed interest in the assets of a third company that was in a state of bankruptcy.
A group of senior lenders to European Directories SA, a Macquarie Group Ltd affiliate, have succeeded on their appeal to the English Court of Appeal in litigation with European Directories' mezzanine lenders over a €2billion loan restructuring plan for the company.