In Wong v. Luu, the British Columbia Court of Appeal upheld an order requiring the production of a redacted trust ledger to the bankruptcy trustees for Luu Hung Viet Derrick (“Luu”) on the grounds that the trust ledger was not presumptively privileged and that production would not violate the bankrupt’s right to communicate in confidence with his lawyers.
Kajtár Takács Hegymegi-Barakonyi Baker & McKenzie Ügyvédi Iroda is a member of Baker & McKenzie International, a Swiss Verein. Futhat a bank a pénze után? Nem várt kockázatot rejt a pénzügyi szolgáltatók számára a Csődtörvény a refinanszírozás szempontjából. A hitelezőkkel megeshet, hogy a már kiegyenlítettnek hitt követelésüket a felszámoló az adós nevében visszakövetelheti a törvény egyik rendelkezése értelmében.
U.S.
The government's proposed changes to Australia's insolvency laws as part of the NISA are:
In Akagi v. Synergy Group (2000) Inc. (“Akagi“), the Ontario Court of Appeal set aside a series of ex parte orders made by Toronto’s Commercial List Court granting broad investigative powers to a court-appointed receiver.
On 20 July 2018, the Higher Regional Court of Düsseldorf ruled that standard D&O insurances do not cover restitution claims for payments which managing directors of a limited liability company make after the company becomes insolvent. Whereas it is possible to obtain coverage for restitution claims, many older policies do not provide for this. Directors are well advised to check the scope of their insurance coverage.
Background
Introduction – why does this matter?
Lenders rejoice. The Second Circuit recently issued its highly anticipated opinion in In re MPM Silicones, LLC, where it held that the appropriate cramdown interest rate in chapter 11 cases is the market rate (so long as an efficient market exists) rather than the formula rate applied by the US Supreme Court in individual debtors’ chapter 13 cases.
On 11 August 2017, a new Act was adopted amalgamating the existing Belgian insolvency legislation into one insolvency code (the "Insolvency Code"). The Insolvency Code will apply to any insolvency proceeding opened on or after 1 May 2018.
The vast majority of the changes resulting from the Insolvency Code are technical in nature. And the most publicised proposal, the introduction of a "silent" or "pre-pack" bankruptcy, was abandoned at the last minute.
On 25 April 2017, the President of the Republic of Azerbaijan signed a decree approving the Law on Amendments to the Bankruptcy Law (the Amendments).
The Amendments incorporate the definition of related parties to the debtor in accordance with the Civil Code of the Republic of Azerbaijan (the Civil Code). The related parties include the persons described in Article 49-1.1 of the Civil Code as well as individuals dismissed from the debtor's management bodies within one year prior to the beginning of bankruptcy.