The recent case of Simpson v Commission of Inland Revenue (HC, 17/5/2011; Dobson J, Wellington, CIV 2010-485-1860) concerned the issue of whether receivers are personally liable to account for goods and services tax (GST) on the sale of six properties effected by them.
In Taylor & Ors v Bank of New Zealand (HC, 14/12/2010, Panckhurst J, Christchurch, CIV 2008-409-964), the High Court held that a bank's appointment of a receiver without any prior written notice to the debtor was in accordance with the terms of the security agreement and was therefore valid.
Between 2006 and 2010, 50 New Zealand finance companies either went into liquidation or receivership, or froze payments. The Securities Commission has now released information about its investigations into these finance companies.
The information released highlights the Commission's work to date, the companies being investigated, the status of the investigations and the behaviour or act that triggered the Commission's involvement. It also answers some common questions about the Commission's work in connection with the failures, including:
Bank B sought adjudication in bankruptcy of F.
ON THE HORIZON SAUDI ARABIA’S PROPOSED NEW INSOLVENCY LAW AND COMMERCIAL PLEDGE LAW The pace and scale of current regulatory change in Saudi Arabia is remarkable. 2015 alone saw the long awaited Qualified Foreign Investors regulations open the Tadawul (Saudi stock market) to non GCC investors and the even longer awaited announcement of the new Companies Law, as well as a major overhaul of labour regulation.
Enforcement in Norway: Second decision from the Court of Appeal after Supreme Court quash in Deutsche Bank's enforcement action
1 Introduction to Norwegian enforcement
Sultani Decrees
Sultani Decree No. 44/2012
Ratifies an Annex to the Agreement on the Avoidance of Double Taxation between the Government of the Sultanate of Oman and the Government of the Republic of France.
Promulgated on 27 August 2012 Effective on promulgation.
Sultani Decree No. 45/2012
Sultani Decrees
Sultani Decree No. 39/2016
Enacting the Law on the continued validity of the licences of foreign accountancy and audit firms and the exemption of Omani owners of such firms from the full time requirement.
The Law extends the validity of the licences and the exemption up to 31/12/2017 renewable by a decision from the Ministers Council.
Issued on 18 August 2016. Effective from the day after the date of publication.
Sultani Decree No. 40/2016
Sultani Decrees
Sultani Decree No. 37/2012
Appoints the new Board of Governors of the Central Bank of Oman, naming Dr Ali bin Mohammed bin Moosa as Deputy Chairman.
Promulgated on 18 June 2012. Effective from 11 June 2012.
Sultani Decree No. 38/2012
Grants Omani citizenship to the named individuals.
Promulgated on 18 June 2012. Effective on promulgation.
General remarks
In the case of syndicated loans involving Polish security providers there are two legal concepts that are commonly used to secure the lenders' rights under the finance documents: