Except where otherwise noted, this paper is current as of September, 2011 and provides preliminary information on Canadian and British Columbia legal matters to assist you in establishing a business in British Columbia and provides general guidance only.
Law 1676 of 2013 (Secured Interest Law), which came into effect in 2014, has substantially affected the legal scope of creditors’ rights in the context of insolvency proceedings (reorganization and liquidation). In particular, the law has potentially created a new type of creditor; the secured creditor, which has rights that differ from those creditors included in the creditor hierarchy in the Civil Code and the Corporate Insolvency Law.
When a financing statement is registered to perfect a security interest in collateral, it is the responsibility of the secured party to monitor the registration to ensure that a new financing statement is filed if the goods move jurisdictions. A recent decision by the Ontario Superior Court of Justice1 emphasizes this point.
Facts
The EU Directive on restructuring and insolvency was published in the OJEU on Wednesday. Members states have until 17 July 2020 to implement it, and this includes the UK as it stands: the UK has much – but not all – of it already. The UK Government has its own plans for reforming insolvency law of course, including to re-introduce Crown Preference. It is mostly about creating a rescue framework.
I cd. NPL (non performing loans, letteralmente mutui non performanti) sono, sostanzialmente, crediti per i quali la riscossione è incerta, sia dal punto di vista del rispetto della scadenza originaria che per quanto riguarda l’ammontare del possibile recupero; essi sono anche detti, nel linguaggio bancario, crediti deteriorati.
On July 31, 2018 the International Swaps and Derivatives Association published the ISDA 2018 US Resolution Stay Protocol (the US Protocol). The US Protocol is intended to enable parties to ISDA Master Agreements and similar Protocol Covered Agreements (PCAs) to contractually recognize the cross-border application of special resolution regimes applicable to global systemically important entities and their affiliates.
In this article, we provide a broad overview of the US Protocol and relevant resolution stay rules, then describe the effect and operation of the US Protocol.
The recent case of Singularis Holdings Ltd v Daiwa Capital Markets Europe Ltd [2017] EWHC 257 (Ch) (Singularis) is an important decision affecting any institution that handles client payments, including banks. It decided that a stock broker was liable in negligence for having breached its duty of care to its customer, Singularis Holdings Ltd (in liquidation) (Singularis), by paying monies out of its client account on the instruction of one of Singularis' directors and its only shareholder, Mr Al Sanea.
Background
On April 15, 2019, President Petro Poroshenko signed the Code on Bankruptcy Proceedings. The text of the law was officially published on April 20 and is available in Ukrainian. The new law aims to strengthen the rights of creditors, improve the procedure of debtors’ assets sale at bankruptcy auctions, provide clear mechanisms for restoring solvency of debtors, and enhance the overall efficiency of bankruptcy proceedings.
Japan
Report published on ensuring fair and timely disclosure of information to investors. The FSA announced that the Task Force on Fair Disclosure Rule of the Working Group on Financial Markets of the Financial System Council has published the “Report - Ensuring fair and timely disclosure of information to investors.” (3/3/2017)
Hong Kong
After years of Spanish non-performing loan (NPL) sales, a significant hurdle preventing purchasers from enforcing the underlying loans has now been removed.