The two year transitional period under the Personal Property Securities Act 2009 (PPSA) ends on 31 January 2014. After this date, any remaining transitional security interests (TSIs) that have not been registered on the Personal Property Securities Register (PPSR) will no longer have their pre-PPSA priority, which could result in a secured party losing priority to other secured creditors or losing its interest in the secured property altogether if the grantor becomes bankrupt (if an individual) or is placed into administration or liquidation (if a company).
Dispute is one of priority, not ownership.
The first judgment regarding a major Personal Property Securities Act ("PPSA") priority dispute between a bank with a perfected "General Security Agreement" and an equipment owner with an unperfected "PPS Lease" has been handed down.
The decision in Richard Albarran and Blair Alexander Pleash as receivers and managers of Maiden Civil (P&E) Pty Ltd & Ors v Queensland Excavation Services Pty Ltd & Ors highlights three key issues for the insolvency industry:
Historically, shareholders and management have not been liable for the debts of the public companies they run or own in Ukraine.
The Western Australian Court of Appeal has today delivered its judgment in the appeal of Westpac Banking Corporation v The Bell Group Ltd (in Liq) [2012] WASCA 157 ( The Bell Appeal ). The Court substantially rejected the appeal. The decision has important implications for directors, financiers and bondholder investors. It is a salutary reminder for financiers of the consequences of "knowingly receiving" a benefit from a breach of directors' duties.
Background
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.
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.
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.
Conducting Business in Ukraine 2016 Conducting Business in Ukraine 2016 Conducting Business in Ukraine 2016 Baker & McKenzie Renaissance Business Center 24 Bulvarno-Kudriavska (Vorovskoho) St.
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.
Recent development
Seeking to ensure that the market has sufficient available liquidity following the recent political and economic developments in Turkey, the Central Bank of Turkey (the "Central Bank") reduced the Turkish banks' reserve requirements for Turkish lira liabilities on August 10, 2016. The changes will take effect on August 12, 2016.
New TRY reserve requirements
The Central Bank has reduced the reserve requirement ratios for banks' Turkish Lira ("TRY") liabilities by 50 basis points for each maturity bracket:
Maturity New Ratios Previous Ratios