The Uniform Commercial Code was established to provide predictability and conformity in commercial transactions. Certain states have adopted nonstandard UCC provisions, which create an unreliable and unpredictable market for secured creditors. In addition, statutory liens, which are liens arising under federal and state statute, may disrupt the priority of secured creditors’ interest in a debtor’s assets. In re First River Energy, L.L.C. (986 F.3d 914, 917 (5th Cir.
In England, it is common and quite straightforward for companies and LLPs to grant all assets security by way of a debenture which includes a series of fixed charges over specified assets, an assignment of material leases, insurances and other contracts and a floating charge over assets which are not expressly subject to those fixed charges. That same approach does not work in Scotland, at least not without some adaptation.
Imprisonment for civil or commercial debts is prohibited in Mexico. The creditor’s only chance for recovery is upon the debtor’s assets.
When finances become distressed, creditors examine all avenues to recover their debt which can result in any intercreditor agreements being thrown into the spotlight. The recent judgment of Re Arboretum Devon is another helpful reminder to lenders entering into an intercreditor agreement (ICA) that these should be drafted with the worst-case scenario in mind and using the clearest language in order to avoid disputes arising at the time of enforcement.
Interim attachment is a provisional remedy under the Enforcement and Bankruptcy Law No. 2004 [ the “EBL” ] which individuals or legal entities can request for their monetary claims. Thanks to this institution, the debtor’s assets could be frozen to secure due yet unsecured debts, and as a result, the debtor would be forced to pay its debt.
3 [three] conditions must be in place to get an interim attachment – these are:
1- A monetary claim must be in question
Demand for virtual currency services, including custody services, has soared in the past several years. Like their counterparts in traditional finance, these custodians are stewards of retail and institutional customer funds and serve an important and valuable function. However, as evidenced by a number of headline-grabbing failures during the lingering crypto winter, inadequate disclosures and poor custodial practices can seriously harm retail and institutional customers alike.
Non-Performing Corporate Loan Toolkit for Banks
“To the man with a hammer, every problem looks like a nail.”
Background
Under the deposit guarantee scheme, deposits with Austrian banks are generally protected on a bank's insolvency, up to EUR 100,000. This sum may be higher in certain cases, for example, for sums deposited from the sale of a private residential property within 12 months before the insolvency, the guaranteed amount is EUR 500,000.
MAG Financial and Investment Ventures Pty Ltd v El-Saafin [2022] VSCA 286
The Victorian Court of Appeal has recently held that credit provided under the National Credit Code (“the NCC”) to purchase, renovate or improve residential property for investment purposes is restricted to the immediate use of the debtor.
Emergency legislation has introduced important changes to Hungarian insolvency laws that allow the debtor’s business to keep trading during insolvency.
The new rules apply to those debtors who are considered strategically important to the Hungarian economy and to those whose insolvency is declared under other emergency rules.