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    Important changes to the Financial Collateral Act
    2011-11-10

    Since the entry into force of the Financial Collateral Act of 15 December 2004 (the "Collateral Act") implementing Directive 2002/47/EC on financial collateral arrangements as regards linked systems and credit claims (the "Collateral Directive"), financial collateral arrangements have benefitted from increased flexibility and legal certainty in Belgium.

    Filed under:
    Belgium, Banking, Insolvency & Restructuring, NautaDutilh, Credit (finance), Debtor, Collateral (finance), Security (finance), Waiver, Limited liability company, Margin (finance), Mortgage loan, Mortgage-backed security, Bank secrecy, European Commission
    Authors:
    Thibaut Willems
    Location:
    Belgium
    Firm:
    NautaDutilh
    Netting arrangements: unenforceable in Belgium against non-merchants, any solutions?
    2011-12-19

    The Belgian Constitutional Court declared netting arrangements in insolvency proceedings, which are explicitly allowed under the Belgian Financial Collateral Law of 15 December 2004, unconstitutional where such netting arrangements apply to non-merchants. Despite the numerous criticisms on this decision, a legislative proposal was drafted on 13 September 2011 in order to explicitly exclude non-merchants from the application of the Belgian Financial Collateral Law.

    Filed under:
    Belgium, Insolvency & Restructuring, Litigation, CMS Legal, Collateral (finance), Debt, Constitutionality
    Authors:
    Virginie Fremat
    Location:
    Belgium
    Firm:
    CMS Legal
    Business continuity: out-of-court workouts to promote financial recovery
    2009-04-15

    The Business Continuity Act of 31 January 2009 (the “Act”) creates a variety of flexible tools to promote business recovery and turnaround. In addition to an updated judicial reorganization procedure (i.e., a reorganization overseen by the court), the Act also introduces several interesting options for out-of-court workouts and preventive measures to promote business recovery.

    Out-of-court agreements

    Filed under:
    Belgium, Insolvency & Restructuring, NautaDutilh, Confidentiality, Bankruptcy, Debtor, Collateral (finance), Consideration, Debt, Mediation, Business continuity
    Authors:
    Stan Brijs
    Location:
    Belgium
    Firm:
    NautaDutilh
    The Belgian Act on Continuity
    2009-04-01

    New restructuring legislation was recently adopted in Belgium and comes into force on 1 April 2009. The Act of 31 January 2009 on the continuity of undertakings (the Act on Continuity) aims to replace the existing judicial composition procedure (concordat judiciaire/ gerechtelijk akkoord) with a more effective and flexible restructuring instrument.  

    The key features of the Act on Continuity are:

    Filed under:
    Belgium, Insolvency & Restructuring, Freshfields Bruckhaus Deringer, Bankruptcy, Debtor, Collateral (finance), Accounts receivable, Interest, Employment contract, Debt, Moratorium
    Location:
    Belgium
    Firm:
    Freshfields Bruckhaus Deringer
    Insolvency in Bulgaria: downsides creditors may encounter
    2011-02-21

    The general legal framework of existing Bulgarian insolvency law covers the core features recognised by the international insolvency community and takes account of EC Regula-tions and Directives. On the other hand, it does not always achieve the proper balance between the need to address the debtor’s financial difficulty as efficiently as possible and the interests of the creditors.

    This article highlights some inefficiencies of the existing Bulgarian insolvency regime compared with international best practices.

    Scope

    Filed under:
    Bulgaria, Insolvency & Restructuring, Schoenherr, Contractual term, Debtor, Unsecured debt, Collateral (finance), Debt, Negligence, Best practice, Sole proprietorship
    Authors:
    Anton Andreev
    Location:
    Bulgaria
    Firm:
    Schoenherr
    Perfection of security interests when assets move jurisdictions
    2017-05-17

    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

    Filed under:
    Canada, Ontario, Banking, Insolvency & Restructuring, Litigation, DLA Piper, Bankruptcy, Debtor, Collateral (finance), Secured creditor, Personal Property Security Act 1990 (Canada), Ontario Superior Court of Justice
    Authors:
    M. Sandra Appel
    Location:
    Canada
    Firm:
    DLA Piper
    Perfection is Critical to Maintaining Priority Over Judgment Creditors
    2016-06-20

    A recent decision of the Ontario Superior Court of Justice serves as a reminder for secured lenders of the importance of perfecting a security interest by registration. Absent perfection, collateral is at risk of seizure by judgment creditors of the borrower. Perfection, however, insures that a creditor has a priority interest in collateral over any subsequent judgment creditor. The decision also shows the importance to vendors of conducting continuous diligence on customers when credit is being extended on a regular basis.

    Backround

    Filed under:
    Canada, Ontario, Insolvency & Restructuring, Litigation, McMillan LLP, Credit (finance), Debtor, Collateral (finance), Accounts receivable, Interest, Ontario Superior Court of Justice
    Authors:
    Jeffrey Levine , J.R. Beaudrie
    Location:
    Canada
    Firm:
    McMillan LLP
    PPSA - Curing a defective registration
    2016-08-17

    The importance of security holders accurately registering their interest on the Personal Property Securities Register (PPSR) to create a valid, enforceable interest is constantly emphasised in commentary and cases. It is accepted that an error in a grantor’s identifier is likely to be fatal to a PPSR registration1, often resulting in a creditor’s unperfected interest vesting in a company upon it entering administration or liquidation. However, a recent decision of the New South Wales Supreme Court illustrates that a defective registration may be cured without losing priority.

    Filed under:
    Australia, Banking, Insolvency & Restructuring, Litigation, Hall & Wilcox, Legal personality, Collateral (finance), Security (finance), Interest, Debt, Ex parte, Personal property, Liquidation, Conveyancing, Secured creditor, Prejudice, Aircraft registration, Securities Act 1933 (USA), Corporations Act 2001 (Australia)
    Authors:
    Katherine Payne
    Location:
    Australia
    Firm:
    Hall & Wilcox
    Everyone’s a winner: David Jones’ scheme is approved
    2014-07-29

    Summary

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Shareholder, Collateral (finance)
    Authors:
    Rebecca Maslen-Stannage
    Location:
    Australia
    Firm:
    Herbert Smith Freehills LLP
    Key PPSA decision: NSWSC confirms vesting of unperfected lessor's interest following insolvency of lessee
    2013-07-01

    In the matter of Maiden Civil (P&E) Pty Ltd; 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 [2013] NSWSC 852

    Overview

    Filed under:
    Australia, New South Wales, Banking, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Collateral (finance), Interest
    Authors:
    David John , Sam Dundas
    Location:
    Australia
    Firm:
    Herbert Smith Freehills LLP

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