Entwurf eines Gesetzes zur Verbesserung der Rechtssicherheit bei Anfechtungen nach der Insolvenzordnung und nach dem Anfechtungsgesetz

Given the current worldwide economic climate, the number of companies facing insolvency that have assets in multiple jurisdictions around the world has increased dramatically. It is not unusual in today’s global economy for a corporation to have commercial offices, production plants and/ or research facilities in many different countries. A company that is faced with the bleak picture of insolvency may be forced to make decisions on whether to seek protection under a number of different statutory structures.

Whether it’s the kids’ day-care, the family holiday, or that gym membership we eagerly signed up for on the first of January, paying for goods and services before receiving them is the normal practice in many business sectors. It’s also the usual way to buy things off the internet. It’s become so common that we rarely ask what would happen if the business fails to deliver. Fortunately, in Hong Kong this is a question that does not have to be asked often, but as the economic environment gets tougher it may be one that deserves greater attention.

The sale of gift vouchers and their terms and conditions is largely unregulated in Ireland.

Although there is no specific legislation, gift vouchers provided to consumers are subject to the provisions of general consumer protection legislation, such as the Consumer Protection Act 2007.

Gift vouchers that cover a wide range of traders and retailers such as the “All4One” vouchers come within the definition of “electronic money” in the European Communities (Electronic Money) Regulations 2011 are subject to the provisions of those Regulations.

Personal bankruptcy has been introduced for the first time in Montenegro. The Personal Bankruptcy Act came into force on 22 August 2015.

In the case of Rubin v. Eurofinance SA [2010] EWCA Civ 895, [2010] All ER (D) 358 (Jul), the English Court of Appeal, Civil Division, determined that a U.S. bankruptcy court’s monetary default judgment obtained against Eurofinance and its principals, British citizens, was enforceable. In doing so, the Court of Appeal favored a “universal” approach to international bankruptcy cases and recognized adversary proceedings as part and parcel of the main bankruptcy case under American bankruptcy rules.

The Court of Appeal1 has ruled that foreign judgments in insolvency proceedings may be enforced by the English courts at common law, and that the ordinary principles which may prevent the enforcement of foreign judgments do not apply to insolvency judgments where the action from which the foreign judgment arises is integral to the collective nature of the insolvency proceedings.

Facts

FSA supported HMRC in its action to wind up The Freedom SIPP, a SIPP operator. It believed this was appropriate to fulfil its consumer protection objective.

The West Virginia Consumer Credit and Protection Act (“WVCCPA”) is a remedial statute designed to protect West Virginia consumers from improper debt collection. Only “consumers” have standing to file a lawsuit under the WVCCPA. The term “consumer” is defined as a natural person that owes a debt or allegedly owes a debt. But does a person still owe debt if that debt was discharged by a bankruptcy court? Although there is some conflicting case law in West Virginia, an answer is forming.

On October 31, the Federal Reserve Board adopted two proposed rules that would tailor how certain aspects of the post-crisis bank regulatory framework, including certain capital and liquidity requirements and other prudential standards, apply to large U.S. banking organizations. One of the rules is to be issued jointly by the FDIC, Federal Reserve and OCC. The other was issued solely by the Federal Reserve.