ENEFI Energiahatékonysági Nyrt v Directia Generala Regionala a Finantelor Publice Brasov (DGRFP) [2016] All ER (D) 110 (Nov)
The Court of Justice of the European Union ("ECJ") has handed down a notable judgment in the case of ENEFI Energiahatékonysági Nyrt v Directia Generala Regionala a Finantelor Publice Brasov (DGRFP) [2016] All ER (D) 110 (Nov), ruling that domestic laws governing forfeiture of a claim in insolvency proceedings apply to foreign creditors too.
The Court of Appeal has ordered a reference to the Court of Justice of the European Union (ECJ) in Grenville Holden Hampshire v the Board of the Pension Protection Fund which involves a pension scheme member, whose early retirement pension was reduced by two-thirds on the scheme's entry to the PPF, arguing that the statutory cap on compensation payable by the PPF does not give full effect to Article 8 of the EU Insolvency Directive.
Earlier this year it was announced that the UK’s Financial Assistance Scheme (“FAS”) would close to applications from 1 September 2016.
This does not affect pension plans that are currently progressing through the notification and qualification process or pension plans that have already qualified for assistance. However, any qualifying pension plans that have not yet started the process need to move quickly as they now have less than a month to make a notification to the FAS.
Including an unsecured creditor in an agreed payments waterfall does not by itself confer on that unsecured creditor the benefit of a mortgagee’s usual duties on enforcement of security, or a direct claim against the sale proceeds.
Summary
The Court of Appeal’s judgment in The Trustees of the Olympic Airlines SA Pension & Life Insurance Scheme v Olympic Airlines SA [2013] EWCA Civ 643 has clarified what is required to fall within the definition of an ‘establishment’ for the purposes of the EC Insolvency Regulation (the Insolvency Regulation).
Summary
In one of the most eagerly awaited appeals to affect the restructuring and insolvency community since MyTravel, the Court of Appeal in the European Directories case ruled on Friday 22 October that:
In a decision that represents a triumph for bondholders, and should provide comfort to market participants, the Supreme Court of France (the “Supreme Court”) has recognized the trust structure and the parallel debt mechanism as part of security packages put in place for secured international financings granted to a French company.
Introduction
On 8 March 20111, the French Supreme Court issued an important decision for the restructuring, finance and private equity communities and their advisers in connection with the on-going litigation surrounding the Coeur Défense restructuring.
Budniok v Adjudicator, Insolvency Service [2017] EWHC 368 (Ch)
Chief Registrar Baister overturned the Adjudicator's decision in refusing to grant a Bankruptcy Order where the Debtor's COMI was an issue.
Mr Budniok, a German citizen who had recently moved to London, applied online for a Bankruptcy Order in England. After several requests for further information, the Adjudicator was not satisfied Mr Budniok's centre of main interests ("COMI") was in England and as such refused the application. Mr Budniok appealed.
The Court of Appeal has affirmed the High Court’s ruling that a voluntary administrator may only use a casting vote where the number of creditors voting for and against the resolution is equal.
The second limb of the test, that the 50% represent at least 75% in value, cannot be the subject of the casting vote. Nor can the casting vote be used to choose between the number and the value.