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    Power to appoint receiver - the terms of your contract are important
    2011-04-15

    In Taylor & Ors v Bank of New Zealand (HC, 14/12/2010, Panckhurst J, Christchurch, CIV 2008-409-964), the High Court held that a bank's appointment of a receiver without any prior written notice to the debtor was in accordance with the terms of the security agreement and was therefore valid.

    Filed under:
    New Zealand, Banking, Insolvency & Restructuring, Litigation, Buddle Findlay, Debtor
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    Lessons from the Crafar receivership: Part Two
    2011-05-13

    Big receiverships often test legal boundaries, and the Crafar group receivership is no exception.  Gibson & Stiassny v StockCo & Ors1  is the longest decision to date on the Personal Property Securities Act 1999 (PPSA). 

    Although the facts are complex, the practical take-outs are fairly simple:

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Chapman Tripp, Debtor, Collateral (finance), Security (finance), Interest, Secured loan
    Authors:
    Michael Arthur , Matthew Yarnell , Geoff Carter
    Location:
    New Zealand
    Firm:
    Chapman Tripp
    Lender wins proceeds of sales that were not in the ordinary course of business
    2011-06-08

    The Court of Appeal has overturned a High Court decision, agreeing with receivers that certain sales by the debtor were not in the ordinary course of business, but rather payments to an unsecured creditor.

    In this case1 when the debtor began to experience cash flow difficulties, it established another company to purchase stock, which the debtor would find buyers for. Sales were made either in the name of the new company, or the debtor would account to the new company for the sale proceeds.

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Bell Gully, Debtor, Cashflow, Unsecured creditor, Court of Appeal of England & Wales
    Location:
    New Zealand
    Firm:
    Bell Gully
    Security agreements signed just before liquidation: is the Personal Property Securities Act the answer?
    2011-06-29

    It is not uncommon for a receiver, liquidator or competing creditor to be presented with a security agreement, the ink on which appears scarcely to be dry.

    If that secured creditor registered on the Personal Property Securities Register (PPSR) months or years earlier, does that registration date determine priority between competing security interests?  Or is that unfair to other creditors?

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Chapman Tripp, Credit (finance), Debtor, Collateral (finance), Security (finance), Interest, Personal property, Liquidation, Secured creditor, Liquidator (law), Capital punishment, Securities Act 1933 (USA)
    Authors:
    Janko Marcetic
    Location:
    New Zealand
    Firm:
    Chapman Tripp
    The Insolvency Law in Panama
    2019-10-28

    On May 19, 2016, the concept of a “Bankruptcy,” as the legal term was defined, ceased to exist under Panamanian law. Law 12 of 2016 (the “Insolvency Law”) entered into force on that date and introduced new proceedings into our legal system. These proceedings are referred to as Reorganization and Liquidation.

    The enactment of the Insolvency Law sought not only the protection of the rights of creditors, but also to achieve a differentiation between “efficient” and “non-efficient” companies, depending on the reasons and circumstances that give rise to their insolvency status.

    Filed under:
    Panama, Insolvency & Restructuring, Morgan & Morgan, Debtor
    Authors:
    Analissa Carles
    Location:
    Panama
    Firm:
    Morgan & Morgan
    La Ley de Procesos Concursales de Insolvencia en Panamá
    2019-10-28

    Desde el 19 de mayo de 2016, la figura de “Quiebra” dejó de existir en Panamá para darle paso a unos procesos innovadores en nuestro ordenamiento jurídico, conocidos por la ahora vigente Ley 12 de 2016, como Procesos Concursales de Insolvencia. Estos son la Reorganización y la Liquidación.

    El objetivo de esta modificación legislativa fue, no solo la protección del crédito de los acreedores, sino también lograr una diferenciación entre empresa “eficiente” y “no eficiente”, dependiendo de las razones y circunstancias que han dado lugar a su estado de insolvencia.

    Filed under:
    Panama, Insolvency & Restructuring, Morgan & Morgan, Debtor
    Authors:
    Analissa Carles
    Location:
    Panama
    Firm:
    Morgan & Morgan
    Syndicated loans in Poland - Protection of lenders’ rights in the face of security agent’s non-cooperation
    2016-01-08

    General remarks

    In the case of syndicated loans involving Polish security providers there are two legal concepts that are commonly used to secure the lenders' rights under the finance documents:

    Filed under:
    Poland, Banking, Insolvency & Restructuring, Litigation, Noerr PartGmbB, Share (finance), Debtor, Debt, Mortgage loan, Pro rata
    Authors:
    Dr. Slawomir Morawski , Klaudyna Lichnowska
    Location:
    Poland
    Firm:
    Noerr PartGmbB
    Correction of input VAT by a bankruptcy receiver under Art. 89b of the VAT Act
    2014-02-18

    Ruling description

    In its judgment of January 15, 2014, the Provincial Administrative Court (WSA) in Warsaw (case no. III SA/Wa 1928/13) ruled that a bankruptcy receiver was not required to correct input tax under the procedure set forth in Art. 89b (1) of the VAT Act (in the version which took effect on January 1, 2013) if the creditor cannot correct output tax under the “bad debt relief” procedure due to the debtor being bankrupt.

    Filed under:
    Poland, Insolvency & Restructuring, Litigation, Tax, Dentons, Bankruptcy, Debtor, Value added tax, Double taxation
    Authors:
    Mateusz Serafinski
    Location:
    Poland
    Firm:
    Dentons
    New Polish Restructuring Law – avoiding liquidation
    2015-04-16

    On April 9, 2015, the lower house of the Polish parliament adopted a new Restructuring Law. The main goal of the new law is to introduce an effective mechanism to restructure a debtor’s business and prevent its liquidation. Generally, the continuation of a business is more favorable to creditors, it preserves jobs and allows the uninterrupted execution of contracts.

    Filed under:
    Poland, Insolvency & Restructuring, Squire Patton Boggs, Debtor
    Authors:
    Ewa A. Lis-Lewandowska
    Location:
    Poland
    Firm:
    Squire Patton Boggs
    Forgiveness of distressed debt in Europe
    2009-03-31

    Tax treatment in the hands of the creditor

    Polish tax regulations provide three major methods for obtaining a tax deduction for irrecoverable debt: waiver or forgiveness of debt, debt write-off and revaluation write-off.

    Filed under:
    Poland, Insolvency & Restructuring, Tax, Bird & Bird LLP, Bankruptcy, Debtor, Waiver, Statute of limitations, Interest, Taxable income, Debt, Debt relief, Liquidation, Tax deduction, Distressed securities, Write-off
    Location:
    Poland
    Firm:
    Bird & Bird LLP

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