Sultani Decrees
Sultani Decree No. 44/2012
Ratifies an Annex to the Agreement on the Avoidance of Double Taxation between the Government of the Sultanate of Oman and the Government of the Republic of France.
Promulgated on 27 August 2012 Effective on promulgation.
Sultani Decree No. 45/2012
Sultani Decrees
Sultani Decree No. 19/2012
Appoints HE Liyutha bint Sultan bin Ahmed Al Mughairi – the Omani delegate at the United Nations in New York – as non-residential ambassador to the Republic of Cuba and the Republic of Venezuela.
Promulgated on 31 March 2012.
Effective on promulgation.
Sultani Decree No. 20/2012
Promotes Salim bin Said bin Salim Al Rahbi to the position of Supreme Court judge.
Promulgated on 31 March 2012.
Effective on promulgation.
FSA has set out its standards for “key attributes” of effective resolution regimes. The standards require each jurisdiction to:
Section 38 provides a mechanism by which a creditor can take the place of the trustee in any proceeding where the trustee refuses or fails to act. Essentially, the creditor stands in the place of the trustee and, if successful in the proceeding, is entitled to keep all proceeds, except those that exceed the total of the creditor’s claim and the creditor’s costs of the proceeding. Any surplus proceeds received by the creditor are the property of the bankrupt’s estate.
CEIOPS holds annual conference: CEIOPS has held its annual conference. The event included a panel session on Solvency II and discussion by Sharon Bowles of the new European Supervisory Authorities.
FSA has censured a firm in voluntary liquidation for failings in selling and promoting geared traded endowment policies. Integrity Financial Solutions provided and advised on the policies. FSA found the product information it produced was misleading, which may have led IFAs to advise customers to buy an unsuitable product. It also found the firm’s own sales arm did not record information on customers and could not evidence why the product was suitable. FSA would have recommended a £350,000 fine if the firm were not in liquidation.
Over the last two years, with the fluctuations in the economic market, commercial real estate in distress has become a lively topic among insolvency practitioners and even in court decisions.
Recently, in Re Eddie Bauer of Canada Inc., Justice Morawetz ordered a debtor was entitled to pay amounts owing for goods and services actually supplied prior to the filing date.
In Re EarthFirst Canada Inc., Justice Romaine had to consider establishing a “hardship fund” that would be used to allow EarthFirst Canada Inc. (“EarthFirst”) to pay pre-filing obligations owing to certain suppliers and contractors operating in a remote community where EarthFirst is developing a wind farm project.
A foreign creditor has the right to initiate a lawsuit or an enforcement proceeding against a debtor in Turkey even if there is no reciprocal agreement between Turkey and the creditor's own jurisdiction.