Although many sectors of the Irish economy are experiencing the benefits of economic upturn, a number of Irish homeowners are still dealing with the after-effects of the recession. In this context, some defaulted homeowners are defending repossession proceedings by banks and alternative lenders relying on the EU Directive on Unfair Contract Terms ("UCTD").

German insolvency law contains provisions that allow for the challenge of payments/securitisation of certain shareholder loans in insolvency proceedings. The reason for this is that under German insolvency law, a loan repayment claim of a shareholder against ‘his’ corporation is subordinated by law (sec. 39 para. 1 no. 5 German Insolvency Code).

The ECJ has issued a preliminary ruling on the use of Article 13 of Council Regulation (EC) No 1346/2000 on insolvency proceedings ("the Regulations") as a defence to clawback claims by an insolvency office holder.

In this case Sportland, a Finnish company, sold goods supplied by Nike European Operations Netherlands BV ("Nike"), a Dutch company, under a franchise contract governed by Dutch law. Sportland owed Nike approximately €200,000 and repaid their debts in ten instalments very shortly before insolvency proceedings were opened in Finland.

Key Point

The ECJ has outlined how the protection afforded to a counterparty by Article 13 of the European Insolvency regulation works where an insolvency officeholder challenges a transaction governed by a law different from the one which applies to the insolvency of the estate generally.

Facts

Financial Services Disputes and Investigations

ECHR finds double jeopardy: Crimes sanctioned by Consob and heard by the Court of Appeal cannot be tried again in court proceedings

Cayman Islands Court of Appeal, Unreported judgment given 9 September 2009.

As a matter of English and Cayman law, does the court have jurisdiction to appoint a receiver, at the behest of a judgement creditor, by way of equitable execution over a settlor’s power of revocation of a trust?

Facts

The Issue

In the case of Global Knafaim Leasing Ltd & Anor v The Civil Aviation Authority & Ors [2010] EWHC 1348 (Admin), the UK’s High Court held that the Civil Aviation Authority (CAA) and BAA Ltd. (BAA) were entitled to a statutory lien of a lessor’s aircraft, to ensure a lessor pays all the outstanding route and aircraft charges of an insolvent operator and its fleet of aircraft, and not just those related to the aircraft of the lessor.

The 4th session of the committee of governmental experts on Intermediated Securities met in May 2007 to continue negotiation of the draft Convention. The Convention deals primarily with the rights of account holders in relation to intermediated securities - securities held through financial intermediaries.

Shlosberg v Avonwick Holdings Ltd & Ors [2016] EWHC 1001

Law firm Dechert LLP has been ordered to cease acting for the principal creditor of bankrupt Russian businessman, Mr Shlosberg, because it also acted for the trustees in bankruptcy, and accordingly had had access to documents subject to Mr Shlosberg's legal professional privilege.

Facts