The Court of Appeal handed down its decision on 6 November 2009 upholding the High Court decision that a scheme of arrangement is not an appropriate mechanism by which the administrators of Lehman Brothers International (Europe) (LBIE) can return assets to LBIE’s clients.
Summary: A Supreme Court decision on 29 October 2009 has overturned the previous Court of Appeal ruling in relation to Sigma Finance (in administrative receivership) (Sigma).
The judge responsible for the Lehman bankruptcy proceedings in the United States has found that the provisions of the US bankruptcy code that exempt swap agreements and master netting agreements from the application of the Code's automatic stay and other relevant provisions do not permit a party to an ISDA Master Agreement to suspend performance under Section 2 (a) (iii) of the master agreement.
DWP consults on amendments to the employer-debt regulations
This briefing discusses certain Spanish tax points regarding financially distressed and insolvent corporate taxpayers, (secondary) tax liabilities and preferential rights in relation to tax claims.
The High Court in London has decided that a scheme of arrangement under the UK Companies Act 2006 cannot be used by the administration of Lehman Brothers International (Europe) (LBIE) to facilitate the return of client assets to LBIE clients.
5,055 compulsory company liquidations in Q2 2009, but administrations fall 21% on previous quarter
Summary
A new set of uniform rules for challenging transactions in insolvency and clarifying the circumstances in which debtors must file for insolvency has been introduced in Russia.
Background
Summary
A recent court decision confirmed that transparent pre-pack sales can be used where they are in the best interests of the creditors as a whole. The court ruled that:
The Pension Protection Fund (PPF) has issued guidance for insolvency practitioners. The guide is intended to provide information on how insolvency practitioners and official receivers should interact with the PPF if a sponsoring employer of an eligible occupational pension scheme suffers an insolvency event and the scheme is assessed for entry into the PPF.