An interesting judgment was delivered by the Honourable J Majiki on 19 of November 2013 in the Eastern Cape High Court, Port Elizabeth. The first and second applicants under case 3521/2012 were ABSA Bank Limited and Maria Ramos respectively.
Introduction
Proposals issued October 2010
Confirmation given 31 January 2011
Policy statement issued May 2011
Draft guidance on the bespoke measurement of investment risk issued May 2011. Consultation ends on 24 June 2011
Consultation on the 2012/13 levy determination expected in autumn 2011
The PPF has confirmed its intention to implement a new levy framework from 2012/13. Key features of the framework confirmed in the policy statement include:
The Hong Kong court has confirmed that – going forward – the court is ready to recognize and assist a foreign insolvency process conducted in the company’s center of main interests (COMI) and that it will no longer be necessary for the foreign insolvency process to be carried out in a company’s place of incorporation. The judgment sets out a practical roadmap for the future of cross-border insolvency in Hong Kong, where listed companies that use complex holding company structures find themselves in difficulty.
In a significant decision, the Shenzhen Intermediate People's Court (Shenzhen court) has ordered formal recognition in the mainland for Hong Kong appointed liquidators. This is the first occasion on which a mainland court has formally recognized and granted assistance to Hong Kong liquidators, expressly granting them powers to deal with assets located in the mainland under the new insolvency co-operation mechanism concluded between Hong Kong and the mainland.
In the latest High Court decision relating to Company Voluntary Arrangements in the UK, the judge held that the Regis hairdressing group CVA should be revoked on the basis that it favoured shareholders at the expense of landlord creditors
Nach einer umwandlungsrechtlichen Spaltung haften die übertragende Gesellschaft und die übernehmende Gesellschaft gegenüber den Versorgungsberechtigten zehn Jahre lang als Gesamtschuldner für die Pensionsverpflichtungen. Wird eine der beteiligten Gesellschaften insolvent, hat der Pensions-Sicherungs-Verein (PSV) einen Anspruch gegen die andere beteiligte Gesellschaft, denn der Anspruch der Versorgungsberechtigten gegen die andere Gesellschaft aufgrund der Gesamtschuld geht auf ihn über.
In a recent judgment, the Hong Kong Court reiterated the principles outlined in Kam Leung Sui Kwan v. Kam Kwan Lai [2015] 18 HKCFAR 501 (Yung Kee), the case concerning the famous roastgoose restaurant in the heart of Hong Kong's Central district, when determining whether to exercise its discretion to wind up a foreign-incorporated company. In this case, the court also refused to grant a stay of the petition in favor of arbitration.
Florida escape
Our note provides a high-level guide to securitisation transactions under English law. Written in partnership with Chambers and Partners, it forms the UK-focused section of the Chambers and Partners Global Practice Guide: Securitisation 2020.
This general guide discusses a broad range of topics to provide a helpful overview to those that are looking at a first time securitisation. It also provides guidance on a number of more detailed points to assist with those more experienced in securitisations, including recently regulatory development.
The huge economic impact of the worldwide COVID-19 pandemic has long since reached the German economy. For many industries, the business climate has deteriorated massively. Stores remain closed, supply chains are affected, customer numbers have significantly dropped and businesses have to impose reduced work hours (Kurzarbeit) or forced leave to reduce costs.