Another step towards a lender-friendly environment, but the new form of pledge is being delayed
The Italian Parliament passed law No. 155 of 19 October 2017 to delegate the Government to reform the rules on insolvency and financial distress. This has been commented widely in the press and between commentantors, as it is expected to bring about significant developments (we have previously reported here).
Der Wert der Insolvenzmasse ist Berechnungsgrundlage sowohl für die Vergütung des Insolvenzverwalters als auch die Gerichtsgebühr im Insolvenzverfahren. Obwohl die Regelungen hierzu gleich lauten, legt sie das OLG München unterschiedlich aus. Die Folge im aktuellen Fall ist eine knapp sechsfach höhere Bemessungsgrundlage zugunsten der Gerichtskasse. Die Mehrheit der Oberlandesgerichte teilt diese Sichtweise nicht. Damit begründet die Rechtsprechung des OLG München einen deutlichen Standortnachteil für Betriebsfortführungen im Insolvenzverfahren im Bezirk des Oberlandesgerichts München.
The decision of the High Court inVanquish Properties (UK) Limited Partnership –v- Brook Street (UK) Limited provides a stark reminder of the strict requirements for serving a valid break notice and the traps into which the unwary can easily fall.
Last month, bankrupt company RadioShack settled with a coalition of seventeen attorneys general to destroy most of the company’s customer data in its files. The agreement was part of a Bankruptcy Court-approved $26.2 million sale of RadioShack’s assets.
In recent years it appears to have become a common trend for distressed homeowners to publish voluntary surrender notices as a stratagem to stay execution proceedings instituted by creditors. We have also witnessed an increase in institutions approaching distressed homeowners following publication of a notice of sale in execution, purporting to be in the business of assisting distressed homeowners by guarding their homes from sales in execution by the sheriffs of the high courts.
On 10 April 2014, the Department of Justice (DOJ) and Federal Trade Commission (FTC) issued a joint policy statement on the antitrust implications of sharing cybersecurity information to help facilitate the flow of cyberintelligence throughout the private sector. The statement addresses the long-standing concern that sharing cyberintelligence may violate antitrust law under certain circumstances and explains the analytical framework for such arrangements to make it clear that legitimate cyberintelligence exchanges will not raise antitrust issues.
The proposal for a regulation of the European Parliament and of the Council (SWD(2012) 416 and SWD(2012) 417) amending Council Regulation (EC) n°1346/2000 on insolvency proceedings aims to extend its scope of application by revising the definition of insolvency proceedings to include the proceedings in which the debtor retains some control albeit subject to the control / supervision by a court / a judicial administrator, including preinsolvency proceedings.
Law n°2011-331 dated 28 March 2011 (OJ of 29 March 2011) relating to modernising the legal professions includes the creation of a secure Internet portal aiming at relaxing the formalities related to insolvency. This national portal will allow the sending and reception of legal proceedings documents, including statements of claim.
The most innovative features of the new Insolvency Code include, among others: (i) the introduction of safeguard obligations aimed at detecting corporate distress and promoting the adoption of restructuring tools at an early stage; (ii) a more favourable approach to procedures allowing for business continuation on a going concern basis, as opposed to those leading to liquidation of the company; and (iii) specific provisions concerning the insolvency / restructuring of company groups.
Introduction
In two recent judgments, the Hong Kong companies court has set out the principles applicable to winding up companies holding operating subsidiaries in the mainland through intermediate subsidiaries incorporated offshore, most commonly in the BVI. In doing so, the Honourable Mr. Justice Harris highlighted the need for the petitioner to demonstrate a "real and discernible benefit" to creditors, something which will be challenging to prove if the company’s centre of main interests is not in Hong Kong.