To promote equal treatment of creditors, the US Congress has armed debtors with the power to bring suit to recover a variety of pre-bankruptcy transfers. Prominent among these is a debtor’s ability under Section 548 of the Bankruptcy Code to recover constructively fraudulent transfers — i.e., transfers made without fair consideration when a debtor is insolvent.
Dispute Resolution Beijing/Hong Kong/Shanghai Client Alert Court of Final Appeal Widens Shareholders’ Rights for the Winding-up of Foreign Companies in Hong Kong The Court of Final Appeal’s recent decision in the Yung Kee saga (Kam Leung Sui Kwan, Personal Representative of the Estate of Kam Kwan Sing, the deceased v Kam Kwan Lai & Ors (FACV 4/2015, 11 November 2015)) has widened the door to winding-up relief for shareholders of foreign companies.
BEIS has just published the Government's response to its March 2018 consultation on "Insolvency and Corporate Governance" reforms (for our March alert on this, click
The recent Federal Court of Australia (Court) decision Hird, in the matter of Allmine Group Limited (Administrators Appointed) (Receivers and Managers Appointed) [2013] FCA 748 involved an application for an extension to the convening period.
Facts
- Introduction
Most reading this will know that freezing orders are granted to prohibit defendants from disposing of or dissipating their assets in a way that will prevent the claimant from enforcing any judgment he obtains. If the defendant disobeys, he is at risk of contempt. But the primary purpose of contempt is to punish the defendant. Many claimants will simply be concerned to ensure that the defendant’s money is frozen.
On 1 May 2009, the administrators of Lehman Brothers International (Europe) ("LBIE") applied to the English High Court for directions on certain issues relating to "Client Money" (as defined in the UK Financial Services Authority's Client Assets Rules, the "CASS Rules") held by LBIE. LBIE was regulated by the FSA and was required to comply with the CASS Rules.
The exercise of the court’s discretionary jurisdiction to wind up an unregistered overseas company has again come under judicial spotlight in the recent case of Re China Medical Technologies Inc. (HCCW 435/2012).
On April 30th, the FDIC issued a final rule that treats a mutual insurance holding company as an insurance company for purposes of Section 203(e) of the Dodd-Frank Act. The new rule clarifies that the liquidation and rehabilitation of a covered financial company that is a mutual insurance holding company will be conducted in the same manner as an insurance company.
On August 22nd, the Federal Reserve Board proposed a two-year phase-in period for most savings and loan holding companies ("SLHCs") to file Federal Reserve regulatory reports with the Board and an exemption for some SLHCs from initially filing Federal Reserve regulatory reports. Under the Dodd-Frank Act, supervisory and rulemaking authority for SLHCs and their non-depository subsidiaries was transferred from the OTS to the Board. The Board previously sought comment on whether to require SLHCs to submit the same reports as bank holding companies.
In 2009, there were 140 failed banks. So far this year, 16 more banks have been seized by the FDIC. There are 702 banks currently on the FDIC's troubled banks list, and regulators and analysts predict that several hundred of those likely will fail over the next two years.