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    9th Circuit partially reverses FDCPA dismissal
    2023-07-21

    On July 14, the U.S. Court of Appeals for the Ninth Circuit partially affirmed and partially reversed a district court’s dismissal of an FDCPA suit. The district court reviewed plaintiff’s claims under the FDCPA, which alleged that defendants violated the bankruptcy court’s order discharging his debt and knowingly filed a baseless debt collection lawsuit.

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Litigation, Orrick, Herrington & Sutcliffe LLP, Fair Debt Collection Practices Act 1977 (USA), Ninth Circuit
    Location:
    USA
    Firm:
    Orrick, Herrington & Sutcliffe LLP
    Director’s DOCA is set aside
    2023-07-23

    HopgoodGanim Lawyers recently acted for R.W Pascoe Pty Ltd in successfully setting aside the deed of company arrangement (DOCA) proposed by Crimson Fresh Produce Pty Ltd.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, HopgoodGanim, Corporations Act 2001 (Australia)
    Authors:
    Jess Owen , Darrell Jardine
    Location:
    Australia
    Firm:
    HopgoodGanim
    Corporate crises: The seven deadly sins of management
    2023-07-24

    The underestimated danger of personal liability

    Just as "The Seven Deadly Sins" according to historian Sebastian Haffner (1964) led to the downfall of the German Empire in 1918, there are seven deadly sins for the management of a GmbH, GmbH & Co. KG or stock corporation in connection with crisis and insolvency. Although these do not result in the fall of an empire, they do result in the personal liability of the management. Moreover, that often leads to the destruction of the economic existence.

    Filed under:
    Germany, Company & Commercial, Insolvency & Restructuring, Litigation, SKW Schwarz
    Authors:
    Dr. Thomas Hausbeck
    Location:
    Germany
    Firm:
    SKW Schwarz
    Cayman Court dispenses with the Houldsworth rule
    2023-07-24

    Misled or defrauded shareholders may rank equally with creditors in liquidations of insolvent funds

    Filed under:
    Cayman Islands, Insolvency & Restructuring, Litigation, Ogier, House of Lords, Corporations Act 2001 (Australia), Insolvency Act 1986 (UK)
    Authors:
    Corey Byrne , Gemma Bellfield (nee Lardner)
    Location:
    Cayman Islands
    Firm:
    Ogier
    Security reinstatement provisions: worth the paper they are written on?
    2023-07-24

    KEY POINTS

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Real Estate, Stevens & Bolton LLP
    Authors:
    Matthew Padian
    Location:
    United Kingdom
    Firm:
    Stevens & Bolton LLP
    Priority Of Dues Under SARFAESI: Bombay High Court Reiterates
    2023-07-24

    In a significant order passed on June 28, 2023, in the case of Ronak Industries vs.

    Filed under:
    India, Banking, Insolvency & Restructuring, Litigation, Cyril Amarchand Mangaldas, Recovery of Debts and Bankruptcy Act 1993 (India), Insolvency and Bankruptcy Code (India), Bombay High Court, Supreme Court of India
    Authors:
    Indranil D Deshmukh , Saloni Kapadia
    Location:
    India
    Firm:
    Cyril Amarchand Mangaldas
    High Court uses its cross-class cram down power to sanction Fitness First Restructuring Plan
    2023-07-24

    On 29 June 2023, Mr Justice Michael Green in the High Court sanctioned a Part 26A restructuring plan proposed by First Clubs Limited (Fitness First), a wholly owned subsidiary of Maddox Holdings Limited, notwithstanding challenges from certain opposing creditors.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Trade & Customs, Freshfields Bruckhaus Deringer, HM Revenue and Customs (UK)
    Authors:
    Katharina Crinson , Ken Baird
    Location:
    United Kingdom
    Firm:
    Freshfields Bruckhaus Deringer
    Unternehmenskrisen: Die 7 Todsünden der Geschäftsleitung
    2023-07-24

    Die unterschätzte Gefahr persönlicher Haftung

    Ähnlich wie „Die sieben Todsünden“ nach dem Historiker Sebastian Haffner (1964) im Jahr 1918 zum Untergang des deutschen Kaiserreichs geführt haben, gibt es für den Geschäftsleiter einer GmbH, GmbH & Co. KG oder Aktiengesellschaft sieben Todsünden im Zusammenhang mit Krise und Insolvenz. Diese haben zwar nicht einen Reichsuntergang, aber die persönliche Haftung der Geschäftsführung zur Folge. Und das bedeutet oftmals die Vernichtung der wirtschaftlichen Existenz.

    Filed under:
    Germany, Company & Commercial, Compliance Management, Insolvency & Restructuring, SKW Schwarz, Bankruptcy
    Authors:
    Dr. Thomas Hausbeck
    Location:
    Germany
    Firm:
    SKW Schwarz
    担保法制の見直しに関する中間試案②
    2023-07-24

    はじめに

    「金融かわら版~担保法制の見直しに関する中間試案①~」においては、法制審議会担保法制部会(以下、「担保法制部会」といいます。)の2022年12月6日の第29回会議において取りまとめられた「担保法制の見直しに関する中間試案」(以下、「中間試案」といいます。)の第1章「担保権の効力」及び第2章「担保権の対抗要件及び優劣関係」につき、中間試案とともに公表された担保法制の見直しに関する中間試案の補足説明(以下、「補足説明」といいます。)や、その後に公表された担保法制部会資料等も踏まえて、特に金融実務の観点から重要と思われる点を中心に紹介いたしました。本稿では、それに引き続き、中間試案の第3章「担保権の実行」、第4章「担保権の倒産手続における取扱い」及び第5章「その他」のうち、金融実務及び倒産実務の観点から重要と考えられる項目を紹介します。

    個別動産を目的とする新たな規定に係る担保権の実行

    Filed under:
    Japan, Banking, Insolvency & Restructuring, Nagashima Ohno & Tsunematsu
    Location:
    Japan
    Firm:
    Nagashima Ohno & Tsunematsu
    Bankruptcy Court Provides Guidance on Social Media Account Ownership
    2023-07-21

    The U.S. Bankruptcy Court for the Southern District of Florida created a three-factor test to help determine the ownership interests of social media accounts. The court in In re Vital Pharm[1] found that (1) documented property interests, (2) control over access, and (3) use, each play a role in establishing ownership over social media accounts.

    Filed under:
    USA, Insolvency & Restructuring, Internet & Social Media, Litigation, Troutman Pepper, Social media
    Authors:
    Deborah J. Enea
    Location:
    USA
    Firm:
    Troutman Pepper

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