Official Comm. of Unsecured Creditors of Arcapita, Bank. B.S.C. v. Bahr. Islamic Bank, No. 15-cv-03828 (S.D.N.Y. Mar. 30, 2016) [click for opinion]
The Federal Government's NationalInnovationandScienceAgendawas announced on 7 December 2015.
Recent development
The "running account" defence to an unfair preference claim is a fragile flower. In a recent decision, the Queensland Court of Appeal has reminded solvent counterparties that suspension of a customer's trading account will probably break the "running account", exposing a solvent counterparty to greater unfair preference risk.
Need to know
Liquidators of insolvent Australian companies often pursue directors of the failed company in recovery proceedings for the benefit of creditors. Following a High Court of Australia decision in April 2016, it is now clear that the liquidators can join liability insurers of defendant directors in such proceedings, even when the insurer has denied liability under a policy. The liquidators, even though not a party to the contract, may then seek a declaration in the same proceedings that the insurer is liable to indemnify the insured defendant.
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.
Increased vigilance required in actions for recovery: a "yes, but" does not constitute acceptance
In the presence of a retention of title clause where collective insolvency proceedings are initiated against a debtor, the creditor must file a request for the recovery of goods sold under the retention of title clause before the judicial administrator within three months from the date the opening judgment is published in the Bodacc (Official Bulletin of Civil and Commercial announcements).
Dispute Resolution Beijing/Hong Kong/Shanghai Client Alert Creditors Petitioning for Bankruptcy Beware: Absconding Bankrupts May Walk Free After Staying Away from Hong Kong for 4 Years Recent developments The Hong Kong Court of Final Appeal (“CFA”)1 has ruled unconstitutional a provision under the Bankruptcy Ordinance (“Ordinance”) that prevents the period of bankruptcy from commencing when a bankrupt is not in Hong Kong.
Corporate Structures Newsletter - June 2016 Baker & McKenzie Amsterdam For more information please contact: Ilona de Schipper Associate +31 20 551 7806 Director Disqualification Act enters into force on July 1, 2016 On July 1, 2016, the Director Disqualification Act (in Dutch: Wet civielrechtelijk bestuursverbod) will enter into force. The purpose of this act is to combat bankruptcy fraud and prevent managing directors from continuing mala fide activities through existing or new legal entities. Similar legislation is already in place in at least 11 other European Union member states.
Baker & McKenzie Alert Client Alert 28 SEPTEMBER 2015 Download Forward Contact Us Visit Our Website Providing the Commissioner of Taxation with access to records - even liquidators cannot escape Need to know The Federal Court has recently determined that when the Commissioner of Taxation is a creditor of a company in liquidation, he or she is not required to obtain a court order under section 486 of the Corporations Act 2001 (Cth) (Corporations Act), unlike all other creditors, before requiring the Liquidator to make available the company's records for inspection.