Indalex Limited ("Indalex") was the sponsor and administrator of two underfunded defined benefit pension plans – one for salaried employees and one for executives. The salaried plan was in the process of being wound up.
Starting from 22 September 2012, the beneficial owners (aka controllers), substantial shareholders, and senior executive officers of Ukrainian commercial banks could face personal financial liability for the insolvency of banks during liquidation.
In December 2014 Russia’s Federal Law “On Insolvency (Bankruptcy)” was significantly amended to introduce bankruptcy of individuals and modify the rules for bankruptcy of legal entities. The amendments related to bankruptcy of legal entities came into effect on 29 January 2015.
The Seventh Circuit has reversed the district court’s decision in the Sentinel matter and ruled that the Bankruptcy Court’s allowance of a pre-petition transfer and authorization of a post-petition transfer of assets by Sentinel to its FCM customers was permitted under the Bankruptcy Code. The District Court had previously avoided the $22.5 million pre-petition transfer of funds to FCM customers and the $297 million post-petition transfer of funds authorized by the Bankruptcy Court.
On 7 January 2013, the Regulator published a report detailing its decision to give clearance to entities in the UK Coal Group to pursue a restructuring plan agreed on by UK Coal's shareholders in November 2012.
Secured lenders have had long-held expectations of certain protections in the event the borrower files for bankruptcy.
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.
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