The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) has published an Issues Paper on 'Risk Management and Other Corporate Issues'. The paper is not a formal consultation. Instead, it is part of CEIOPS' preparation for future work under the Solvency II project.
1. What is the risk if a counter-party is located in an exiting member state?
On 19 September 2012, the Norton Rose Construction and Engineering team presented a breakfast briefing titled: “Financial Distress in Construction Projects: What happens when the wheels fall off?”
This briefing identified the warnings signs of insolvency, what steps parties can take to minimise exposure, how best to respond to a party’s insolvency and the options available to prevent insolvency in the first place.
Introduction
On September 18, 2009, after years of Parliamentary delay dating back to 2005, wide-ranging amendments to Canada’s Companies’ Creditors Arrangement Act (CCAA) and Bankruptcy and Insolvency Act (BIA) (the “Amendments”) came into force, providing, among other things, new protections for licensees of intellectual property.
It is important to note that the Amendments only apply in the CCAA restructuring and BIA proposal context, and not to conventional bankruptcies or receiverships.
The Office of Public Sector Information (OPSI) has published The Insolvency (Scotland) Amendment (No. 2) Rules 2009. These Rules amend the Insolvency (Scotland) Rules 1986 (S.I. 1986/1915). No Regulatory Impact Assessment has been prepared in relation to these Rules as they are not expected to impose any significant burdens on business.
View The Insolvency (Scotland) Amendment (No. 2) Rules 2009, 1 September 2009
Summary
The international banking crisis has hit hard. German banks and companies are also affected. This briefing provides an insight on questions that are typically raised when persons are exposed to insolvency situations which involve proceedings initiated in Germany or abroad but have a connection to Germany in certain aspects.
When does German Insolvency Law apply?
Termination, rights to withhold payment and withholding notices under the Housing Grants, Construction and Regeneration Act 1996 Under the JCT suite of contracts, an employer is entitled to terminate the contractor’s employment where the contractor has become insolvent (including the appointment of administrative receivers in relation to the contractor). If an employer exercises this right of termination, the JCT provisions set out the resulting financial consequences.
Again, of interest to all schemes providing defined benefits is the recent settlement in the litigation involving the Lehman Brothers Scheme, where the payment of £184 million, representing costs of the buying-out benefits, has been agreed.
Following a detailed investigation by TPR commencing in 2008, and a legal battle through the hierarchy of courts up to the Supreme Court (SC), members of the Lehman Brothers Pension Scheme will receive their full benefits after a settlement was reached on 18 August 2014.
In Re Sino-Forest Corporation1, the Ontario Court of Appeal upheld the interpretation of “equity claims” employed by Justice Morawetz of the Ontario Superior Court of Justice (Commercial List).