The European Commission Internal Market and Services DG has sent to the CEBS and CEIOPS Interim Working Committee on Financial Conglomerates a third call for technical advice on the Financial Conglomerates Directive.
View Call for technical advice on financial conglomerates, (PDF 554KB), 7 May 2008
Employees’ rights in bankruptcy in the UAE On the face of it, employees’ rights in the UAE seem to be well protected by the bankruptcy laws. Under Article 713(1) of Federal Law No. 18 of 1993 (Commercial Transactions Law), the wages and salaries of workers that have become due 30 days prior to the adjudication of bankruptcy may be paid on a super-priority level (“regardless of any other debt”) by the bankruptcy trustee. However, there is some uncertainty as to whether employees would be paid before secured creditors as the bankruptcy laws remain largely untested in the UAE courts.
On 5 October 2011, the NSW Supreme Court upheld an application pursuant to s 440D(1) of the Corporations Act 2001 (Cth) (the Corporations Act) for leave to bring and continue proceedings against a defendant under voluntary administration.
The FSA has published the statement that it has provided to the court appointed examiner of Lehman Brothers Holding Inc, which is referred to in his wider report on the collapse of Lehman Brothers published on 11 March 2010.
View FSA statement to the US bankruptcy court examiner on the collapse of Lehman Brothers Holdings Inc, 12 March 2010
The British Bankers’ Association has released the following statement on bank restructuring:
In November 2008, the European Commission (EC) found state aid granted by the Polish government to two Polish state-controlled shipyards (Stocznia Szczecinska Nowa and Stocznia Gdynia), illegal under EU single market rules and requested its return to the government with accrued interest. The EC decided however to postpone the enforcement of the return of state aid for seven months until 6 June 2009 to allow for the prior public sale of the shipyards’ assets at market price.
Toronto, December 11, 2007 – The number of restructurings in Canada should rise in 2008 due to the serious tightening of the credit market, according to Ogilvy Renault. The tighter market means that when companies have problems and look for money to solve them, they won’t find financing as easily as they have in the past.
The Ninth Circuit has extended an additional level of protection for company publications that take the form of blogs. In reference to the level of fault required to prove liability for an allegedly defamatory posting, the court explained that it is irrelevant whether a blogger is a member of an institutional press corps or a private entity.
Introduction
Another failed property developer has just been made bankrupt in Australia, this time with a difference – he was already bankrupt in New Zealand. Bank of Western Australia (Bank) v David Stewart Henderson (No. 3) [2011] FMCA 840 is another Australian cross-border insolvency case in which we have successfully tested the boundaries of the Cross-Border Insolvency Act 2008 (Cth) (the CBIA), this time with the Bankruptcy Act 1966 (Cth).
Introduction
The High Court recently considered, in European Bank Limited v Robb Evans of Robb Evans & Associates, the nature and extent of a "usual undertaking as to damages" given by a receiver in accordance with Part 28, rule 7(2) of the Supreme Court Rules 1970 (NSW). In doing so, it overturned the decision of the NSW Court of Appeal to reinstate the trial judge's finding that the receiver was liable for substantial losses suffered by a third party deprived of the funds which were at the heart of the dispute.
Background