Duty of care in tort not established in favour of main contractor from third party sub consultant
Alongside the permanent reforms to English insolvency law introduced by the Corporate Insolvency and Governance Act 2020, the government introduced a temporary suspension of certain provisions of the Insolvency Act 1986 (the IA) to address the economic turbulence caused by the COVID-19 pandemic.
The German Insolvency Act (the Act) states that certain company "cash transactions" may be contested in insolvency proceedings only in limited circumstances. Earlier this year, the German Federal Court of Justice clarified that this "cash transaction privilege" does not apply to securities granted by a debtor company for shareholder loans.
The Facts
A liquidator applied for permission to amend his claim for fraudulent trading. The claim against the respondents related to purported defrauding of HMRC for non-payment of VAT.
Background
When the validity of an agreed interest rate is the subject of a dispute between the parties to a loan agreement in Germany, the insolvency courts do not have jurisdiction to deal with the dispute. This is something only the civil courts can do.
Impact
If lenders provide sufficient evidence of the loan interest amount, ie usually the loan agreement, the debtor is required to prove that the interest rate contradicts public policy or is unreasonably high.
In June 2020, the "Anti-Crisis Shield 4.0" introduced a simplified form of restructuring proceeding into Polish law. This modified version of the procedure ushered in significant improvements for debtors, including a moratorium on enforcement action and four months to seek the consent of creditors to restructuring proposals, and to seek the approval of the arrangement with the court.
Im (vorläufigen) Insolvenzverfahren ist es die Aufgabe des Insolvenzverwalters, für den Schutz personenbezogener Daten zu sorgen. Er übernimmt anstelle des ursprünglichen Geschäftsführers/Inhabers die Führung des Unternehmens und wird damit gemäß Art. 4 Nr. 7 Datenschutzgrundverordnung (DSGVO) datenschutzrechtlich verantwortlich. Das gilt nicht nur, wenn personenbezogene Daten für die Zwecke des Insolvenzverfahrens verarbeitet werden, sondern betrifft alle Verarbeitungsvorgänge im schuldnerischen Unternehmen. Ein „Insolvenzprivileg“ kennt das Datenschutzrecht dabei nicht.
As part of its pandemic-driven £1.2 billion solvent recapitalisation, Virgin Atlantic recently became the first company to use the UK government's new restructuring plan introduced in June 2020.
Let's look at why the court approved Virgin's restructuring plan, and what companies intending to use the new plan need to know before moving forward.
A recent judgment has clarified the duty of receivers when selling secured property to a company connected to a creditor.
Background
The claimant alleged that the receivers, appointed on behalf of, and selling to a party connected to the creditor, had acted in bad faith. They had placed themselves in a position of conflict and had engaged in self-dealing. As well as dealing with this issue, the court also assessed where the burden of proof lies when allegations of failing to act in good faith are raised.
Held
Key Points
There is a low threshold for the granting of an injunction to prevent the presentation of a winding up petition.
The challenge against the debt in the statutory demand must be in good faith and have sufficient substance.
The Facts