This memorandum gives a short summary on the bankruptcy petition and general insolvency filing obligations of the management body of Luxembourg companies, i.e. actions the managers or directors must perform, in what form and the applicable penalties in the event of non-compliance with their obligations.
This memorandum is based on Luxembourg laws and is subject to any change in law or interpretation or application thereof that may take effect after such date.
1. Legal overview of bankruptcy
1.1 Conditions that amount to bankruptcy
A Texas bankruptcy court’s decision earlier this year to dismiss the National Rifle Association’s (“NRA”) chapter 11 bankruptcy case as a bad faith filing illustrates the perils of a poorly planned chapter 11 filing, and highlights the need, even in crisis situations, to establish solid objectives and develop a sound strategy prior to seeking relief under the Bankruptcy Code. In re Nat’l Rifle Ass’n of Am., 628 B.R. 262 (Bankr. N.D. Tex. 2021).
In its top consumer credit law decisions of 2021, the U.S. Court of Appeals for the Fifth Circuit determined that settlement of an FDCPA claim does not trigger an attorney fee award, examined third-party contact as a “communication” under the FDCPA, and ruled there was no “partial surrender” of collateral in a Chapter 13 plan.
Tejero v. Portfolio Recovery Assocs., LLC, 993 F.3d 393 (5th Cir. 2021)
7343 sayılı İcra ve İflas Kanunu ile Bazı Kanunlarda Değişiklik Yapılması Hakkında Kanun [“Değişiklik Kanunu”] 24.11.2021 tarihinde kabul edilmiş ve 30.11.2021 tarihinde 31675 sayılı Resmî Gazete ’de yayımlanarak yürürlüğe girmiştir. Kanun’la getirilen önemli değişikliklere bu yazımızda değineceğiz.
I. İcra Başmüdürü Görevlendirilebilecek ve İcra Daireleri Başkanlığı Kurulabilecek
The Code on Amending the Bankruptcy and Enforcement Code and Some Other Laws ["Amendment Law"] No. 7343 was adopted on November 24, 2021 and entered into force after being published in the Official Gazette No. 31675 on November 30, 2021. In this article, we will explain the critical changes brought by the Amendment Law.
Good afternoon.
Following are this week’s summaries of the Court of Appeal for Ontario for the week of December 27, 2021. There were only two substantive civil decisions released this week.
Not so long ago US Bankruptcy Judge Robert Drain of the Southern District of New York had his time in the barrel—pilloried in the media for approving releases to members of the Sackler family as part of a bankruptcy plan that would settle global opioid-related claims against Purdue Pharma, a bankruptcy debtor, and affiliated family members and other persons who were not bankruptcy debtors.
INTRODUCTION
In the case of Anchorage Capital Master Offshore Ltd v Sparkes (No 3); Bank of Communications Co Ltd v Sparkes (No 2) [2021] NSWSC 1025 (Anchorage v Sparkes), the Supreme Court of NSW considered the obligations of company officers to sophisticated commercial lending entities, and whether company officers could be personally liable for making misleading statements.
Significance