Gesetz zur Verbesserung der Rechtssicherheit bei Anfechtungen nach der Insolvenzordnung und nach dem Anfechtungsgesetz
Marex Financial Limited v. Carlos Sevilleja Garcia [2017] EWHC 918 (Comm)
This recent decision on a jurisdictional challenge has provided greater clarity and potentially created a tortious cause of action where a debtor dissipates assets prior to judgment and subsequent freezing order.
Background
Der Wert der Insolvenzmasse ist Berechnungsgrundlage sowohl für die Vergütung des Insolvenzverwalters als auch die Gerichtsgebühr im Insolvenzverfahren. Obwohl die Regelungen hierzu gleich lauten, legt sie das OLG München unterschiedlich aus. Die Folge im aktuellen Fall ist eine knapp sechsfach höhere Bemessungsgrundlage zugunsten der Gerichtskasse. Die Mehrheit der Oberlandesgerichte teilt diese Sichtweise nicht. Damit begründet die Rechtsprechung des OLG München einen deutlichen Standortnachteil für Betriebsfortführungen im Insolvenzverfahren im Bezirk des Oberlandesgerichts München.
Germany's major legal reform aiming to facilitate group insolvencies comes into effect on April 21, 2018 (full German text). The new law allows insolvency proceedings over companies within a corporate group to be concentrated at a single German insolvency court and/or to be administered by one insolvency administrator.
Reform des Insolvenzanfechtungsrechts
Das Gesetz zur Reform des Insolvenzanfechtungsrechts ist am 05.04.2017 in Kraft getreten. Im Fokus steht mit § 133 InsO die sogenannte Voranfechtung, die bislang in ihrer Ausprägung durch die Rechtsprechung des Bundesgerichtshofs in der Kritik stand. Im Ergebnis musste ein Gläubiger so bereits dann mit einer Insolvenzanfechtung durch den Insolvenzverwalter rechnen, wenn er seinem Schuldner eine Ratenzahlung gewährte.
Budniok v Adjudicator, Insolvency Service [2017] EWHC 368 (Ch)
Chief Registrar Baister overturned the Adjudicator's decision in refusing to grant a Bankruptcy Order where the Debtor's COMI was an issue.
Mr Budniok, a German citizen who had recently moved to London, applied online for a Bankruptcy Order in England. After several requests for further information, the Adjudicator was not satisfied Mr Budniok's centre of main interests ("COMI") was in England and as such refused the application. Mr Budniok appealed.
On 23 March 2017, the German Parliament passed new rules on criminal law measures for recovery of criminal proceeds. In the future, enforcement of financial claims against criminal offenders will be widely handled by the public prosecution. Whilst the new rules may facilitate access to compensation for private parties affected by crimes, intellectual property right owners fighting counterfeiters may often find civil enforcement more promising.
Cornerstones of new rules
New EU Regulation on Cross-Border Preservation of Accounts Potentially Useful Tool to Secure Assets in EU Member States
A recent decision by the German Federal Fiscal Court (BFH) has caused significant concerns in the restructuring community because it will severely complicate future restructurings in Germany or even make them impossible overall. In its decision dated 28 November 2016 (GrS 1/15, published on 8 February 2017) the court held that the so- called restructuring decree (circular on taxation of restructuring profits / Sanierungserlass) dated 27 March 2003 (IV A 6 S 2140 8/03, BStBl. I 2003, 240, amended by circular letter dated 22 December 2009 (IV C 9 S 4140/07/10001-01, BStBl.
A recent interlocutory decision (Action Media Ltd v Mitchell [2015] NZHC 3121) in ongoing litigation between the liquidators and the former director and shareholder of Action Media Ltd (In Liquidation) gives some guidance on the relationship between the liquidators' powers under section 261 of the Companies Act 1993 and their obligations to discover relevant documents under their control. The defendants had requested discovery from the liquidators of certain correspondence between the liquidators and the IRD, and of pre-liquidation correspondence between the company and