In re Hotel Airport Inc. (Bankr. D. Puerto Rico) Case no. 11-06620
The Romanian High Court of Cassation and Justice has ruled on April 4th, 2019 the decision no. 12 (Decision in the interest of the law) that put an end to the controversy over the legal regime of the expenses representing local taxes owed by the debtor for the immovable assets sold within the insolvency procedure.
This controversy has revolved around the question whether these taxes might be qualified either as budgetary receivables or expenses for the preservation of assets.
Many questions arise when a contractual partner enters into insolvency. One question is what happens with the debtor's ongoing contracts when the insolvency starts? Are they maintained or terminated?
One of the main principles governing insolvency proceedings states that the debtor's reorganisation should be sought before bankruptcy. To this end, the Romanian Insolvency Law (RIL) provides a series articles supporting the debtor's potential reorganisation.
Following a lengthy process which started in 2012 aiming to reform the Romanian insolvency framework as part of a wider judicial reformation program, the New Insolvency Law (Law no. 85/2014 regarding the prevention of insolvency and the insolvency proceedings) entered into force on 28 July 2014.
The New Civil Procedure Code (NCPC) was postponed several times before eventually coming into force on 15 February 2013. The legislators anticipate that the new law will speed up proceedings and offer a greater level of protection to civil rights.
In the case, the insolvency proceedings had not been used for the purposes provided by Law 85/2006 on insolvency proceedings (Law 85) but for other purposes.
The Presidium of the Russian Supreme Court has approved a Review* of the judicial practice in disputes related to claims made by persons or entities (below referred to as persons) controlling a debtor and its affiliates in bankruptcy proceedings.
The Review provides important clarifications on the specifics of the participation in bankruptcy proceedings of persons affiliated with a debtor and persons controlling the debtor’s activities.
The Constitutional Court of the Russian Federation has obliged a tax authority to check the relevancy of the claim to recognize a debtor as a bankrupt in terms of prospects and economic feasibility of initiating such dispute.
We recently published a blog identifying issues which cryptocurrency pose in insolvencies; not least identifying and classifying it, how to take control of it and realising value for the insolvency estate.
Given cryptocurrencies are global, the question of how to classify cryptocurrency on insolvency is not limited to just one jurisdiction.
By carrying out entrepreneurial activities, i.e. independent activities carried out at its own risk, aimed at systematic profit from the use of property, sale of goods, performance of works or provision of services, in conditions of market instability, exchange rate fluctuations and consumer demand, the company may experience signs of bankruptcy.