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    Ante nuptial contract provides limited protection once insolvency befalls a spouse
    2011-05-10

    A common misconception surrounding an ante nuptial contract is that it provides married parties some protection when insolvency ensues. However, this is not necessarily the case. As many a solvent spouse discovers upon insolvency of their partner, the policy of the collection of maximum assets for the advantage of creditors actually overwhelms all other policies in South African insolvency law.

    Filed under:
    South Africa, Insolvency & Restructuring, Legal Practice, ENS, Debtor, Debt, Marriage, Trustee
    Authors:
    Adelin Dalais
    Location:
    South Africa
    Firm:
    ENS
    Clarity in settlement agreements required
    2009-03-23

    Where the entirety of a debt is not included in an agreement to settle, a creditor can continue to prove in a bankruptcy for the balance.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Gowling WLG, Bankruptcy, Interest, Consideration, Debt, Marriage, Bad faith, Insolvency Act 1986 (UK), Trustee
    Authors:
    Greg Standing , Ian Weatherall
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    Intention is crucial
    2009-01-21

    The absence of an intention to put assets out of the reach of creditors will thwart applications under the Insolvency Act to set declarations of trust or transfers aside.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Gowling WLG, Bankruptcy, Gambling, Consideration, Debt, Divorce, Marriage, Beneficial ownership, Beneficial interest, Insolvency Act 1986 (UK), Trustee
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    Matrimonial clean break not an undervalue
    2008-01-23

    The court will not always set aside a property transfer order in matrimonial proceedings where the party transferring the property, as part of a clean break order, becomes bankrupt shortly afterwards, and there are allegations of lack of consideration or transfer at an undervalue.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Gowling WLG, Bankruptcy, Fraud, Consideration, Misrepresentation, Marriage, Prejudice, Collusion, Trustee
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    No consideration
    2007-07-18

    A husband and wife jointly owned their property. In matrimonial proceedings, the husband was ordered to transfer his interest in the property to the wife. Following his bankruptcy, the husband’s trustee applied to set aside the property transfer on the basis that it had been made at an undervalue, and the wife had given no consideration in money or money’s worth within the meaning of s339 of the Insolvency Act 1986. The wife contended that the fact that she had foregone ancillary relief claims was capable of amounting to consideration.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Legal Practice, Litigation, Gowling WLG, Bankruptcy, Interest, Consideration, Adoption, Marriage, Insolvency Act 1986 (UK), Trustee
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    No right to postpone
    2007-03-23

    The claimant appealed against a decision that her former husband’s one third interest in the matrimonial home vested in his trustee in bankruptcy (the first defendant) free from any rights asserted by her, so permitting an order for possession and sale of the property. The claimant argued that pursuant to a matrimonial consent order made prior to the bankruptcy, she had a right of exclusive occupation of the property until remarriage, cohabitation or death.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Gowling WLG, Bankruptcy, Consent decree, Interest, Marriage, Cohabitation, Insolvency Act 1986 (UK), Trustee
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    7th Cir. Holds Judgment Against Bankruptcy Debtor’s Husband Did Not Violate Co-Debtor Stay
    2016-12-30

    The U.S. Court of Appeals for the Seventh Circuit recently held that a bank’s lawsuit against the husband of a debtor who had filed for bankruptcy did not violate the co-debtor stay because the husband’s credit card debts were not a consumer debt for which the debtor was personally liable.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Maurice Wutscher LLP, Credit card, Bankruptcy, Debtor, Interest, Debt, Consumer debt, Marriage, US Code, United States bankruptcy court, Seventh Circuit
    Location:
    USA
    Firm:
    Maurice Wutscher LLP
    Interracial marriage supports Title VII association claim
    2008-12-10

    In a case of first impression, the United States Court of Appeals for the Second Circuit recently held that antidiscrimination laws may be violated when a white employee is fired for having a black spouse. In Holcomb v. Iona College, 521 F.3d 130 (2d Cir. 2008), the Second Circuit vacated and remanded a federal district court’s grant of summary judgment in favor of Iona College (the “College”), finding that triable issues existed as to whether the College’s decision to terminate its employee, Craig Holcomb, was based at least in part upon a racially discriminatory motive.

    Filed under:
    USA, Employment & Labor, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Discrimination, Federal Reporter, Vacated judgment, Voluntary association, Legal burden of proof, Marriage, Remand (court procedure), Prima facie, Civil Rights Act 1964 (USA), Second Circuit, Eleventh Circuit, Sixth Circuit
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    7th Cir. Holds Judgment Against Bankruptcy Debtor’s Husband Did Not Violate Co-Debtor Stay
    2016-12-30

    The U.S. Court of Appeals for the Seventh Circuit recently held that a bank’s lawsuit against the husband of a debtor who had filed for bankruptcy did not violate the co-debtor stay because the husband’s credit card debts were not a consumer debt for which the debtor was personally liable.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Maurice Wutscher LLP, Credit card, Bankruptcy, Debtor, Interest, Debt, Consumer debt, Marriage, US Code, United States bankruptcy court, Seventh Circuit
    Location:
    USA
    Firm:
    Maurice Wutscher LLP
    Interracial marriage supports Title VII association claim
    2008-12-10

    In a case of first impression, the United States Court of Appeals for the Second Circuit recently held that antidiscrimination laws may be violated when a white employee is fired for having a black spouse. In Holcomb v. Iona College, 521 F.3d 130 (2d Cir. 2008), the Second Circuit vacated and remanded a federal district court’s grant of summary judgment in favor of Iona College (the “College”), finding that triable issues existed as to whether the College’s decision to terminate its employee, Craig Holcomb, was based at least in part upon a racially discriminatory motive.

    Filed under:
    USA, Employment & Labor, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Discrimination, Federal Reporter, Vacated judgment, Voluntary association, Legal burden of proof, Marriage, Remand (court procedure), Prima facie, Civil Rights Act 1964 (USA), Second Circuit, Eleventh Circuit, Sixth Circuit
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP

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