This post addresses the question of how retention of title (“ROT”) provisions are effectively agreed to as part of the contractual relationship between a supplier and its German customer under German law.
Carrington Wire Defined Benefit Pension Scheme was set up for the benefit of the employees of Carrington Wire Limited; a Yorkshire based company engaged in the sale and supply of steel and wire products. Carrington, which started to wind down its business at the end of 2009, was at that time owned by Severstal, a Russian based international steel company. The scheme’s liabilities were guaranteed by Severstal’s parent company.
Introduction
All bankruptcy practitioners know that a debtor may choose which contracts to assume and which contracts to reject. But may a debtor reject contracts that are part of an overall, integrated transaction? In a recent bankruptcy decision, the court found the answer to be no, at least if the parties are careful in drafting their contracts.
The new amendments carried out in the BankruptcyProceedings Act by virtue of the Royal Decree 4/2014,dated March 7, aims to introduce a viable restructuringof corporate debt, trying to streamline BankruptcyProceedings and prevailing primacy of will.
The Michigan judge overseeing Detroit’s historic bankruptcy case found today that parties seeking to appeal his order finding the city eligible for bankruptcy protection may proceed directly to the Sixth Circuit.
The UK government has just proposed a number of amendments to the Enterprise and Regulatory Reform Bill (currently being considered by Parliament) which will impact on IT suppliers if they become law.
Bill Amendments
Background
The German Federal Civil Court (BGH) in its decision of 15 April 2010 (IX ZR 188/09) clarified the legal position of holders of preferred stock in insolvency plan proceedings.