February 2017 N° 19 Fondo Atlante and the future for the financial institutions Tommaso dalla Massara Some news on insolvency procedures Fabio Marelli EU Commission first draft of ePrivacy Regulation Rocco Panetta Insurance Distribution Directive Guido Foglia ACROSS THE EUNIVERSE 2 In this Issue Editorial Giovanni Moschetta, Bernard O'Connor 3 What's App in Europe 4 Bernard O'Connor The next big thing for European data protection: EU Commission publishes first draft of ePrivacy Regulation to be discussed during GDPR transition period 6 Rocco Panetta, Francesco Armaroli Critical features of
China is one of the largest manufacturers and consumers of iron and steel products. The steel industry in China has developed over several decades into the biggest in the world. China accounts for nearly 50% of world steel production. It has been driven by rapid modernization of its economy, construction, infrastructure and manufacturing industries.
INTRODUCTION
The use of trusts for asset protection purposes is well established and – in principle – not improper. However, recent history has seen increasing attempts by creditors to have transfers of assets unwound. A recent UK Supreme Court case saw the Court effectively achieve this by way of a resulting trust finding.1 This article considers the issue from a different angle: insolvency legislation.
The rule in relation to money advanced by way of a loan, is that generally they become the property of the borrower, giving him the discretion to apply the money as he thinks fit, and leaving the lender vulnerable to the risk of the borrower’s insolvency.
In the English case of Derby& Co v Weldon (No3 and 4) (1990) Ch 65, the Court of Appeal held unequivocally that a court can order a defendant’s assets to be frozen even if they are situated outside of the jurisdiction. However what is vital to be established in such circumstances is:
Welcome to the inaugural edition of 'Going concerns', in which we strive to bring you the latest updates on restructuring and insolvency law. For this issue, we focus on Singapore and provide:
Victoria, Samnuggur and Titaghur
The Scottish Court of Session considers the interaction of Indian insolvency proceedings for three Scottish Companies that had also been placed into Administration in Scotland.
Background
The Victoria Jute Company Limited ("Victoria"), The Samnuggur Jute Factory Limited ("Samnuggur") and Titaghur plc ("Titaghur") were all incorporated in Scotland, but had been carrying out their business in India.
ISSUE FOUR 2017 FUNDING IN FOCUS Are Asian arbitral centres going to surpass the old continent? PwC Damages: an expert’s view Who wins, where and why? Stockholm, Sweden, Scandinavia Freshfields Bruckhaus Deringer 60 seconds Q&A with Erin Miller Rankin Brick Court Chambers Competition damages litigation in London pre- and post- Brexit Wilberforce Chambers Getting at trust assets and piercing the corporate veil Disputes funding for corporates CONTENTS Are Asian arbitral centres going to surpass the old continent?
On 17 July 2014, the regulation creating the European Account Preservation Order ("EAPO") came into force. This regulation will serve as an alternative to domestic remedies and relates to the freezing of bank accounts across participating EU Member States. The EAPO Regulation will be applicable from 18 January 2017. It will automatically apply to all Member States except the UK and Denmark which have opted out of the EAPO; therefore, it will not apply to assets located in those countries.
What's New?
The UK government’s response to COVID-19 has already taken the economy into new territory, and whilst measures put in place may delay or alter the approach of companies seeking insolvency-based protections, a large number of (contentious) restructurings and insolvencies is inevitable.
We anticipate three phases, each of which creates various risks:
(i) The current phase, during which companies are able to take advantage of government support, or relaxed laws or rules around insolvencies, to continue to operate during the COVID-19 lockdown.