Insolvency Blog -
Chapter 15: US Cross-Border Insolvency Rules
Date: 24th February, 2007 | Author: Chris Laughton | Comments: 0
Bob Eisenbach's post at In The (Red) is a great overview of Chapter 15, the US implementation of the UNCITRAL Model Law on Cross-Border Insolvency. As Bob says: On October 17, 2005, as part of the Bankruptcy Abuse Prevention and Consumer Protection Act (known as "BAPCPA"), a new Chapter 15 of the Bankruptcy Code went into effect governing ancillary and other cross-border cases. (For those already familiar with ancillary proceedings, Section 304 of the Bankruptcy Code, which previously governed those proceedings, was repealed although many of its concepts have been retained in Chapter 15.)" Chapter 15 is used: principally by representatives of or creditors in foreign...
Global Insolvency Law Database - The World Bank
Date: 14th February, 2007 | Author: Chris Laughton | Comments: 0
GILD , the Global Insolvency Law Database, is a resource dedicated to all aspects of credit and debt, including debtor and creditor rights, the creation and enforcement of security interests, corporate restructuring, bankruptcy, reorganization and liquidation. At the heart of the World Bank's Insolvency Initiative, GILD is designed to promote understanding and awareness of best practices by presenting information on the latest developments and systems adopted or proposed in countries and regions throughout the world. GILD contains reports on cutting edge innovations, the World Bank Principles and Guidelines for Effective Insolvency and Creditor Rights Systems, explanatory overviews by experts in...
Mutual assistance in insolvency - will it take off in 2007?
Date: 12th February, 2007 | Author: Chris Laughton | Comments: 0
The UNCITRAL Model Law on Cross-Border Insolvency should enhance cross-border assistance for non-EU officeholders and creditors in British insolvency proceedings. Introduced in England and Wales, and Scotland, on 4 April 2006 it was first applied in the English High Court on 23 November 2006 in Re Rajapakse (unreported) when a US Chapter 7 Trustee sought the court's assistance to recover assets in England. Cooperation in cross-border insolvency proceedings within the EU is governed by the European Insolvency Regulation. Chapter 15 of the US Bankruptcy Code similarly introduces the UNCITRAL Model Law into US law. Richard Howard's post Global Bankruptcy Mutual Assistance addresses the question...
European Corporate Insolvency Regimes
Date: 11th February, 2007 | Author: Chris Laughton | Comments: 0
A version of this article first appeared in Recovery, Autumn 2004. A little knowledge is a dangerous thing, and I hope this outline doesn ...
Schefenacker €200 million debt write-off
Date: 11th February, 2007 | Author: Chris Laughton | Comments: 0
European Insolvency Regulation
Date: 11th February, 2007 | Author: Chris Laughton | Comments: 3
COUNCIL REGULATION (EC) No 1346/2000 of 29 May 2000 on insolvency proceedings (the "European Insolvency Regulation") applies to all EU Member States except Denmark and seeks to coordinate the application of local laws in formal insolvencies within a cooperative framework....
Foreign creditors’ rights in UK insolvencies
Date: 11th February, 2007 | Author: Chris Laughton | Comments: 0
This post was prompted by the following question on LawGuru.com: Can someone outside of the European Union start Bankruptcy Proceedings in Great Britain or make a claim in existing British Bankruptcy Proceeedings against an Individual or a Company? The short answer is "Yes, and yes"! Foreign creditors are fully recognised in the UK jurisdictions of England and Wales, Scotland and Northern Ireland and, whilst they may benefit from local professional assistance, they can certainly present insolvency petitions and claim in UK insolvencies. These existing rights were confirmed in England and Wales and in Scotland by The Cross-Border Insolvency Regulations 2006 ...
The Insolvency Practitioners and Insolvency Services Account (Fees) (Amendment) Order 2007
Date: 3rd February, 2007 | Author: Chris Laughton | Comments: 0
The Insolvency Practitioners and Insolvency Services Account (Fees) (Amendment) Order 2007 (S.I. 2007/133), which comes into force on 1 April 2007, makes amendments to the Insolvency Practitioners and Insolvency Services Account (Fees) Order 2003 (S.I. 2003/3363). It increases the fee to be paid in relation to the authorisation of insolvency practitioners and provides for a fee of ...
Insolvency can be good for you!
Date: 31st January, 2007 | Author: Chris Laughton | Comments: 0
A version of this article first appeared in Financier Worldwide Global Restructuring & Insolvency Review 2003 The 21st century has seen the firm establishment of a rescue culture in the UK, exemplified by the growing influence of the Society of Turnaround Professionals and the now familiar corporate insolvency provisions of the Enterprise Act 2002. The legislative developments have served to lower entry barriers to insolvency proceedings in terms of cost and perception, the latter through reducing the "stigma of bankruptcy". In particular, the statutory objectives of administration, which is firmly established as the jurisdiction...
Pensions and insolvency risk - the Purple Book revisited
Date: 26th January, 2007 | Author: Chris Laughton | Comments: 0
We looked at The Purple Book, the Pensions Regulator's ("TPR") and the Pension Protection Fund's ("PPF") view of pensions and insolvency risk, in an earlier post. Further analysis reveals a strikingly high risk of insolvency for the sponsors of a number of schemes. Of the defined benefit schemes examined by TPR and the PPF at 31 March 2006, the 82 schemes (1.4%) whose sponsors are most likely to become insolvent within 12 months have an average insolvency probability of 35.7%. 24 of those companies can be expected to have failed already and 5 more are expected to fail in the next two months. 75 of those 82 schemes are underfunded...
