By Carrie Kennedy, Devry Smith Frank LLP
The Supreme Court of Canada (SCC) recently overturned the Ontario Court of Appeal’s decision which ranked individual privacy rights over judgment creditors’ rights relating to sheriff sales of a debtor’s property. A sheriff needs a current mortgage statement before conducting a sheriff sale. Mortgagees, believing mortgage statements were protected by privacy legislation, refused to produce them.
By Mariangela Buongiorno and Eugenia Notarangelo, Loconte & Partners
Debt recovery will be easier and faster thanks to the European Account Preservation Order procedure to facilitate the seizure of bank accounts: this is the expected new communitarian regulation.
By Dr Attila Kovács, Kovács Réti Szegheõ Attorneys at Law
The new Regulation (EU) No. 2015/848 on insolvency proceedings will enter into force in a few months. The new regulation is to replace Council Regulation (EC) No. 1346/2000, which is currently in force, in proceedings to be opened after 26 June 2017.
By Andrew Lacey and Danyal Ibrahim, McCabes
The Australian Government recently introduced the Insolvency Law Reform Bill 2015 into Parliament. The reforms are part of a wider government initiative, labelled the ‘National Innovation and Science Agenda’, which are designed to boost innovation and entrepreneurship amongst Australians.
By Dr. Attila Kovács, Kovács Réti Szegheõ Attorneys at Law
AAs of 1 July 2015 Act XLIX of 1991 on Bankruptcy and Liquidation proceedings (Bankruptcy Act) in coordination with the rules of the Hungarian Act III of 1952 on the Code of Civil Procedure (CPC) provides for comprehensive changes in civil proceedings, including bankruptcy and liquidation procedures.
By Stefano Loconte and Leonardo Angelastri, Loconte & Partners
Pursuant to Section 182-bis of the Italian Bankruptcy Law, a business that finds itself in severe difficulty and facing collapse can ask the court to approve a debt restructuring agreement reached with its creditors on condition that the agreement in question is with at least 60% of the entire pool of creditors and that those creditors who have elected not to be party to the agreement are guaranteed payment of their debt in full.
By Dr. Mariagiulia Signori, COMMA 10
In Italy, debt collection has undergone considerable changes. By means of two urgent reforms, important measures have been taken. L. 162/14 – November and L.D. 83/2015 – June, were issued to improve the efficacy of both the collection of receivables against debtors and sales of seized assets by public auction.
By Rajas Kasbekar, Little & Co.
Corporate insolvency in India was always governed by multiple laws. This led to multiple adjudicating bodies, for example the High Court, Debt Recovery Tribunal, Company Law Board (CLB) and the Board for Industrial and Financial Reconstruction (BIFR). The multiplicity resulted in long delays, copious paperwork and high costs.
By Rajas Kasbekar, Little & Co.
Corporate insolvency in India was always governed by multiple laws. This led to multiple adjudicating bodies, for example the High Court, Debt Recovery Tribunal, Company Law Board (CLB) and the Board for Industrial and Financial Reconstruction (BIFR). The multiplicity resulted in long delays, copious paperwork and high costs.
By Mario Kapp & Raffaela Lödl, KAPP & STRIMITZER
The previous experience of extrajudicial restructurings in Austria have shown that the cooperation of Banks (and other creditors), when working with financially troubled companies, is essential in minimising damages for all participants. Early and successful reorganisation can avoid the need for judicial proceedings and the negative social and economic consequences for the debtor.
