Law

Toronto, Canada

The Plight of Creditors: A Step in the Right Direction

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.

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Law

The new EU Regulation on insolvency proceedings

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.

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Law

Changes to insolvency laws in Australia

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.

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Law

Electronic Bankruptcy and Liquidation proceedings

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.

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Law

Reforms to debt restructuring agreements with banks and financial intermediaries in Italy

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.

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Law

Italy reforms enforcement procedures and forced selling

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.

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Law

Specialist tribunal in India for corporate insolvency: New beginnings

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.

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Law

Specialist tribunal in India for corporate insolvency: New beginnings

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.

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Law

Guidelines for Restructuring in Austria

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.

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