On 6 April 2017, the new Insolvency Rules come into force which will affect creditors’ rights in most insolvency procedures. The changes are designed to ensure insolvency processes are as efficient and streamlined as possible in order to maximise returns to creditors by reducing costs whilst retaining safeguards to avoid abuse or injustice. Whether you are … Continue Reading
The recent Court of Appeal decision in Horton v Henry has highlighted the protection afforded to a bankrupt holding a private pension to the detriment of his bankruptcy creditors. Facts The bankrupt, Mr Henry, was the holder of a number of pension policies all of which contained provisions entitling him to make elections which would trigger rights to … Continue Reading
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. The Chinese steel … Continue Reading
On 1 October 2015 the Insolvency (Protection of Essential Supplies) Order 2015 (“PESO”) will come into force. PESO aims to strengthen the statutory protection provided to insolvent companies and insolvency practitioners who need to utilise ‘essential supplies’ to continue to trade. Essential Supplies When a business enters an insolvency process they often need continuity of … Continue Reading
Previous posts have explained some aspects of the ROT concept in Germany (Part 1, Part 2, Part 3). Now it is time to consider how ROT actually works in the insolvency of a German customer. The most important point in this respect is that the potential protection granted by ROT does not work automatically. Instead, action … Continue Reading
Foreign suppliers are often not familiar with the legal framework applying in an insolvency of their German customers. That lack of familiarity may leave them ill-prepared to deal with distressed customers. In many cases, the foreign suppliers have not taken the measures necessary to protect themselves. I plan to provide readers throughout the following months, … Continue Reading
