When foreign insolvency law trumps English contractual law
|
|
- Loren Hood
- 8 years ago
- Views:
Transcription
1 When foreign insolvency law trumps English contractual law Marc Florent and Jennifer Marshall 30 May
2 Introduction Eurozone / sovereign debt crisis will lead to a greater number of insolvencies Difficult cross-border insolvency questions arise: what insolvency law or process will apply? will that insolvency law / process be recognised in other jurisdictions? what impact will that insolvency process have on creditors (e.g. ability to enforce judgments, security and set-off)? could that insolvency process seek to discharge English law governed debt e.g. through compromise? All about applicable law and jurisdiction: when does insolvency law trump contractual law? when does insolvency jurisdiction trump contractual jurisdiction clause? 2
3 All about recognition: but what does this mean? Recognition of insolvency proceedings could mean: acknowledgment that liquidator properly appointed in home member state (but so what?) discretionary (or mandatory) requirement to give assistance / relief to the liquidator in accordance with local law so can collect in local assets (subject to safeguards) assistance / relief in accordance with local or foreign insolvency law recognition of all judgments handed down in insolvency proceedings where analogous local law provisions recognition of all judgments handed down in insolvency proceedings, even where no analogous local law provisions true universalism: all assets in local jurisdiction to be handed to liquidator, with no safeguards and no exceptions 3
4 So how do you answer these difficult questions? Five sources of English cross-border insolvency law: EC Insolvency Regulation / Winding Up Directives UNCITRAL Model Law on Cross-Border Insolvency / CBIR mutual assistance under section 426 Insolvency Act 1986 Foreign Judgments (Reciprocal Enforcement) Act 1933 common law and principles of comity Possible that all five might apply at once: good for flexibility less good for certainty 4
5 EC Insolvency Regulation (EIR) Applies if CoMI is in the EU Excludes credit institutions, insurance undertakings and investment firms Directly effective throughout EU so autonomous meaning? Determines: jurisdiction to commence EU insolvency proceedings recognition of insolvency proceedings throughout EU applicable law Main and secondary proceedings Cases still more concerned about CoMI than choice of law Eurofood decision does not seem to have been final word on CoMI 5
6 Winding Up Directives Directive 2001/24/EC on reorganisation and winding up of credit institutions (not investment firms) Directive 2001/17/EC on reorganisation and winding up of insurance undertakings (not reinsurers) No equivalent directive for investment firms? Not directly effective so need to look at implementing legislation Determines: jurisdiction to commence EEA insolvency proceedings: single set of EEA insolvency proceedings in home member state recognition of insolvency proceedings throughout EEA applicable law Do special resolution regimes fall into definitions of reorganisation measures or winding up proceedings? NB draft framework directive 6
7 UNCITRAL Model Law Simply about recognition (not jurisdiction) Has to be adopted: Australia (2008); BVI (3003); Canada (2009); Colombia (2006); Eritrea (1998); Great Britain (2006); Greece (2010); Japan (2000); Korea (2006); Mauritius (2009); Mexico (2000); Montenegro (2002); New Zealand (2006); Poland (2003); Romania (2003); Serbia (2004); Slovenia (2007); South Africa (2000); USA (2005) Implemented in UK by Cross Border Insolvency Regulations 2006 (CBIR) Implemented in the US by Chapter 15 of the US Bankruptcy Code Not supposed to be based on reciprocity Main and non-main proceedings (same ideas of CoMI and establishments) Mandatory and discretionary relief Unanswered question: can UK court apply foreign insolvency law? 7
8 Mutual assistance: section 426 Insolvency Act 1986 English court to assist courts having corresponding jurisdiction in any relevant territory Must be on the list: Rest of UK, Isle of Man, Channel Islands, Anguilla, Australia, Bahamas, Bermuda, Botswana, Brunei, Canada, Cayman Islands, Falkland Islands, Gibraltar, Hong Kong, Ireland, Malaysia, Montserrat, New Zealand, St Helena, South Africa, Turks and Caicos Islands, Tuvula, Virgin Islands Must be a letter of request from foreign court Mandatory or discretionary relief? Court can apply English or foreign insolvency law but must there be an equivalent provision of English insolvency law? Could involve appointment of administrators re foreign company 8
9 Foreign Judgments (Reciprocal Enforcement) Act 1933 FJA implemented to facilitate reciprocal enforcement of judgments once judgment registered in local jurisdiction Applies to listed jurisdictions: Austria, Belgium, France, Germany, Italy, Netherlands, Norway, Guernsey, Isle of Man, Jersey, Israel, India, Pakistan, Tonga, Suriname, Canada and Australia Only applies to money judgments but wide definition? Not clear whether applies to a judgment arising out of insolvency proceedings: Court of Appeal held yes: New Cap Reinsurance [2011] EWHC 677, even where defendant had not submitted to jurisdiction of foreign court Supreme Court decision awaited 9
10 Common law Not yet settled as to what role common law still plays Case law not necessarily consistent: depends on particular judge and mood on the day? Tension between: universalism: Cambridge Gas / HIH importance of contractual law: Gibbs v Societe Industrielle et Commerciale des Metaux Only if analogous provisions of English law? Court of Appeal enforced US bankruptcy court judgment under common law in Rubin v Eurofinance SA [2010] EWCA Civ 895 Rubin has now been heard by the Supreme Court, judgment awaited 10
11 So how does it all fit together? EC Insolvency Regulation prevails over CBIR (but only where there is a conflict) Section 426 prevails over EC Insolvency Regulation (but only where relevant territory is part of commonwealth art.44(3)(b)) Jury is out as to how common law still applies Worse case scenario: Irish company subject to Chapter 11 in Delaware DIP seeks recognition in UK under CBIR on basis that CoMI in Delaware Irish court seeks appointment of UK administrator under section 426 Polish court then decides CoMI is in Poland 11
12 Example 1: Greek corporate, CoMI in Greece Greek borrower under loan agreement governed by English law English jurisdiction clause Security over assets in UK Under EIR, main insolvency proceedings in Greece Could potentially be secondary proceedings in any place where borrower has establishment Recognition of main insolvency proceedings across EU Hence: stay on proceedings in UK (unless already started) Greek law will determine process for submitting claims in insolvency proceedings likely that any claim would have to be filed in local currency consider article 5 re any security outside of Greece 12
13 Example 2: enforcement of Australian clawback judgment against creditors in England (New Cap) New Cap in liquidation in Australia Liquidator challenged payments to English creditors as voidable preference No personal jurisdiction over defendants Liquidator sought relief under section 426, FJA and common law Key questions: does section 426 enable foreign liquidator to enforce a clawback judgment where no personal jurisdiction? can this type of judgment be enforced under the FJA? Court of Appeal held yes Supreme Court judgment awaited 13
14 Example 3: enforcement of US clawback judgment against creditors in England (Rubin) US trust fund in Chapter 11 proceedings Judgment obtained in the US under US clawback rules Question: should English court enforce judgment against parties who had not submitted to the jurisdiction of the US court? Court of Appeal held yes: Chapter 11 proceedings recognised under CBIR judgment part and parcel of Chapter 11 proceedings US and English avoidance provisions very similar Decision reached on the basis of the common law, not under CBIR Supreme Court judgment awaited 14
15 Example 4: validity of Lehman Brothers flip clause Structured finance documents governed by English law Flip clause in favour of noteholders Valid as a matter of English insolvency law but contrary to US ipso facto provisions CBIR will apply if debtor has its CoMI or an establishment in the US Automatic relief: same stay that would arise in an English winding up Discretionary relief: stay on security enforcement any additional relief that would have been available under English insolvency law but what about application of US bankruptcy law? Consider also common law 15
16 Example 5: Icelandic bank, English law set-off Icelandic bank owes amount under bond but is owed amount under ISDA English law set-off clause English jurisdiction clause Counterparty wants to set off under English law Under CIWUD, insolvency proceedings must be commenced in Iceland Automatic recognition across EEA But consider whether proceedings fall under CIWUD If so: stay on proceedings in UK (unless already started) prima facie, Icelandic insolvency law governs proceedings should be safe-harbour for set-offs and netting but consider Icelandic law implementation of CIWUD what about claw-back? and matter likely to be heard in Iceland 16
17 Mini-tutorial on English set-off law Various different types of set-off: only going to deal with contractual and insolvency set-off today Contractual set-off: can be as wide as the parties may agree (including cross-affiliate, acquired claims etc) question of construction of contractual provision Insolvency set-off: two types: liquidation (Rule 4.90) and administration (Rule 2.85) set-off both require mutuality (so no cross-affiliate or acquired claims) automatic and mandatory (so override any contractual provisions that are inconsistent with mandatory rules) liquidation set-off applies as soon as company goes into liquidation administration set-off only applies when administrator gives notice of intention to distribute hence the set-off window use it or lose it approach in administration 17
18 Conclusions Insolvency law likely to trump contractual law unless there is safeharbour (and even then issues in practice) Insolvency jurisdiction likely to trump jurisdiction clause unless: proceedings already commenced (so get in quick) proceedings not closely connected with insolvency proceedings (and even then issues in practice) Consider where to do legal due diligence when structuring transactions depends on type of entity Consider CoMI reps (or equivalent) but may be of limited use in practice Sadly, each regime is different no one size fits all approach 18
19 Questions? These are presentation slides only. The information within these slides does not constitute definitive advice and should not be used as the basis for giving definitive advice without checking the primary sources. Allen & Overy means Allen & Overy LLP and/or its affiliated undertakings. The term partner is used to refer to a member of Allen & Overy LLP or an employee or consultant with equivalent standing and qualifications or an individual with equivalent status in one of Allen & Overy LLP's affiliated undertakings. 19
SCOTT BUTLER MCCULLOUGH ROBERTSON CROSS-BORDER INSOLVENCY HOW TO ACCESS AND OBTAIN ASSISTANCE IN INSOLVENCY PROCEEDINGS FROM OVERSEAS COURTS
SCOTT BUTLER MCCULLOUGH ROBERTSON CROSS-BORDER INSOLVENCY HOW TO ACCESS AND OBTAIN ASSISTANCE IN INSOLVENCY PROCEEDINGS FROM OVERSEAS COURTS The world is small Assets can be easily moved for legitimate
More informationChapter 12 ENGLAND AND WALES
CROSS-BORDER INSOLVENCY Chapter 12 ENGLAND AND WALES 1. Under general law English case law shows a clear tradition of assistance and co-operation with foreign courts so that foreign creditors may gain
More informationFACULTY OF PHILOLOGY UNIVERSITY OF BARCELONA
Secretaria d Estudiants i Docència Gran Via de les Corts Catalanes, 585 08007 Barcelona Tel. +34 934 035 583/584 Fax +34 934 035 596 fil-masterdoc@ub.edu www.ub.edu/filologia FACULTY OF PHILOLOGY UNIVERSITY
More informationPORTABILITY OF SOCIAL SECURITY AND HEALTH CARE BENEFITS IN THE UNITED KINGDOM
PORTABILITY OF SOCIAL SECURITY AND HEALTH CARE BENEFITS IN THE UNITED KINGDOM Johanna Avato Human Development Network Social Protection and Labor The World Bank Background study March 2008 The UK Social
More informationA guide to FATCA and the new Common Reporting Standard
A guide to FATCA and the new Common Reporting Standard For advisers use only. Contents 01 Introduction 01 Background 02 How are we complying with FACTA in the UK? 02 How are we complying with FACTA in
More informationBusiness Phone. Product solutions. Key features
Product solutions Enjoy free calls and significant savings on your business landline bills with from International. Set-up is simple and you don t need to change your existing telephone numbers, plus there
More informationInternational Call Services
International Call Services Affordable rates for business calls. Wherever you are in the world. We ve got plenty to say when it comes to staying in touch when you re overseas. We have agreements with 443
More information2/11/2014 UK son of FATCA and recent information exchange proposals, Tax Planning International European Tax Service (BNA) - Bloomberg Law
Tax Planning International European Tax Service January 31, 2014 UK son of FATCA and recent information exchange proposals A fast-developing theme in international tax during 2013 has been the automatic
More informationLiquidating an insolvent Jersey company
Liquidating an insolvent Jersey company DECEMBER 2011 For more briefings visit mourantozannes.com This briefing is only intended to give a summary and general overview of the subject matter. It is not
More informationGlobal Dialing Comment. Telephone Type. AT&T Direct Number. Access Type. Dial-In Number. Country. Albania Toll-Free 00-800-0010 888-426-6840
Below is a list of Global Access Numbers, in order by country. If a Country has an AT&T Direct Number, the audio conference requires two-stage dialing. First, dial the AT&T Direct Number. Second, dial
More informationTRANSFERS FROM AN OVERSEAS PENSION SCHEME
PENSIONS PROFILE DECEMBER 2011 TRANSFERS FROM AN OVERSEAS PENSION SCHEME = Summary A simplified guide to the process: 1. Individual requests transfer from their overseas pension scheme to their UK registered
More informationForeign Taxes Paid and Foreign Source Income INTECH Global Income Managed Volatility Fund
Income INTECH Global Income Managed Volatility Fund Australia 0.0066 0.0375 Austria 0.0045 0.0014 Belgium 0.0461 0.0138 Bermuda 0.0000 0.0059 Canada 0.0919 0.0275 Cayman Islands 0.0000 0.0044 China 0.0000
More informationStays Without Borders in Chapter 15? Maybe Says a New York Bankruptcy Court. January/February 2011. Pedro A. Jimenez Mark G.
Stays Without Borders in Chapter 15? Maybe Says a New York Bankruptcy Court January/February 2011 Pedro A. Jimenez Mark G. Douglas October 17, 2010, marked the five-year anniversary of the effective date
More informationConsolidated International Banking Statistics in Japan
Total (Transfer Consolidated cross-border claims in all currencies and local claims in non-local currencies Up to and including one year Maturities Over one year up to two years Over two years Public Sector
More informationUNCITRAL Model Law on Cross-Border Insolvency: The Judicial Perspective
UNCITRAL UNITED NATIONS COMMISSION ON INTERNATIONAL TRADE LAW UNCITRAL Model Law on Cross-Border Insolvency: The Judicial Perspective UNITED NATIONS UNITED NATIONS commission on international trade law
More informationGUIDE TO INSOLVENCY IN THE CAYMAN ISLANDS
GUIDE TO INSOLVENCY IN THE CAYMAN ISLANDS CONTENTS PREFACE 1 1. Introduction 2 2. When is a Company Insolvent under Cayman Islands Law? 2 3. Formal Insolvency Procedures 2 4. Creditors Rights 4 5. Voidable
More informationOH, THE PLACES YOU LL GO! Insolvency Commission. London 2015 Workshop B. National Report of Germany. Michael Pauli, LL.M.
OH, THE PLACES YOU LL GO! Forum shopping and filing insolvency proceedings in a global legal world Insolvency Commission London 2015 Workshop B National Report of Germany Michael Pauli, LL.M. Heuking Kühn
More informationREPUBLIC OF VANUATU INSOLVENCY (CROSS - BORDER) ACT NO. 4 OF 2013. Arrangement of Sections
REPUBLIC OF VANUATU INSOLVENCY (CROSS - BORDER) ACT NO. 4 OF 2013 Arrangement of Sections 1 Purpose... 2 2 Interpretation... 2 3 Application of Model Law on Cross-Border Insolvency in Vanuatu... 3 4 Supreme
More informationConsultation on the future of European Insolvency Law
Consultation on the future of European Insolvency Law The Commission has put the revision of the Insolvency Regulation in its Work Programme for 2012. The revision is one of the measures in the field of
More informationMANAGED INVESTMENT TRUST (MIT) WITHHOLDING TAX CONCESSION
OCTOBER 2015 AUSTRALIAN TAX UPDATE MANAGED INVESTMENT TRUST (MIT) WITHHOLDING TAX CONCESSION BACKGROUND, OVERVIEW AND CURRENT STATUS OF MIT CONCESSION AND RELATED REFORMS The MIT withholding tax concession
More informationEU COMMISSION CONSULTATION ON THE FUTURE OF EUROPEAN INSOLVENCY LAW
EU COMMISSION CONSULTATION ON THE FUTURE OF EUROPEAN INSOLVENCY LAW Response of the Judges of the Chancery Division of the High Court of Justice of England and Wales INTRODUCTION The High Court is the
More informationIntroducing Clinical Trials Insurance Services Ltd
Introducing Clinical Trials Insurance Services Ltd Important Staff Richard Kelly Managing Director Richard joined CTIS in 2006 having previously managed the Pharmaceutical wholesale division at Heath Lambert
More informationPreparing for the OECD Common Reporting. October 6, 2014
Preparing for the OECD Common Reporting Standard (CRS) October 6, 2014 Notice The following information is not intended to be written advice concerning one or more Federal tax matters subject to the requirements
More informationStrengthening APRA s Crisis Management Powers. ASX Submission
Strengthening APRA s Crisis Management Powers ASX Submission 14 December 2012 Contents Executive Summary... 3 1. ASX supports a statutory management regime for FMIs which applies to overseas and domestic
More informationReporting practices for domestic and total debt securities
Last updated: 4 September 2015 Reporting practices for domestic and total debt securities While the BIS debt securities statistics are in principle harmonised with the recommendations in the Handbook on
More informationslaughter and may Re Rodenstock: the jurisdiction of the English courts to sanction schemes of arrangement of solvent overseas companies INTRODUCTION
slaughter and may Re Rodenstock: the jurisdiction of the English courts to sanction schemes of arrangement of solvent overseas companies BRIEFING OCTOBER 2011 INTRODUCTION In a recent hearing in the Companies
More informationBrief guide to English Corporate Insolvency Law
Brief guide to English Corporate Insolvency Law The main English Insolvency Procedures. This guide deals with the main insolvency procedures in England and Wales, namely: > Administration, which is primarily
More informationOrder of creditor and shareholder ranking on a company s insolvency
Order of creditor and shareholder ranking on a company insolvency This table is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit
More informationwww.pwc.com/pk An Update on Foreign Account Tax Compliance Act (FATCA) July 11, 2014 A. F. FERGUSON & CO. A member firm of the PwC network
www.pwc.com/pk An Update on Foreign Account Tax Compliance Act (FATCA) July 11, 2014 2 General The deadline for agreeing in-substance IGA with the US government expired on June 30, 2014. Pakistan, which
More informationDemystifying Chapter 15 of the Bankruptcy Code
NATIONAL ASSOCIATION OF CREDIT MANAGEMENT JUNE 2009 THE PUBLICATION FOR CREDIT & FINANCE PROFESSIONALS $7.00 credit column Bruce Nathan, Esq. and Eric Horn, Esq. Demystifying Chapter 15 of the Bankruptcy
More informationGUIDE TO INSOLVENT LIQUIDATIONS IN BERMUDA
GUIDE TO INSOLVENT LIQUIDATIONS IN BERMUDA CONTENTS PREFACE 1 1. Introduction 2 2. Statutory Liquidation Procedures: an Overview 2 3. Compulsory Winding-up 2 4. Creditors Voluntary Winding-up 4 5. Related
More informationGuidelines for Enforcing Money Judgments Abroad
The article was originally published in International Business Lawyer, Volume 21, Number 11, pages 509-512. The International Business Lawyer is published by the Section on Business Law of the International
More informationin Scotland for holidaymakers from overseas
in Scotland for holidaymakers from overseas In Scotland, most health care is provided by the National Health Service (NHS). If you are coming to Scotland on holiday or to visit friends or relatives, you
More informationInsolvency concepts and their impact. Stewart Perry Partner Clyde & Co
Insolvency concepts and their impact Stewart Perry Partner Clyde & Co Insolvency concepts and their impact Stewart Perry Thursday 24 September 2015 Insolvency concepts and their impact Insolvency processes
More informationMALTA TRADING COMPANIES IN MALTA
MALTA TRADING COMPANIES IN MALTA Trading companies in Malta 1. An effective jurisdiction for international trading operations 410.000 MALTA GMT +1 Located in the heart of the Mediterranean, Malta has always
More informationMalta Companies in International Tax Structuring February 2015
INFORMATION SHEET No. 126 Malta in International Tax Structuring February 2015 Introduction Malta is a reputable EU business and financial centre with an attractive tax regime and sound legislative framework.
More informationEU Transparency Register ID Number: 39850528734-23
BAR COUNCIL OF ENGLAND AND WALES Brussels Office Ave des Nerviens 85 B-1040 Brussels Belgium Tel: 02/230 48 10 Fax: 02/230 45 96 e-mail: evanna.fruithof@ barcouncil.be RESPONSE OF THE BAR COUNCIL OF ENGLAND
More informationThe investment fund statistics
The investment fund statistics Narodowy Bank Polski (NBP) publishes data reported by investment funds which have been defined in Art. 3 section 1 of the Act of 27 May 2004 on investment funds (Journal
More informationList of tables. I. World Trade Developments
List of tables I. World Trade Developments 1. Overview Table I.1 Growth in the volume of world merchandise exports and production, 2010-2014 39 Table I.2 Growth in the volume of world merchandise trade
More informationPORTABILITY OF SOCIAL SECURITY AND HEALTH CARE BENEFITS IN ITALY
PORTABILITY OF SOCIAL SECURITY AND HEALTH CARE BENEFITS IN ITALY Johanna Avato Human Development Network Social Protection and Labor The World Bank Background study March 2008 The Italian Social Security
More informationComparative Guide to Restructuring Procedures
Comparative Guide to Restructuring Procedures Introduction We are delighted to introduce the Weil Comparative Guide to Restructuring Procedures. In this guide we focus on the restructuring procedures available
More informationA CONVERSATION AMONG INSOLVENCY PROFESSIONALS: THE IMPACT OF INSOLVENCY REMEDIES ON INTERNATIONAL BUSINESS AND TECHNOLOGY APPENDIX I
A CONVERSATION AMONG INSOLVENCY PROFESSIONALS: THE IMPACT OF INSOLVENCY REMEDIES ON INTERNATIONAL BUSINESS AND TECHNOLOGY APPENDIX I DEFINITIONS AND UNDERSTANDINGS ACTS & MODEL LAW Model Law on Cross-Border
More informationUNCITRAL legislative standards on electronic communications and electronic signatures: an introduction
legislative standards on electronic communications and electronic signatures: an introduction Luca Castellani Legal Officer secretariat International harmonization of e-commerce law Model Law on Electronic
More informationThe European Union Savings Tax Directive. An historic guide
The European Union Savings Tax Directive An historic guide Do you have any questions? This guide will tell you more If you are resident in an EU Member State and earn interest on deposits or investments
More informationChapter 4 BELGIUM. In Belgium, three sets of rules can apply to the recognition and enforcement of foreign insolvency proceedings.
CROSS-BORDER INSOLVENCY Chapter 4 BELGIUM 1. Under general law In Belgium, three sets of rules can apply to the recognition and enforcement of foreign insolvency proceedings. First, on European level,
More informationVISA DENIED: AN END TO THE JERSEY PRACTICE OF INSOLVENCY PASSPORTING?
Jersey & Guernsey Law Review June 2013 VISA DENIED: AN END TO THE JERSEY PRACTICE OF INSOLVENCY PASSPORTING? Paul J. Omar This article analyses recent jurisprudence in respect of external requests by Jersey
More informationLegislative Guide on Insolvency Law
Legislative Guide on Insolvency Law Jenny Clift Senior Legal Officer United Nations December 16, 2009 Kiev, Ukraine Legislative Guide on Insolvency Law Negotiated by 87 States, 14 intergovernmental organizations
More information1. Perception of the Bancruptcy System... 2. 2. Perception of In-court Reorganisation... 4
Bankruptcy Systems and In-court Reorganisation of Firms, 2010 Content: 1. Perception of the Bancruptcy System... 2 2. Perception of In-court Reorganisation... 4 3. Perception of Creditor Committees, Fast
More informationInternational Factors Group Model Law of Factoring
Afreximbank Conference - Lusaka Regulatory and Legal Aspects of Factoring & International Factors Group Model Law of Factoring Edward Wilde Solicitor with Squire Patton Boggs Financial Services Team London
More informationTHE ADVANTAGES OF A UK INTERNATIONAL HOLDING COMPANY
THE ADVANTAGES OF A UK INTERNATIONAL HOLDING COMPANY Ideal Characteristics for the Location of an International Holding Company Laurence Binge +44 (0)1372 471117 laurence.binge@woolford.co.uk www.woolford.co.uk
More informationThe Determinants of Global Factoring By Leora Klapper
The Determinants of Global Factoring By Leora Klapper Factoring services can be traced historically to Roman times. Closer to our own era, factors arose in England as early as the thirteenth century, as
More informationSOVEREIGN S CROSS BORDER PENSIONS
P E N S I O N S P E N S I O N S SOVEREIGN S CROSS BORDER PENSIONS If you have lived in the UK and moved overseas you may be considering your international retirement planning options, and specifically
More informationArticle 5 (rights in rem)
Article 5 (rights in rem) by Jennifer Marshall Allen & Overy (England) 1 Introduction 1. since the European Insolvency Regulation (EIR) came into force across the EU almost 9 years ago, there have been
More informationGlobal Network Access International Access Rates
Global Network Access International Access Rates We know that you need to communicate with your partners, colleagues and customers around the world. We make every effort to understand the difficulties
More informationApril 2006 GPC. General Practitioners Committee. Overseas visitors - who is eligible for NHS treatment? Guidance for GPs
April 2006 GPC General Practitioners Committee Overseas visitors - who is eligible for NHS treatment? Guidance for GPs Overseas visitors who is eligible for NHS treatment? There is considerable confusion
More informationNetherlands Country Profile
Netherlands Country Profile EU Tax Centre March 2012 Key factors for efficient cross-border tax planning involving Netherlands EU Member State Yes Double Tax Treaties With: Albania Czech Rep. Jordan Nigeria
More informationDial 00-800-0010, when prompted to enter calling number, enter 800-544-6666 American Samoa 1-800-544-6666 Number can be dialed directly Angola 0199
National Financial Services International Calling Instructions Albania 00-800-0010 Dial 00-800-0010, when prompted to enter American Samoa 1-800-544-6666 Number can be dialed directly Angola 0199 Dial
More informationCHAPTER 15 OF THE U.S. BANKRUPTCY CODE: OVERVIEW OF PROCEDURES FOR CROSS BORDER INSOLVENCIES
CHAPTER 15 OF THE U.S. BANKRUPTCY CODE: OVERVIEW OF PROCEDURES FOR CROSS BORDER INSOLVENCIES Judith Elkin Haynes and Boone, LLP New York, New York judith.elkin@haynesboone.com CHAPTER 15 OF THE U.S. BANKRUPTCY
More informationChild Benefit if you are coming from abroad or going abroad
Child Benefit if you are coming from abroad or going abroad Please keep these notes for future reference CH5 Notes Contents Introduction 3 Definitions 3 How to contact us for help 4 Coming to the United
More informationINDIA BANKRUPTCY LAW REFORM
I INDIA BANKRUPTCY LAW REFORM Clive Barnard: +44 20 7466 2282 - Clive.Barnard@hsf.com Kevin Pullen: +44 20 7466 2976 Kevin.Pullen@hsf.com John Whiteoak: +44 20 7466 2010 John.Whiteoak@hsf.com Soumya Rao:
More informationIf changes need to be made to the information on the form, then the form must be returned by post.
2011 REGISTER OF ELECTORS ANNUAL CANVASS The annual canvass forms for the register of electors are sent out each Autumn to gather the up to date occupier details for each residential property in South
More informationCONSULTATION ON THE FUTURE OF EUROPEAN INSOLVENCY LAW RESPONSE OF THE INSOLVENCY PRACTITIONERS ASSOCIATION CORPORATE CONSULTATION COMMITTEE
CONSULTATION ON THE FUTURE OF EUROPEAN INSOLVENCY LAW RESPONSE OF THE INSOLVENCY PRACTITIONERS ASSOCIATION CORPORATE CONSULTATION COMMITTEE Please indicate your role for the purpose of this consultation
More informationINSOL International Insurance Insolvency Ancillary Meeting Singapore 13 March 2011 JUDICIAL REFLECTIONS ON INSURANCE INSOLVENCY.
INSOL International Insurance Insolvency Ancillary Meeting Singapore 13 March 2011 JUDICIAL REFLECTIONS ON INSURANCE INSOLVENCY R I Barrett 1 Insurance looms large in the discourse of cross border insolvency
More informationLocational Banking Statistics Explanatory Notes
Locational Banking Statistics Explanatory Notes (March 2014) General Locational Banking Statistics 1 contain data on the total positions, both claims (assets) and liabilities, of all reporting banks, as
More informationPAY MONTHLY ADDITIONAL SERVICES TERMS AND CONDITIONS
4GEE PHONE PLANS ADDITIONAL SERVICES (ALL STANDARD 12 & 24 MONTH PLANS INCLUDING SIM ONLY PLANS) The following add-ons are available on your plan. We reserve the right to change the add-ons available to
More informationINSOLVENCY AND CORPORATE REORGANISATION Survey 2014
Insolvency and Corporate Reorganisation Survey 2014 INSOLVENCY AND CORPORATE REORGANISATION Survey 2014 Lead contributors: John Houghton, Howard Lam and Mitchell Seider Survey Participants Austria Brazil
More informationGoing to Combat for Your International Client: Avoiding Landmines and Other Hot Topics in 2012/2013
Going to Combat for Your International Client: Avoiding Landmines and Other Hot Topics in 2012/2013 Presented to the Washington DC Estate Planning Council November 27, 2012 The City Club of Washington
More informationThe Perks of Doing Business in Malta
The Perks of Doing Business in Malta Legal and Tax Opportunities Dr Charles Cassar CCLex.com Malta London 1 2012 2013 - CCLex.com Overview About the Firm Business Environment Legal basics Tax Considerations
More informationInternational Swaps and Derivatives Association, Inc. COLLATERAL LAW REFORM GROUP UNITED KINGDOM COUNTRY REPORT
International Swaps and Derivatives Association, Inc. COLLATERAL LAW REFORM GROUP UNITED KINGDOM COUNTRY REPORT Supplement to Collateral Arrangements in the European Financial Markets: The Need for National
More informationJurisdiction and Venue in Chapter 15 Selected Issues
Jurisdiction and Venue in Chapter 15 Selected Issues Prepared by: Jeanne P. Darcey Sullivan & Worcester LLP Boston, MA jdarcey@sandw.com October 8, 2013 Please visit us on our website at www.sandw.com
More informationSURVEY OF INVESTMENT REGULATION OF PENSION FUNDS. OECD Secretariat
SURVEY OF INVESTMENT REGULATION OF PENSION FUNDS OECD Secretariat Methodological issues The information collected concerns all forms of quantitative portfolio restrictions applied to pension funds in OECD
More informationBusiness Mobile Plans
PRODUCT SOLUTIONS Business Mobile Plans GUERNSEY Whatever the size of your business, we can provide the ideal mobile solution for you. Our tariffs are flexible to suit all kinds of businesses and are designed
More informationCreditors Rights in Insolvency Proceedings: A Practical Guide for Smaller Practices
BERMUDA BRITISH VIRGIN ISLANDS CAYMAN ISLANDS CYPRUS DUBAI HONG KONG LONDON MAURITIUS MOSCOW SÃO PAULO SINGAPORE conyersdill.com November 2010 Creditors Rights in Insolvency Proceedings: A Practical Guide
More informationGlobal Effective Tax Rates
www.pwc.com/us/nes Global s Global s April 14, 2011 This document has been prepared pursuant to an engagement between PwC and its Client. As to all other parties, it is for general information purposes
More informationFall 2015 International Student Enrollment
Fall 2015 International Student Enrollment Prepared by The Office of International Affairs Nova Southeastern University Nova Southeastern University International Student Statistics Fall 2015 International
More informationEU Insolvency Regulation and Multiregulational Combines
EU Insolvency Regulation and Multiregulational Combines Rolf Dotevall 1 Introduction.......... 64 2 The EU Insolvency Regulation.... 65 3 The Application of EIR to Multinationals. 66 4 How has the COMI
More informationThis Breakfast Seminar is proudly sponsored by
This Breakfast Seminar is proudly sponsored by MICHAEL MURRAY LEGAL DIRECTOR, ARITA A CRITICAL COMPARISON OF UNITED KINGDOM AND AUSTRALIAN INSOLVENCY LAW 15 APRIL 2015 HENRY DAVIS YORK SYDNEY Overview
More informationAustralia. I. Generally
Australia Texas New York Washington, DC Connecticut Dubai Kazakhstan London I. Generally Australian bankruptcy procedure is regulated by its Corporations Law, which is a single statute that governs almost
More informationSchemes and Company Voluntary Arrangements. Mark Sterling Partner, Banking Ian Field Partner, Banking
Schemes and Company Voluntary Arrangements Mark Sterling Partner, Banking Ian Field Partner, Banking 18 June 2010 påüéãéë=~åç=`çãé~åó=sçäìåí~êó=^êê~åöéãéåíë ENOKPMéã=Ó NKPMéãF Mark Sterling Ian Field
More informationEnforcement of judgments in civil matters in Switzerland
1 Enforcement of judgments in civil matters in Switzerland By Prof. Dr. Isaak Meier Professor of Procedural Law, Bankruptcy Law, Private Law and Mediation at the University of Zurich 1. Introduction We
More informationAbout us. As our customer you will be able to take advantage of the following benefits: One Provider. Flexible Billing. Our Portal.
About us At RoamingExpert we specialise in mobile roaming tariffs which are tailored to the specific needs of the yachting industry. Our unique offering generates significant savings when compared to standard
More informationHighlights and Achievements
Forum on Tax Administration Highlights and Achievements 2013-2014 This report highlights the main developments and summarises the related activities carried out in the period May 2013 to October 2014 in
More informationTariffs of commission fee for the services of correspondent accounts keeping for Banks-respondents in Russian rubles and foreign currency
APPROVED Order 21/13 February 25, 2013 Acting Chairman of the Board International Money Transfers «LEADER» Bludov S.M. Tariffs of commission fee for the services of correspondent accounts keeping for Banksrespondents
More informationNORMAN COWAN and CHRISTOPHER AXFORD DRUCES LLP SOLICITORS WILDER COE LLP BUSINESS RECOVERY. Page 1 of 6
INTEGRA INTERNATIONAL & THE ALLIANCE OF BUSINESS LAWYERS: BUSINESS RESTRUCTURING AND INSOLVENCY UNIT INTERNATIONAL CORPORATE RESTRUCTURING TAKING ADVANTAGE OF CROSS BORDER INSOLVENCY PROCEDURES NORMAN
More informationGuide to Insolvency and Restructuring in the Cayman Islands
Guide to Insolvency and Restructuring in the Cayman Islands TABLE OF CONTENTS Preface... 1 Frequently Asked Questions...2 PREFACE Appleby is the longest established law firm in the Cayman Islands. Our
More informationAudio Conferencing Service Comprehensive Telecommunications Services Group Number 77017 Award Number 20268 Contract Number PS63110
Audio Conferencing Comprehensive Telecommunications s Number PS63110 Audio Conferencing, Function or Device Reservationless Conferencing Solution Setup Meeting Center Multimedia Minute - Self-, Automated
More informationBT Premium Event Call and Web Rate Card
BT Managed Event and BT Self-Managed Event (also referred to as Express, Plus and Premium) Conference Bridge and Call for Booked Audio Conferencing Services will comprise the following for each phone-conference:
More informationAppendix 1: Full Country Rankings
Appendix 1: Full Country Rankings Below please find the complete rankings of all 75 markets considered in the analysis. Rankings are broken into overall rankings and subsector rankings. Overall Renewable
More informationThe European Organisation For Insolvency Professionals
The European Organisation For Insolvency Professionals Visit our website at www.insol-europe.org Insolvency Advice, Valuations and Auctions since 1930 Headoffice: Overschiestraat 59, 1062 XD Amsterdam,
More informationDriving in Great Britain (GB) as a visitor or a new resident
INF38 Driving in Great Britain (GB) as a visitor or a new resident For more information go to www.direct.gov.uk/driving 11/08 Contents 1 European Community/European Economic Area (EC/EEA licences) 3 2
More informationFinancial collateral arrangements and the financial markets
European Bank for Reconstruction and Development SECURED LENDING IN COMMERCIAL TRANSACTIONS TRENDS AND PERSPECTIVES 4-5 November 2013, EBRD Headquarters, London Financial collateral arrangements and the
More informationA Resolution Concerning International Standards on Auditing
A Resolution Concerning International Standards on Auditing Passed by the Presidents' Committee October 1992 1. The members of IOSCO believe it is important to identify ways to facilitate crossborder offerings
More informationNetherlands. Philip WM ter Burg and Femke Faes. Buren van Velzen Guelen NV
Philip WM ter Burg and Femke Faes 1 Treaties Is your country party to any bilateral or multilateral treaties for the reciprocal recognition and enforcement of foreign judgments? What is the country s approach
More informationVoluntary liquidation under the BVI Business Companies Act 2004
Voluntary liquidation under the BVI Business Companies Act 2004 JULY 2013 For more briefings visit mourantozannes.com This briefing is only intended to give a summary and general overview of the subject
More informationSummary of Data Protection Requirements When transferring Data Outside the UK End Users
Summary of Data Protection Requirements When transferring Data Outside the UK End Users 14 May 2010 Background to transfers of the Data outside the UK Data can be transferred in a couple of ways in relation
More informationMAUVE GROUP GLOBAL EMPLOYMENT SOLUTIONS PORTFOLIO
MAUVE GROUP GLOBAL SOLUTIONS PORTFOLIO At Mauve Group, we offer a variety of complete employee management services such as Global Employment Solutions (GES), Professional Employment Outsourcing (PEO),
More informationThe Act imposes foreign exchange restrictions, i.e. performance of certain actions requires a relevant foreign exchange permit.
RESPONSIBILITIES OF THE NATIONAL BANK OF POLAND RESULTING FROM THE FOREIGN EXCHANGE ACT 1. FOREIGN EXCHANGE PROVISIONS Foreign exchange regulations, which constitute part of the financial legislation,
More informationConsidering a London listing?
Considering a London listing? About us Over the last five years Capita Asset Services has been appointed to more Initial Public Offerings (IPO) than any other registrar. Our experience of flotation projects
More informationVerdict Financial: Wealth Management. Data Collection and Forecasting Methodologies
Verdict Financial: Wealth Management Data Collection and Forecasting Methodologies April 2014 Contents Global Wealth Markets Methodology Methodology Methodology 2 Global Wealth Markets Section 1: Global
More informationNo member firm is responsible for the professional services performed by any other member firm.
Table of Contents DISCLAIMER Foreword Country Contributions Australia Austria Belgium Brazil Canada including Quebec specific variations China Costa Rica Denmark Estonia Finland France Germany Greece India
More information