Category Archives: Bankruptcy

Draft statutory instrument for reform of insolvency procedures: alert procedures – International Law Office (registration)

Introduction Alert procedures Introduction On January 28 2015 the minister of justice set up the Rordorf Commission, a ministerial commission to develop and submit draft legislation designed to reform, review and reorganise the rules governing insolvency procedures in Italy. On December 29 2015 the Rordorf Commission completed its proceedings and submitted a draft statutory instrument…

Supreme Court clarifies protection of sick industrial companies – International Law Office (registration)

Introduction Facts Questions of law Decision Comment Introduction Questions around the interplay between the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002, the Sick Industrial Companies (Special Provisions) Act 1985, the Recovery of Debts Due to Banks and Financial Institutions Act 1993 and the Companies Act 1956 have frequently arisen…

Fitch Rates Fannie Mae’s Connecticut Ave Securities, Series 2016-C03 – Business Wire (press release)

NEW YORK–(BUSINESS WIRE)–Fitch Ratings has assigned the following ratings and Rating Outlooks to Fannie Mae’s risk transfer transaction, Connecticut Avenue Securities, series 2016-C03: –$157,758,000 class 1M-1 notes ‘BBB-sf’; Outlook Stable; –$56,342,000 class 1M-2A exchangeable notes ‘BB+sf’; Outlook Stable; –$123,953,000 class 1M-2B exchangeable notes ‘B+’; Outlook Stable; –$180,295,000 class 1M-2 notes ‘B+sf’; Outlook Stable; –$56,342,000 class…

Nova Scotia claim against bankrupt D’Eon Fisheries gets new life – CBC.ca

Nova Scotia’s highest court has given the provincial government another crack at recovering at least some of the money it loaned a bankrupt fisheries company. D’Eon Fisheries of Port Mouton declared bankruptcy in 2013. The company shut down shortly after receiving a $500,000 loan from Nova Scotia Business Inc., made on the eve of the 2013 provincial…

Bankruptcy numbers down but other debt options increase – Irish Independent

Published 21/04/2016 | 02:30 In the first three months of this year a total of 111 people were declared bankrupt. Picture posed THERE has been a surprise fall in the number of people being adjudicated bankrupt. Share Go To This is despite the bankruptcy term falling from three years to one year from January 29…

Why the Big Banks Can’t Imagine Their Own Demises – The New Yorker

The Dodd-Frank Act requires big banks to write so-called living wills, but it turns out that large financial institutions are as reluctant as the rest of us to contemplate their own mortality. Credit Photograph by David Goldman / The New York Times / Redux One of the signal, but formerly obscure, achievements of the Dodd-Frank…

Insolvency figures reveal 26 per cent increase in Personal Insolvency Arrangements – Irish Legal News

Lorcan OConnor, director of the ISI There was a 26 per cent increase in new applications for Personal Insolvency Arrangements (PIAs) in the first quarter of 2016, according to new figures. This years first quarterly statistical bulletin from the Insolvency Service of Ireland (ISI) recorded continued growth in new applications, protective certificates and approved arrangements.…

Lawsuits loom for Lehigh fraternity managers after alleged thefts – Allentown Morning Call

Civil lawsuits will soon follow federal charges that a Bucks County man and his late wife conspired to steal nearly $1.5 million in room and board payments from Lehigh University fraternities and sororities that paid the couple to manage their money, but instead spent it on a lavish lifestyle. Organizations seeking to recover some of…

Judge overturns rejection of debt write-off – RTE.ie

The first case of a heavily indebted borrower overturning the veto of a bank which had blocked their ability to get a debt write-off through insolvency has proceeded through the courts. The individual had 2.8m of debt and secured a write-off of half of their borrowings. The individual will be able to retain the family…

Insolvency Service reports 16% rise in applications in Q1 – Irish Times

Some 570 people applied for debt relief during the first quarter of the year, an increase of 16 per cent on 2015, according to figures from the Insolvency Service of Ireland, as experts suggest a deluge of deals will now be done. There were 570 applications, representing total debt of 303 million, for debt relief…