After completion of submissions on the fourth day of the second court hearing, on 14 July 2017, the Australian Supreme Court New South Wales (In the matter of Boart Longyear Limited (No 2) [2017] NSWSC 1105) adjourned the hearing for 14 days to allow the opportunity for satisfaction of an important condition precedent relating to a party involved, which was… Read More »2018-01-doc8 Mediation in corporate restructuring proceedings?
The NIKI Luftfahrt saga unfolds itself rapidly. The Landesgericht of Korneuburg (in Austria) has announced on 12 January 2018 that it has opened main insolvency proceedings (‘Hauptverfahren’) for Austria’s incorporated NIKI Luftfahrt GmbH. The decision is the third episode in this airline insolvency drama in Germany/Austria, after the 8 January 2018 decision of the Landgericht Berlin. In this decision a… Read More »2018-01-doc7 COMI of NIKI Luftfahrt Act 3
On 8 January 2018 the Landgericht Berlin has, on the basis of an immediate appeal against the order of the provisional insolvency administration on the assets of NIKI Luftfahrt GmbH (under Austrian law, the debtor) overruled the decision of the District Court of Charlottenburg of 13 December 2017, confirmed by that court on 4 January 2018 (see blog/nikis-comi, with the… Read More »2018-01-doc3 NIKI’s COMI continued
From newspapers we know that NIKI Luftfahrt is in financial trouble. Attempts from third parties to buy all or a significant amount of assets are ongoing. These include takeoff- and landing slots in places such as Vienna, Munich, Palma de Mallorca and Zurich. There also is (evidently) a legal battle. Where is NIKI located? Or better: which is the cente… Read More »2018-01-doc 2 NIKI’s COMI
In England, being a liquidator or an administrator, you are an ‘officer of the court’. This generally means that a court has inherent jurisdiction to control the conduct of its ‘own’ officer if euther the procedure is being conducted by the court or the governing legislation so provides. A liquidator in a voluntary winding up, however, is not such an… Read More »2017-12-doc3 Officer of the court
A professional self-portrait. This is my characterisation for the book with the title ‘The Framework of Corporate Insolvency Law’, written by Hamish Anderson. Hamish was a partner and now consultant of Norton Rose Fulbright LLP, and – since 2016 – a Honorary Professor at Nottingham Trent University. Anderson and (now) Lord Justice David Richards (I take from his Foreword to… Read More »2017-12-doc2 Corporate insolvency law, as memoires
After having published two books in my series Insolvency Law (Wessels Insolventierecht) and a large report for the European Law Institute on Business rescue in insolvency law (with my German colleague Stephan Madaus) this year, I head to something (not completely) different, the well-known Dutch painter Rembrandt (or: Rembrandt van Rijn (1606-1669)). Rembrandt? Evidently, his paintings and etchings are admired… Read More »2017-11-doc5-Rembrandt
The UNCITRAL Model Law on Cross-Border Insolvency, celebrating its 20th year of existence, is world-wide regarded as a valuable tool in organising a country’s provisions of international insolvency law. The Model Law deals in its core with recognition of foreign insolvency proceedings, communication and cooperation of proceedings (by insolvency practitioners and courts) concerning the same debtor and the rights of… Read More »2017-11-doc7 Some remarks on the Model Law
In two recent Dutch court cases, the determination of the insolvent debtor’s centre of main interests (COMI) went in two distinct ways. These cases are District Court Amsterdam 12 July 2017, ECLI:NL:RBAMS:2017:5383, and District Court North-Holland 17 October 2017, ECLI:NL: RBNHO:2017:8588. In both cases the court is confronted with the alignment of Dutch (insolvency) procedural law (in the Dutch Bankruptcy… Read More »2017-10-doc10 Two recent Dutch COMI cases
Gregory Hugh Colin King is a fraudster. That’s verbatim the way the Supreme Court of Gibralter on 31 July 2017 introduces one of the first cases to which the EU Insolvency Regulation 2015 (EIR 2015) applies. King was a lawyer and a Glasgow car dealer, before becoming a hedge fund manager in Gibraltar. He is, via several of his companies… Read More »2017-10-doc7 Supreme Court of Gibraltar on COMI