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Volume 1, Number 1 |
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2003 Annual Spring Meeting: Farley and Bond, A Class Act Co-chairman,
Ian Williams, was
pleased to introduce fellow Briton
Terry Bond and The
Honourable Mr. Justice James
M. Farley of the Ontario Court of
Justice, Toronto Region to
a well attended meeting at ABI's Annual
Spring Meeting on Saturday, April
19. U.K. Insolvency Statistics Show Increase in Failures The Department
of Trade and Industry recently published statistics showing insolvencies
in England and Wales in the fourth quarter of 2002. There were 4,323 company
insolvencies in that period, an increase of 11.1 percent from the previous
quarter and an increase of 14.9 percent compared to the same period a
year ago. According to the Department, 1.1 percent of active companies
became insolvent in the 12 months ending in the fourth quarter 2002, the
same as in the previous quarter and the corresponding quarter in 2001. In Re BRAC Rent-A-Car International Inc., Mr. Justice Lloyd, sitting in the High Court Chancery Division in London, appears to have extended the scope of Article 3 of the Regulation. Article
3 would enable the English court to
make an administration order against
a company that was incorporated in
another member state, but had its
“centre of main interests”
(COMI) in England. Developments Under Mexico’s Ley de Concursos Mercantiles del 2000 According
to the Instituto Federal de Especialistas
de Concursos Mercantiles's (“IFECOM”)
Fifth Bi-annual Report presented on
Dec. 3, 2002, only 63 cases have been
filed in Mexico under the Ley de Concursos
Mercantiles. These 63 cases involve
90 debtors: four individuals and 86
entities, approximately 55,500 creditors
and NP$31,500 million in claims. Changes
to Brazilian Consumer Credit Legislation
Brazil
Eletronet, a supplier of data transmission
networks for telecommunications operators,
has formally decided, in its last
shareholders meeting, to file for
bankruptcy protection. The decision
was communicated to the CVM, the Brazilian
Securities and Exchange Commission,
on April 28, 2003. Brazilian
Sovereign Debt Issuance Adopts Collective
Action Clauses |