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Lexpert recognizes 27 Dentons lawyers as "Canada’s Leading Energy Lawyers”
Dentons is proud to congratulate an outstanding 27 lawyers who are listed as “Canada’s Leading Energy Lawyers” by Lexpert, in its recent special edition on Energy.
Venture Capital fund managers may begin operations in record time in Singapore
Although a venture capital fund may be prepared to invest in a new country, lengthy requirements to set up operations may risk the loss of valuable business opportunities.
IRS issues cost of living adjustments to retirement plan limits
The IRS has just issued the cost of living adjustments for various retirement plan limitations that will take effect either on January 1, 2018, or for the 2018 plan year.
Parallel debt structures in South Africa
Bridging the gap between English law, international market practice and South African law.
Three Key Things to Consider on Motions to Disqualify
Motions to disqualify can have the effect of distracting attorneys from their full devotion to their client’s claims or defenses.
Starting your career as a student at Dentons exposes you to a world of experience and opportunities
With 125+ locations in 50+ countries, Dentons is home to top-tier talent that is found at the intersection of geography, industry knowledge and substantive legal experience. Working with Dentons, you will have the opportunity to learn from the best lawyers in the industry at the largest law firm in the world.
Dentons wins EuropaProperty’s CEE Investment & Green Building "Law Firm of the Year" Award for the seventh time in a row
Dentons won the "Law Firm of the Year" award at the 7th annual CEE Investment & Green Building Awards ceremony organized by EuropaProperty.
Dentons is recognized as a leading financial law firm in this year’s IFLR1000 guide
Dentons is pleased to announce that 11 of our lawyers have been ranked in this year’s IFLR1000, the guide to the world's leading financial and corporate law firms and lawyers, two of whom are receiving this honour for the first time..
Dentons wins Diversity Law Firm of the Year in Australia
Dentons’ diversity achievements have again been recognised with the Firm awarded Diversity Law Firm of the Year at the Lawyers Weekly Women in Law Awards 2017.
The new personal bankruptcy law enters into force on 1 October 2015
The new personal bankruptcy law enters into force on 1 October 2015. Individuals will now be allowed to go bankrupt while creditors are left to struggle. The rules have caused much apprehension and it remains to be seen how business will operate in the new environment.
The changes introduced by the Personal Bankruptcy Law have raised much talk among Russian banks. Many banks fear that local businessmen will now be able squeeze their claims out of their partners’ assets (those partners who are not proprietors) and that the most prudent creditors will die in painful struggles.
The new institution of personal bankruptcy introduced by Federal Law No. 476-FZ On Amendments to the Federal Law on Insolvency (Bankruptcy) enables individual debtors to discharge their debts in an orderly manner through bankruptcy under one of three basic procedures: restructuring, sale of assets and amicable settlement. The function of insolvency manager will be taken on by a financial manager who will receive a fee for managing the individual’s assets during the insolvency proceedings. Generally, an individual may be declared bankrupt if his/her debt in excess of RUB 500,000 remains overdue for more than three (3) months.
There are several immediate consequences of initiating a personal bankruptcy. One of the most notable outcomes is that all transactions on behalf of an individual must be made by a financial manager. Transactions made in breach of this rule can be challenged within the bankruptcy proceedings. In certain cases creditors may incur liability. However, the banks should not lose hope: the financial manager is required to notify banks about an initiated insolvency, and the banks may avoid liability if the financial manager fails to notify them. It is still unclear whether this rule will work for foreign banks. In the meantime, foreign creditors should remain cautious and require their clients (in legally binding documentation) to inform them of any signs of bankruptcy.
In addition, a new register of bankrupt individuals will help bona fide creditors to minimize these risks.
How the state commercial (arbitrazh) courts (which will handle personal bankruptcies) will cope with the new rules is still the subject of wide speculation. Creditors should also be aware of the risks of political bias.
Certain claims (e.g., claims to an individual as a shareholder or member of a board of directors) which have not been settled in the bankruptcy proceedings will survive and creditors with such claims will keep their hopes alive.
For more details on the new rules please refer to our previous alerts.
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