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Hotel non disturbance agreements in distressed situations Print E-mail
Written by Corporate Rescue and Insolvency   
Thursday, 01 December 2011 00:00
The effect of the financial difficulties of a hotel owner is further reaching than one might initially suspect. This particularly applies to larger chain managed properties, as there are unique dynamics involving the rights of a hotel operator under their long term management contracts with a hotel owner.
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Goldacre revisited Print E-mail
Written by Corporate Rescue and Insolvency   
Thursday, 01 December 2011 00:00
BASIC FACTS OF GOLDACRE

Nortel Networks UK Limited was a tenant under two long leases granted to it by Goldacre (Offices) Limited (‘Goldacre’). Following the tenant’s administration, the administrators occupied only a small portion of the premises which had been occupied pre-administration and sub-let the remainder. Rent fell due on the usual quarter date after the tenant had gone into administration.
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Misrepresentations made by directors and the requirement of writing Print E-mail
Written by Corporate Rescue and Insolvency   
Thursday, 01 December 2011 00:00
It is not an uncommon event for the directors of a failing company to string along its creditors, and play for time by speaking untruths. Th us, they may say that the company has just completed a profi table contract, and that proceeds will soon be available to pay the company’s debts, even though they know that this is not true.
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All change in Germany: a new era in German insolvency law Print E-mail
Written by Corporate Rescue and Insolvency   
Thursday, 01 December 2011 00:00
Football is not the only arena where England and Germany have clashed in recent times. Insolvency and restructurings have been another battleground and one in which England has had the upper hand. This has been evidenced by German debtors (usually individuals but sometimes companies) migrating their centre of main interests to these fair islands and also by German companies proposing English scheme of arrangements.
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The recognition of trusts and parallel debt structures by the French Supreme Court Print E-mail
Written by Corporate Rescue and Insolvency   
Thursday, 01 December 2011 00:00
INTRODUCTION

Belvédère, a French producer of spirits, issued bonds in the amount of €375m which were governed by New York law.Its seven Polish and French subsidiaries guaranteed the bonds. In addition, a security package was provided by Belvedère and its subsidiaries. A US bank located in London was appointed as trustee and depositary of the notes materialising the bonds while two other banks were appointed as principal and ancillary security agent under a parallel debt mechanism.
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