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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.
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.
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.
Brazilian Banking Law Consumer Defense Code for Bank Customers The Brazilian Central Bank (BACEN) has recently issued Resolution nº 2.878/01, which is already being called the "Consumer Defense Code for Banking Clients" (CDCB). In force since July 26, 2001, this Resolution, in short, rewrites in a more detailed manner and with added focus on the financial market, the rights already stated in Law nº 8.078/90 (Brazilian Consumer Defense Code CDC), related to transactions rendered to customers.
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.
InRe 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.
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.
