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Introduction
The Grand Court recently considered the statutory moratorium against commencing proceedings against a Cayman company which has been placed into liquidation. In
BDO Cayman Ltd v Ardent Harmony Fund Inc (in Official Liquidation),(1) the Grand Court held that a plaintiff which launches originating proceedings against a company in liquidation, seeking adverse orders against that company, patently requires leave of the court to bring the proceedings. The Grand Court also held that the plaintiffs in that case did not have a case worth entertaining in respect of either basis on which they had brought the applications in question.
Facts
Ardent Harmony Fund Inc (in Official Liquidation) is a Cayman fund which invested in receivables financing by way of contractually engaged credit advisers. One of those credit advisers defrauded Ardent of approximately 90% of its assets under management, resulting in Ardent being placed into official liquidation in 2016.
Introduction
Although the London Interbank Offered Rate (LIBOR) is currently the most widely used interest rate benchmark and serves as a price reference for a broad range of financial instruments, the UK Financial Conduct Authority will stop supporting LIBOR at the end of 2021. According to the National Working Group (NWG) on Swiss Franc Reference Rates, the Swiss Average Rate Overnight (SARON) is the proposed replacement standard. The transition period poses several challenges for national and global market participants.
In December 2020 the Financial Market Supervisory Authority (FINMA) published guidance on the LIBOR transition in Switzerland. In this guidance, FINMA requires all supervised institutions (eg, banks, securities firms and insurers) to plan and initiate the necessary actions to implement the transition roadmap outlined therein with the goal to be fully prepared and operationally ready for the planned discontinuation of most LIBOR benchmarks by the end of 2021.
Introduction
Litigation often turns out to be a drawn-out, tedious and expensive pursuit. This is particularly true in civil suits or disputes, which may last for years and often culminate in a decision which makes even the victorious party feel the brunt of the prolonged process. The 222nd Report of the Law Commission(1), among other things, acknowledged that delay in disposal of cases in law Courts, for whatever reason it may be, has really defeated the purpose for which the people approach the courts for redressal . It is a universally recognised principle that justice delayed is justice denied. In
Delhi Bar Assn (Regd) v Union of India,(2) the Supreme Court, while recognising that population growth has resulted in a constant upward spiral of litigation, observed that a:
On 20 October 2020 Law 4736/2020 concerning the reduction of the impact of certain plastic products on the environment was published in the
Official Gazette (OJ A΄ 200/2020). According to Article 20 of the law, a new article (Article 4A) regarding the declaration of readiness for the connection of renewable energy source (RES) stations to the distribution network or transmission system has been added to Law 4416/2016 (OJ A΄ 149/2016).
Declaration of readiness
In light of the new provisions, the holder of a RES station whose installation is complete must submit a declaration of readiness before the competent system or network operator. Such declaration is a prerequisite for a plant to be connected to the distribution network or transmission system. Alternatively, if an installation project has yet to be completed, the determination of the reference prices will depend on the date of submission of the declaration (not the date of the station s – regular or trial – operation).