Montenegro: Personal Bankruptcy Act

Personal bankruptcy has been introduced for the very firstvery first time in Montenegro. The Personal Bankruptcy Act entered force on 22 August 2015.

The brand-new law applies to customers. Customer is defined as an individual getting inbecoming part of an industrial transaction outside his/her industrial or professional activity. Subsequently, an individual acting in his/her capability of private entrepreneur or professional is not covered by the definition of consumer. However, personal bankruptcy may be started over a private business owner or an artisan who: (i) has no more than 10 creditors, (ii) has a financial obligation that does not exceed EUR 15,000, (iii) has no commitments to its staff members, if any, and (iv) is not currently subject to routine insolvency procedures as a business entity.

Personal bankruptcy proceedings can be submitteddeclared if the customer is insolvent, by the customer himself/herself or by a creditor. The consumer is considered to be insolvent in case he/she (i) has been in hold-up with the fulfilment of several payment responsibilities for a period of more than 6 months, which obligations in total go beyond seven times the quantity of the customers wage or other frequently gotten income, or (ii) is jobless for more than five months and his/her past due payment commitments go beyond EUR 2,500.

Personal bankruptcy proceedings include three stages: out-of-court settlement, in-court settlement phase and bankruptcy.

Out-of-court arrangement

A 60-day out-of-court negotiation period is a compulsory condition to declare customers individual bankruptcy. This stage, taking placehappening before a mediator, can be extended for another Thirty Days. The consumer is obliged to make a plana prepare for debt settlement and a list of possessions. The list of assets includes all existing assets, earnings and liabilities of the customer, a list of lenders, a list of claims, anticipated earnings and expected inheritance. Any out-of-court settlement requires consent of and should incorporate all lenders otherwise it is null and space. If out-of-court settlement is licensed before a notary, it represents a directly enforceable instrument.

In-court settlement

If out-of-court negotiation yields no settlement with lenders, the customer or any lender can petition the court to proclaim the consumer broke. If the customer files for personal bankruptcy, it needs to submit to the court a financial obligation settlement plan.

Treatment for individual bankruptcy is immediate. Nevertheless, phase 2 may be suspended for a period of three months pending settlements between the debtor and its creditors. At the initial hearing, the financial obligation settlement plan, if any, is considered and put to vote by the creditors. Lenders whose claims are not included in the financial obligation settlement plan might register their claims within 30 days from the statement of the initial hearing. If the financial obligation settlement strategy is accepted, the petition for the opening of bankruptcy procedures is considered to be withdrawn. Debt settlement strategy should be accepted by all creditors. Lenders that do not oppose the strategy within the statutory due date are considered to have actually accepted the plan. If the bulkmost of creditors support the strategy, the court might enact a decision changing the approval of dissenting creditor(s) after it hears the dissenter(s). The plan accepted by the lenders has the force of a court settlement.

Opening of bankruptcy procedures

If the creditors do not approve of the debt settlement strategy, the court shall open formal bankruptcy procedures and appoint a bankruptcy administrator. This decision might be appealed. The lenders can register their claims no laterbehind within 30 days from the opening of bankruptcy proceedings. If the administrator dismisses a creditors assert, the creditor may initiate litigation seeking a declaration that the claim exists.

The bankruptcy estate includes all assets of the customer, including those obtained during the proceedings, or during the period of excellent conduct (see below), except for the building that is exempt from enforcement under the basic enforcement law. Any disposal by the customer with his/her assets after the opening of bankruptcy proceedings is null and space. The customer topic to bankruptcy may not take loan, provide surety or maintain a payment account without the approval from the court. The consumer may not begin a private company or engage as a freelancer without the approval from the court. Before providing the approval, the court is obliged to look for a viewpoint from the creditors and the administrator. The customer might petition the court to accept separation of the assets needed for the private business from the bankruptcy estate. The consumer must pay to the estate a month-to-month fee for the useusing those possessions, which can not exceed 0.5 % of the market value of the possessions.

The bankruptcy administrator is responsible for sale of the debtors assets and distribution of the proceeds to the creditors on apro ratabasis.Secured lenders are in charge of liquidating the collaterals owned by the debtor. Nevertheless, if a protected creditor does not liquidate the security within the due date determined by the court (60 days), the right to liquidate the collateral transfers on the administrator. Neither the secured lender nor the bankruptcy administrator may sell the secured asset for less than 50 % of its approximated value.

Transactions carried out by the consumer prior to the opening of bankruptcy proceedings which undermine the concept ofpro ratasettlement of lenders or otherwise prefer one or more creditors can be challenged by the administrator. The law does not limit the suspect period, which impliesmeanings that that any transaction can be challenged, regardless of when it was carried out.

The bankruptcy administrator draws up a last list of acknowledged claims. If the customer makes a proposition for financial obligation discharge, the court figures out the duration of great conduct, which lasts no less than two years and no more than seven years. During that duration, the consumer may not decline any work for which it is qualified, including seasonal work. It needs to hand-over to the administrator 50 % of any inheritance profits. After the expiration of that duration, and offered none of the challenges preventing financial obligation discharge, as stated in the law, exist, the court makes a choicedecides on discharge of the financial obligation which continues to be uncertain after liquidation of the debtors possessions. Financial obligation discharge has impact to all lenders, including those who did not register their claims in bankruptcy procedures. Financial obligation discharge does not incorporate liabilities for kid or father and mother assistance, those arising from unlawful gains or criminal offenses and tax liabilities. An unique computer registry of debtors whose debts have actually been released will be established.

Hovensa Bankruptcy Proceedings Opening In United States Virgin Islands Court

HOUSTON, Sept 17 Bankruptcy procedures over the
future of the Hovensa refinery were slated to open on Thursday
in federal court in the United States Virgin Islands, two days after the
plant co-owned by Hess Corp and Venezuelas PDVSA filed
for lender security.

The owners have actually informed the court they want to sell the
shuttered plant, now being made use of as a storage terminal, to a.
buyer recognized as Limetree Bay Holdings LLC. A previous sale.
effort last year failed.

(Reporting By Houston Newsroom)

Lending Figures Stir Up Debate Over Changes To Financial Investment Loans

  • Had a gutfull Ian says on
    11/09/2015 03:13:08 PM

    Why is my financial investment building loan of 25 years being hit with a 2.70 % boost? This is merely a cash grab. My property remains in Brisbane, not Sydney or parts of Melbourne where the market is going gangbusters.

  • had a gutfull Ian says on
    11/09/2015 03:13:58 PM

    Sorry- typo 0.27 %

  • Dave cant discover a home due to the fact that of this states on
    12/09/2015 09:20:33 AM

    Thats right out needshave to be used to the previous 18 months purchases only.And financiers
    in Sydney and Wollongong Melbourne and external suburban areas requirehave to have.5 % boosts and 30 to 40 % deposits. Makes property more most likelymost likely to be cash positive and therefore more tax to the govt and reduces growth to regular non idiodic level

HOVENSA Gets Preliminary OKAY For $40M Loan

ST. CROIX – As HOVENSA Chapter 11 bankruptcy proceedings got under method Thursday, a federal judge provided interim approval for a $40 million loan to HOVENSA from its owners, over objections raised by an attorney standing for the VI government.In authorizing the interim order, US Bankruptcy Judge Mary Walrath said it is clear that HOVENSA requires the cash and does not have sufficient money on hand to last a week. Court documents show the business had around $750,000 in cash when it submitteddeclared Chapter 11 bankruptcy security on Tuesday.Walrath, administering over a courtroom loaded with attorneys representing various

interested celebrations on Thursday, signed off on a number of interim orders, including orders making it possible for HOVENSA to pay crucial service providers and suppliers, and to keep its energies connected. The hearing was in US District Court on St. Croix.The so-called Debtor in Belongings funding of$40

million for HOVENSA will certainly originate from its owners, Hess Oil Virgin

Islands Corp., or HOVIC, and PDVSA VI HOVENSA is a joint venture between HOVIC, a completely possessed subsidiary of Hess Corporation, and PDVSA VI

, a wholly possessed subsidiary of the nationwide oil company of Venezuela, Petroleos de Venezuela. Debtor in Possession funding is financing arranged while under the Chapter 11 bankruptcy process.Objecting to the loan HOVENSA said in court documents that the$40 million money infusion would give the company the liquidity it needshas to money the Chapter 11 case and after that make the change to consummating a proposed sale of its oil storage facilities.At Thursdays hearing, lawyer Thomas Macauley, a Delaware-based bankruptcy expert who is representing the VI government in the bankruptcy proceedings, objected to

the proposed loan, raising issues about the release from liability that HOVENSA would be providingproviding to HOVIC and PDVSA VI as part of the financing agreement.He contended that the owners of the refinery could use the release provided with the funding to attempt to enhance their position.Theyre utilizing the typical funding process to get leverage in this circumstance and theres no basis for it, provided the insider nature of the deal, he said.Macauley at one point suggested that the bankruptcy case was submitted since Hess Oil Co. and HOVIC want a release from HOVENSA of all claims versus them. He said that the VI government has lots of issues about Hess.Walrath noted that the orders she was enteringentering upon Thursday are interim orders-not finaltentative ones -and stated she would hear Macauleys objections at the next hearing if he still has them.Court-supervised sale HOVENSA has reached an agreement to sell the petroleum storage terminal center at the old refinery site on St. Croixs South Coast to Limetree Bay Holdings for $184 million, and plans to do so under a Section 363 sales process. Section 363 of the bankruptcy code allows a debtor in belongings to sell possessions so the proceeds can be dispersed to creditors.The sale will certainly be performed in a court-supervised process that would make it possible for others to bid for the home. The arrangement with Limetree Bay Holdings, an affiliate of ArcLight Capital Partners, is the so-called stalking horse bid -the quote that any other interested purchasers would need to beat.Tax-related matters The Daily News reported Thursday that a various release from liability -part of the proposed sale arrangement between HOVENSA and Limetree Bay Holdings- would include the VI federal government allowing the present and former owners of the refinery a complete and genuine release from their agreements with the federal government and any liability. That proposed release has one exception: tax-related matters.If such a release were to occur, the VI federal government would be in the position of needing to providequit the suit it submitted versus Hess Corporation on Monday, seeking at least$1.5 billion in damages and alleging Hess breached the law and its contracts with the government throughout years.However, the exception noted in the release -tax matters-would suggest that suits that HOVENSAs owners submitted in December, looking for more than$

236 million from the VI federal government in tax refunds would continue, as would a number of other tax-related cases the business have submitted against the government more recently.In a move that might end up being a sticking point with regional authorities, HOVENSA made the governments contract to that release a condition of the sale. The local government needs to reach an operating arrangement with any prospective buyer of the refinery property for the sale to move forward.Walrath set the next hearing in the HOVENSA case for October in Bankruptcy Court in Delaware. -Contact Delight Blackburn at 714-9145 or email

TV Press Reporter, Professional Photographer Shot Dead During Live Interview In Moneta, Virginia

BREAKING UPDATE: Several media sources are reporting that Vester Lee Flanagan, the suspect in the Virginia TV team shooting, has actually eliminated himself. Flanagan was a dissatisfied former staff member at CBS affiliate WDBJ in Moneta, Virginia where the two shooting victims worked. There has actually been no official statement from law enforcement yet.

A minimum of two people have actually been killed in a deadly shooting in Western Virginia on Wednesday morning. TELEVISION station WDBJ 7 in Moneta, Virginia has confirmed that press reporter Alison Parker and professional photographer Adam Ward were shot and eliminated throughout a live broadcast Wednesday morning. Station General Supervisor Jeff Marks is priced quote as saying the pair were eliminated at 6:45 am

UPDATE: Virginia Governor Terry McAuliffe revealed around 10:30 AM ET Wednesday that the thought shooter in the Virginia shooting is believed to be a former dissatisfied staff member.

Media reports state authorities are actively searching for the unknown shooter Wednesday morning at the Bridgewater Plaza near Smith Mountain Lake, Virginia.

Of note, the shooting happened during a live broadcast and was recorded on video.

At least 8 shots are heard on the video, and reporter Alison Parker can be heard screaming. At that point, the video camera is dropped and the video feed is moved back to the TELEVISION studio.

Franklin County Sheriff Department spokesperson Phillip Young stated that the shooting event happened near the Bedford County-Franklin County line in Moneta, Virginia.

Present details indicates there were 3 victims. 2 have actually been verified as killed, however the condition of the third victim is unknown.

Current Czech Supreme Court Choices: Twilight Of Secured Lenders?

The Czech Supreme Court recently issued 2 choices having
considerable impact on the position of protected creditors (ie.
typically financial institutionsbanks) within bankruptcy proceedings.
Both choices come from one of the first significant bankruptcies.
conducted under the (then brand-new) Czech Insolvency Act effective from.
2008 in regard of the group of companies in a glass-making.
company. This post briefly reviews those choices and points.
out their useful impacts on the rights of protected creditors.

Security interest in rental income.

In the first choice1, the Supreme Court clarified.
an issue on which the two Czech High Courts held varying views. A.
bank, whose receivables were secured by a mortgage, declared the.
right to the rental income collected from such building during the.
bankruptcy procedures. The court ruled that the mortgagee had no.
such right, unless concurred otherwise with the debtor (debtor).
prior to insolvency. The Supreme Court based its ruling on the.
(appropriate) concept that the content of the security interest.
within bankruptcy procedures will be figured out based upon the.
pre-insolvency plans (if there is no reason to diverge). Out.
of bankruptcy, secured creditors have no right to gather the.
fruits (earnings) of the security (such as lease), if not agreed.
otherwise. As the court saw no reason for other plan in.
bankruptcy, rents earned from the mortgaged genuine estate during.
bankruptcy procedures have to belong to unsecured creditors.

The result might be theoretically avoided through a promise of.
lease contract receivables or through an explicit arrangement.
permitting the bank to collect the rental earnings upon default in the.
home loan arrangement. Nevertheless, both approaches may trespass upon.
principles revealed in other Supreme Court decisions. The.
reasoning of the discussed ruling continues to be debatable and it can not.
be eliminated it will certainly be overthrown in the future by the.
Constitutional Court.

Intake of earnings.

The 2nd case emerged from the debtor collecting and then.
consuming (for its operations) its promised balance dues.
after the commencement of the bankruptcy proceedings. Upon.
declaration of bankruptcy liquidation, the profits of these.
receivables were not at the debtor # 39; s financial account. The.
insolvency trustee subsequently received earnings from the sale of.
other possessions and asked for the court to allow a leave to distribute.
such profits to the protected creditor, ie offseting the.
missing out on earnings of security. Lower courts concurred, however the.
Supreme Court2 reversed, holding that the secured.
creditor was entitled only to the proceeds, which might be straight.
traced to the respective security. If the profits of collateral.
(including receivables gathered) were missing out on in the estate, the.
secured creditor was not entitled to a payment from the.
basic estate.

Systems to avoid the risk of such loss (of security.
proceeds in additional operation of debtor # 39; s company) consist of a.
promise over debtor s enterprise (a kind of a drifting charge).
or the usage of the systems designed for post-petition credit.
financing, consisting of facility of new security interests. The.
previous, nevertheless, may not constantly be practicable or acceptable for.
the debtor. The latter, on the other hand, while already checked,.
still does not have legal certainty.

The recent Supreme Court choices will certainly make the life of secured.
creditors a bit more hard, however the practice ought to be able to.
provide proper solutions. This is, nevertheless, not always the.
case. For instance, in summer 2014, the court decided that if a bank.
guarantee provided on behalf of the debtor is drawn after.
beginning of insolvency procedures, no security granted by the.
debtor to protect such (contingent) liability is reliableworks in.
insolvency3. That decision was clearly incorrect and will.
need to be taken another look at.


1. Choice of the Supreme Court dated April 30,.
2015, file No. 29 NS # 268; R 31/2013.

2. Decision of the Supreme Court dated May.
29, 2015, file No. 29 NS # 268; R 4/2013.

3. Decision of the Supreme Court dated.
August 26, 2014, file No. 29 Cdo 4340/2011.

The material of this short article is intended to offer a basic.
guide to the topic. Professional recommendations must be looked for.
about your particular situations.

Local Jerky Company Pays In Haggen Bankruptcy

Rays Own Brand Jerky and Sausage has actually been supplying our items to the local grocery stores from Paso Robles to Ventura given that we opened in 2003, says Raymond Cattaneo who has San Luis Obispo-based Rays Own Brand.Cattaneo is continuing a family company that gets back decades in San Luis Obispo and prides himself on producing and selling quality beef jerky, gourmet sausage and other products.When Haggens took over the Albertsons and or Vons stores we

stayedremained in those shops although in the starting it was sort of rocky because Haggens took so lots of stores on and there were a couple of bumps in the road, Cattaneo says from his small production plant on Edna Road, they didnt appear to have much problem paying the expense, we worked out 7-day credit terms with them, meaning certainly 7 days from the invoice we would be paid, and thats been going along very well however right here recently we observed there was a slowdown.Cattaneo states he was surprised when Haggens positioned what he called an abnormally big order before the long, Labor Day weekend.We make the shipment that afternoon

I discoverdiscover that Haggens has actually filed bankruptcy, Cattaneo says.Cattaneo says he called the chains accounts payable department.She indicated that yes, they had actually gone into bankruptcy but we would be paid, Cattaneo says, we get some checks, close to $800 worth, deposit them in the bank, they were composed on the second of September, we deposited them I

think on the 8th, we got them back yesterday, all 3 checks were composed on a frozen, blocked account, which suggestsmeanings that the bank returned them.Cattaneo states his bank charged him with an insufficient funds charge for each of the bad checks.So I phoned the check scams department of the District Lawyer Office, spoke to them, the comment was we had to send out the checks back through again due to the fact that they wouldnt take a look for their department unless it had been returned twice, well now weve got two sets of returned check charges and still no clear decision in sight, Cattaneo states, the lady at the District Attorneys office was not hopeful that any resolution in our favor would take place, and its disappointing, undoubtedly we do not like to lose money, but its the lack of good faith and trust that debilitating.Cattaneo knows its unlikely hell earn money with Haggens in bankruptcy.The secured lenders are going to get paid, we are what we call an unsecured lender, which means you are at the mercy of the bankruptcy procedures, Cattaneo says, the frustrating thing with the Haggens bankruptcy is they are expected to send us documents that puts us in the system revealing us as a lender,

we haventt gotten that yet, weve been asking for it, nothing is forthcoming.Catteneo says hes stopped doing business with Haggens but his items are still on sale in some of the local supermarkets.Were a small guy, you look at the total quantity of cash that Haggens has, my understanding is they got a$200 million bailout after they submitted bankruptcy, well undoubtedly my $800 a week with them does not indicate a whole heck of a lot, Cattaneo says, in addition to the feeling that youve been taken, is this feeling that they don’t care if they understand you have been taken, and thats frustrating.Central Coastline News did not receive a response from the general public relations firm standing for Haggens with regard to Raymond Cattaneos claims.Youre going to hear its not individual, its just company, Cattaneo states, however the old reply is it may not be personal to you, but it is individual to me, I do not do company that method.

Upcoming High School And Military Reunions

High Schools

Arcadia High School: Class of 1995. Oct. 4. $75, $85 after Sept. 1, to go to must purchase ticket by Sept. 15. To register or for more infoto find out more, 858-337-2221 or Matt Denny #x 2019; s Ale Home Restaurant, 145 E. Huntington Drive, Arcadia.California High School: Class of 1965:

6 pm-midnight Sept. 12, 2015. Class contact, Radisson Hotel, 7320 Greenleaf Ave., Whittier. Register and more information, 661-259-5999 or

Class of 1975: Oct. 10, 2015. Class contact, D. Van Dyke, 250-721-1836 or Yard Marriott, 180 N. Fair Oaks Ave., Pasadena. Register and more details, 661-259-5999 or

El Rancho High School: Class of 1975. 5 pm-midnight Oct. 3. Embassy Suites of Brea, 900 E. Birch St. (Request for unique reunion room rate, 714-990-6000) For more informationFor additional information, J. Rental property Murphy or C. Compean, or Steve, 714-969-6680.

Monte Vista: Class of 1969. Plans are underway for our 50th reunion, however we have actually lost touch with lots of classmates. Contact M. Kroeze at or 626-914-4355 with your existing details or that of another classmate.Norwalk High School

: Class of 1960, Sept. 23-25. Riverside Hotel, Laughlin, NV. Contact or!.?.! Military NMCB(Naval Mobile Building Battalion)16

: 11:30 am Oct. 3. Arcadia County Park, 405 S. Santa Anita Ave. (SW corner at Huntington Drive ). Nick Ramirez, 626-814-9418.!.?.!USS Iwo Jima(LPH2/LHD7): Sept. 13-16, for all ship #x 2019; s business and embarked Navy and Marine Corps personnel, Crowne Plaza Hotel, Baton Rouge, La. Info 757-723-0317 or Website is Long Beach: Sept. 14-20, Wyndham Jacksonville Riverwalk, 1515 Prudential Drive, Jacksonville, Fla. Make sure to ID youself as a member of

the USS Long Beach CGN-9 Reunion for$96 room rate. Don Shade at 866-352-2469 or 716-569-2314. Email:, site is Send info at least 4 weeks ahead of time to!.?.!

Seward Ship’s Drydock Chapter 11 Bankruptcy Petition Submitted

According to files submitted with the US Bankruptcy Court, the privately-held business submittedapplied for Chapter 11 protection in the District of Alaska on September 16, 2015. Seward Ship’s Drydock Inc. (SSD), established in 1973, runs a fulla complete shipyard and drydock facility, offering shipyard services to all types and sizes of aquatic vessels, in Seward, Alaska.

The Company’s Chapter 11 petition shows total possessions higher than $1 million and approximates liabilities in the same $1 to $10 million variety. Files filed with the United States Bankruptcy Court suggest James Pruitt as SSDs sole common equity security holder. The Business will be stood for by David H. Bundy throughout the Chapter 11 bankruptcy procedures.

What To Anticipate When Searching For A Financial Investment Building Loan

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What to expect when searching for a financial investment home loan

Investors must anticipate to pay more for a loan as banks reactreply to mortgage growth caps.