Posts tagged #Insolvency
All PostsDefect Correction Liability in Subcontractor Insolvency
Civil LawThe Austrian Supreme Court (Oberster Gerichtshof, hereinafter OGH) has recently addressed the issue of whether insurance coverage for the costs of remedying defects attributable to a subcontractor is contingent upon the insolvency of the responsible ...
OGH on Securing Administrator Costs in Restructuring Proceedings
Procedural LawThe Austrian Supreme Court (Oberster Gerichtshof, hereinafter OGH) has made it clear that paying or securing the costs of proceedings is a mandatory requirement for confirming a restructuring plan as part of insolvency proceedings. A mere deferral is...
OGH: No Official Liability for Commerzialbank Liquidator
Civil LawThe Austrian Supreme Court (Oberster Gerichtshof, hereinafter OGH) has ruled that no official liability exists on the part of the banking supervisory authority towards Commerzialbank Mattersburg in Burgenland, Austria, and thus towards the liquidator...
DE: On the disadvantage to creditors in the case of double collateralisation
Civil LawIf a third party's claim is secured by a shareholder, the shareholder must give priority to satisfying the third party in the event of insolvency. Otherwise, the shareholder disadvantages the creditors if he is released from his guarantee due to the ...
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