All modern European systems of law in force today provide for some sort of liability system for directors of companies, triggered by situations related to insolvency. If in some cases the obligations of the directors or the liability cases are loosely defined (holding the directors liable if general duties are disregarded), other pieces of legislation provide detailed and specific situations for misconduct leading to personal liability.
On 29 March 2017, the Government of the United Kingdom activated Article 50 of the Treaty on European Union, formally commencing the UK’s exit from the EU.
The European Union (Withdrawal) Act 2018 fixed the exit date for 11pm on 29 March 2019. With only just over 6 months remaining until the UK officially divorces from the European Union, we summarise the current position and impact of withdrawal on EU-UK cross-border insolvency proceedings.
Insolvency and restructuring could be described as the corporate equivalent of critical care – bringing together multiple expert practitioners to provide life- support to some companies, and help them on the road to recovery, and palliative care to others.
On 11 October 2017, the Italian Senate approved the final version of a law aimed at systemically reforming Italian insolvency law, which fundamentally dates from 1942. Law no.