On 31 October 2023, Federal Law No. 51 of 2023 Promulgating the Financial and Bankruptcy Law (the Bankruptcy Law) was published in the United Arab Emirates (UAE) Official Gazette, repealing the prior federal law on bankruptcy (Federal Law No. 9 of 2016, the Prior Law) and significantly developing the bankruptcy regime in the UAE.
In life (as in business), as Heraclitus said, “the only constant is change.” In today’s fast-paced economy, this axiom should be kept in mind during contract negotiations, especially in a bear market.
Op 12 november 2020 heeft de Tweede Kamer het wetsvoorstel tot wijziging van de Tijdelijke wet COVID-19 SZW en JenV (35557) als hamerstuk aangenomen. Vandaag, 24 november 2020, is het wetsvoorstel ook door de Eerste Kamer als hamerstuk afgedaan. Het wetvoorstel maakt het mogelijk (in Hoofdstuk 2 Tijdelijke voorziening betalingsuitstel COVID-19) om de rechter te verzoeken:
A legislative proposal to amend the Temporary Act COVID-19 was adopted by the Dutch parliament on 12 November 2020, and adopted by the Dutch Senate on 24 November 2020. The proposal (the COVID-19 Amendment Act) will enter into force shortly and remain in effect until 1 February 2021. This GT Alert summarizes the measures included in COVID-19 Amendment Act Chapter 2 (Temporary measures for the stay on recovery measures COVID-19).
The COVID-19 Amendment Act provides (in Chapter 2) for the possibility of the debtor requesting that the courts, in connection with the pandemic:
A comparison of the new Dutch Scheme and the new UK Restructuring Plan.
Introduction
A comparison of the new Dutch Scheme and the new UK Restructuring Plan.
Introduction
Both the COVID-19 pandemic and the measures taken by governments have led to unprecedented legal questions that require immediate attention and solutions. These are challenging times. We have therefore prepared the following overview of some of the pertinent legal questions and the answers to consider, in the hope they provide useful preliminary guidance.
Topic | Main issues in relation to the risk of director liability |
Question |
This week’s TGIF takes a look at the recent case of Mills Oakley (a partnership) v Asset HQ Australia Pty Ltd [2019] VSC 98, where the Supreme Court of Victoria found the statutory presumption of insolvency did not arise as there had not been effective service of a statutory demand due to a typographical error in the postal address.
What happened?
This week’s TGIF examines a decision of the Victorian Supreme Court which found that several proofs had been wrongly admitted or rejected, and had correct decisions been made, the company would not have been put into liquidation.
BACKGROUND
This week’s TGIF considers Re Broens Pty Limited (in liq) [2018] NSWSC 1747, in which a liquidator was held to be justified in making distributions to creditors in spite of several claims by employees for long service leave entitlements.
What happened?
On 19 December 2016, voluntary administrators were appointed to Broens Pty Limited (the Company). The Company supplied machinery & services to manufacturers in aerospace, rail, defence and mining industries.