On 14 March 2023, a new law (Tijdelijke wet transparantie turboliquidatie) was adopted by the Dutch legislator. This law introduces a filing obligation of the managing board that will apply to shortened liquidation procedures applied as per 15 November 2023. Under this obligation, the managing board of the company must file certain (financial) documents with the Dutch trade register and inform creditors of the company of this filing.
Long awaited insolvency reforms in the UK, plus the government’s COVID-19 proposals on the use of statutory demands – and much more
What’s the latest?
The UK High Court today took a crucial step towards resolving the difficult issue of when administrators must pay rent.
After nearly two years of discussion and consultation, the UK Government has today announced that it will not be seeking to introduce new legislative controls on pre-packs, including a proposed three day notice or "cooling off" period.
The term “pre-pack” typically refers to a sale of all or part of a company’s business which is negotiated prior to the company going into administration and then completed by the administrator shortly after his appointment.
Last week the High Court of England and Wales revoked a company voluntary arrangement (CVA) promoted by retailer Miss Sixty in a damning judgment that called into question the conduct of the practitioners involved. The case of Mourant & Co Trustees Limited v Sixty UK Limited (in administration) [2010] could end so-called guarantee stripping – where the CVA purports to discharge guarantees given by a third party – and provide powerful ammunition to landlords seeking to negotiate future CVAs with tenant companies.
His Honour Judge Purle QC in Re Cornercare Limited [2010] EWHC 393 (CH) has clarified English law on the filing of successive notices of intention to appoint administrators. He has held that there is nothing in the relevant provisions of the Insolvency Act 1986 ("IA 1986") to prevent the filing of successive notices of intention to appoint administrators, where the original notice of intention to appoint an administrator had not been acted upon for good reason.