American and British directors of corporations should be mindful of the different standards of conduct, obligations, and potential personal liability when holding directorships in Turkish companies, particularly if such companies’ financial situation is deteriorating.
Turkey, United Kingdom, USA, Company & Commercial, Insolvency & Restructuring, Locke Lord LLP, Bankruptcy, Shareholder, Business judgement rule
The new Hong Kong Companies Ordinance is planned to come into operation in the first quarter of 2014. This wholesale renovation of the law governing the operation of companies in Hong Kong repeals almost all of the existing provisions of the Companies Ordinance with a few exceptions, including the existing insolvency and winding-up provisions. These will remain in their current form and be retitled as the Companies (Winding Up and Miscellaneous Provisions) Ordinance.