The Employment (Collective Redundancies and Miscellaneous Provisions) and Companies (Amendment) Act 2023 (Collective Redundancies AmendmentAct) came into operation on 1 July 2024.
The Employment (Collective Redundancies and Miscellaneous Provisions) and Companies (Amendment) Act 2023 (Act) came into effect on 1 July 2024.
The Employment (Collective Redundancies and Miscellaneous Provisions) and Companies (Amendment) Act 2024 (Act) has been signed into law but awaits a commencement order to bring it into operation.
In summary, the Act amends the Companies Act 2014 (Companies Act) by modifying the attribution test for related companies to contribute to the debts of the company being wound up, broadening the operative time for unfair preferences, and varying the test for reckless trading.
1. Related company contribution
Following on from the UK Supreme Court decision in Sequana (discussed here), the recent UK High Court (UKHC) decision in Hunt v Singh [2023] EWHC 1784 (Ch), further considered the duty of directors to take into account the interests of creditors in certain circumstances.
Recently, insolvency law was fundamentally amended in terms of reorganization procedures. The tax legislation was subsequently adapted to these new procedures, at the same time changing the content of some important tax rules.
The most important change is that a waiver of debt within the framework of a reorganization agreement becomes less interesting from a tax point of view. You will find out exactly how this works in this article.
Het insolventierecht onderging recent een grote wijziging op het gebied van de reorganisatieprocedures. De fiscale wetgeving werd vervolgens aan deze nieuwe procedures aangepast en daarbij werden tegelijk ook de inhoud van een aantal belangrijke fiscale regels gewijzigd.
De belangrijkste wijziging heeft als gevolg dat een schuldkwijtschelding binnen het kader van een reorganisatieakkoord fiscaal minder interessant wordt. Hoe dat precies zit, verneemt u in dit artikel.
Le droit de l'insolvabilité a récemment fait l'objet d'un changement majeur en ce qui concerne les procédures de réorganisation. La législation fiscale a ensuite été adaptée à ces nouvelles procédures, tout en modifiant le contenu de certaines règles fiscales importantes.
Le changement le plus important a pour conséquence qu'un apurement des dettes dans le cadre d'un accord de réorganisation devient moins intéressant du point de vue fiscal. Dans cet article, vous découvrirez comment cela fonctionne exactement.
The High Court (Court) recently dismissed a petition seeking the winding up of a biofuel company (Company).
The ex tempore judgment is of note because it considers the standing of the Petitioner to bring the application and the consequences of a relevant witness not being cross-examined by the Petitioner on his affidavit evidence regarding the solvency of the Company.
Background
A previously unsettled aspect regarding the High Court’s (Court) jurisdiction to appoint an examiner to a company which is not formed or registered under the Companies Act 2014 (2014 Act), has been considered in the recent case of In the matter of MAC Interiors Ltd [2023] IEHC 395.
Earlier this year, a group of bondholders advised by William Fry and owed over US$175m by GTLK Europe DAC (GTLK Europe) and GTLK Europe Capital DAC (GTLK Capital) (collectively the Companies) petitioned for the winding up of the Companies on a number of grounds, including that they had failed to discharge scheduled interest payments and the accelerated debt constituted by the bonds following the interest payment defaults.