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 has reaffirmed the test to be applied in considering an application to dismiss a bankruptcy summons grounded on a judgment.

The bankruptcy process in Ireland involves multiple steps and the debtor can seek to bring it to a halt at each step. Debtors often seek to rerun effectively the same arguments at each step, ignoring previous findings by the courts. One such step is an application to dismiss a bankruptcy summons.

The Irish High Court has determined that the liquidation of an Irish aircraft leasing company, which was a 100% subsidiary of a Russian company expressly subject to EU sanctions, rebuts the presumption that the company was controlled by the Russian parent for the purpose of EU sanctions.

This enables the liquidators to deal with the assets without costly and time-consuming derogation applications.

Background

Irish company law provides that if a charge granted by a company is not registered in the Companies Registration Office (CRO) within 21 days of its creation, it is void against a liquidator and any creditor of the company. There is a duty imposed on a company which grants a charge to register the charge in the CRO but the creditor taking the charge can also do so.

Diamond Rock Developments Ltd (the Company) granted a mortgage over a property. That mortgage was registered in the Land Registry but was not registered in the CRO.

If you supply goods, the simplest step that you can take to reduce your exposure to a customer’s insolvency is to use effective retention of title (RoT).

However not all RoT clauses are effective and we see many RoT claims rejected in insolvency.

By default, once you sell goods on credit:

• the goods belong to the customer; and
• the customer owes you the purchase price.

This means that if an insolvency practitioner (IP) is appointed to the customer:

Corporate insolvency numbers continued to appear artificially low in 2022. The expectation is that they will rise once businesses need to deal with the aftermath of Government pandemic supports and, in particular, start to pay warehoused taxes.

De Herstructureringsrichtlijn van 20 juni 2019 zorgt voor het eerst op Europees niveau voor een harmonisatie van de wetgeving omtrent insolventie.

Een belangrijk onderdeel van deze Richtlijn heeft betrekking op preventieve herstructureringsstelsels, die tot doel hebben de vereffening van levensvatbare ondernemingen te vermijden.

In België zal dit voornamelijk een impact hebben op de gerechtelijke reorganisatie, en meer bepaald op de gerechtelijke reorganisatie door een collectief akkoord.

The Restructuring Directive of 20 June 2019 harmonises insolvency legislation for the first time at the European level.

An important part of this Directive concerns preventive restructuring frameworks, which aim to limit the unnecessary liquidation of viable companies.

In Belgium, this will mainly impact judicial reorganisation, and more specifically judicial reorganisation by means of collective agreement.