Vanaf 1 mei 2018 ziet het Belgische insolventielandschap er anders uit ingevolge de inwerkingtreding van het gloednieuwe insolventierecht (Boek XX in het Wetboek Economisch Recht). In navolging van de elektronische aangifte van schuldvordering sinds 1 april 2017, dient vanaf 1 mei 2018 ook de aangifte van faillissement elektronisch te gebeuren in het Centraal Register Solvabiliteit (Regsol).
L’entrée en vigueur de la toute nouvelle loi sur l’insolvabilité modifiera le paysage du droit de l’insolvabilité belge dès à partir du 1er mai 2018. Le 1er avril 2017 entrait en vigueur le système de déclaration de créance par voie électronique. A présent, entrera en vigueur, dès ce 1er mai 2018, la demande de faillite par voie électronique dans le Registre Central de la Solvabilité.
Sellers and suppliers of movable assets can deal with problems caused by poorly-paying customers through a retention of title clause. This clause makes it contractually possible to stipulate that ownership of a certain good does not transfer until the third party acquirer has paid the full price.
It is interesting to note that the new Law on Pledges has created a better legal framework for the retention of title clause, putting any creditor - assuming a retention of title clause has been included - in a stronger position.
Costello J in the High Court recently gave judgment in the case of In re James Coady (a Former Bankrupt) [2017] IEHC 653. In this case the Official Assignee ("OA") had sought directions in respect of what rights could vest in the OA from the bankrupt's pre-retirement personal pension policy (the "PP"). The bankrupt had reached normal retirement age under the PP after he was adjudicated bankrupt but before he was discharged from bankruptcy.
Costello J in the High Court recently gave judgment in the case of In re James Coady (a Former Bankrupt) [2017] IEHC 653. In this case the Official Assignee ("OA") had sought directions in respect of what rights could vest in the OA from the bankrupt's pre-retirement personal pension policy (the "PP"). The bankrupt had reached normal retirement age under the PP after he was adjudicated bankrupt but before he was discharged from bankruptcy.
Examinership A number of significant decisions were made by the High Court and Court of Appeal relating to different aspects of the examinership process in 2017. |
The law of 11 August 2017 that adds Book XX "Insolvency of Enterprises" into the Code of Economic Law enters into force on 1 May 2018.
As we already stated in our previous contributions about the reform of the insolvency law, this law modifies and regroups the Bankruptcy law and the Law of 31 January 2009 on the Continuity of Enterprises.
1. The notion "Enterprise" replaces the notion "Merchant"
In Wingview Limited t/a Elphin Public House v Ennis Property Finance DAC the High Court granted an interlocutory injunction prohibiting the defendant from appointing a receiver over Elphin Public House, the Dublin pub which featured in the film "The Van" (1996).
The Court of Appeal recently ruled, in Re KH Kitty Hall Holdings & Ors, that an agreement to restructure and discharge the secured debts of a number of companies by selling certain secured assets was not a bar to the appointment of an examiner to those companies. This was the case despite the fact that the application for the appointment of an examiner was inconsistent with the obligations imposed on the companies under the restructuring agreement and was objected to by the secured creditor.
On 13 July 2017 parliament voted to introduce book XX "Insolvency of Companies" in the Code of Economic Law.
In a previous article we already wrote that the insolvency law would be adapted to current national and international regulations and case law and would be incorporated into the Code of Economic Law as a coherent whole.
In this way, solvency procedures must be more transparent, efficient and effective.