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.
La directive du 20 juin 2019 relative aux restructurations harmonise pour la première fois la législation sur l'insolvabilité au niveau européen.
Une partie importante de cette directive concerne les cadres de restructuration préventive, qui visent à limiter la liquidation inutile d'entreprises viables.
En Belgique, cela aura principalement un impact sur la réorganisation judiciaire, et plus particulièrement sur la réorganisation judiciaire par accord collectif.
The following briefing provides a round-up of the Cayman legal and regulatory developments during the third quarter of 2022 that may be of interest to funds clients. We are pleased to note that there is nothing critical or requiring immediate action at this time.
Summary of recent legal and regulatory developments
The UK Supreme Court handed down its decision in BTI v Sequana on 5 October 2022, unanimously dismissing the appeal from the 2019 Court of Appeal decision and confirming how directors duties ought to be applied when a company is in the zone of insolvency. Although decisions of the UK Supreme Court are not binding upon the jurisdictions in which Ogier practises law, it will nevertheless be highly persuasive and influence the approach taken in the offshore jurisdictions that Ogier advises upon.
The approach of the Cayman Grand Court to the terms and timing of the discharge of provisional liquidators taken inIn the Matter of Star International Drilling Ltd may provide a window into what is expected to be a similarly flexible approach to the appointment of restructuring officers.(1)
Introduction
A recent law, which came into force on 21 July 2022, amends the regulation for the accounting professions with regard to their professional practice and the anti-money laundering prevention.
The law was enacted after the Constitutional Court ruled in two judgments that various provisions of the law relating to the audit profession and the anti-money laundering law were against the constitution.
Hereafter we discuss the impact of the new law on auditors, certified public accountants and the unregulated tax advisors.