The European Court of Justice (the "ECJ") has ruled that, in certain circumstances, when a subsidiary company is wound up, its employees will transfer automatically to its holding company.
What happened?
Air Atlantic SA ("AIA") was a Portuguese company operating in the aviation sector. It had been providing charter (or non-schedule) flight services since 1985.
On 19 February 1993, AIA was wound up. During the winding-up, several of AIA's employees were dismissed as part of a collective redundancy.
FMLC has written two letters to Treasury regarding bank recovery and resolution:
It seems only fitting that recent decisions by the United States District Court for the Southern District of New York and its bankruptcy court regarding the nature of electricity should have sent, at least initially, a jolt through the energy community. Perhaps the Southern District court would lead the charge for one side or the other in an ongoing debate over whether electricity constitutes goods or services—a controversy that has potentially far-reaching implications (in bankruptcy cases, concerning the priority of claims of electricity providers, and, in ordinary transactions, for
The new personal bankruptcy law enters into force on 1 October 2015
The new personal bankruptcy law enters into force on 1 October 2015. Individuals will now be allowed to go bankrupt while creditors are left to struggle. The rules have caused much apprehension and it remains to be seen how business will operate in the new environment.
Following Parliamentary approval in March 2015, this Implementation Timetable sets out the key dates and changes which have been published to date on the insolvency provisions of the Small Business, Enterprise and Employment Act. This timetable was updated in October 2015.
We will, of course, provide confirmation and updates as and when further guidance is published.
The Small Business, Enterprise and Employment Act
When will the insolvency-related provisions come into force?
Legal changes affecting construction businesses from 1 October 2015
1 October 2015 ushers in a number of legal changes which affect construction businesses operating in the UK. We have provided brief highlights of some of the changes below. If you need further information, please contact us using the details on the right.
More important changes to the Insolvency Act 1986 (IA86) and other insolvency- related legislation come into force this week (1 October 2015) as a result of the Small Business, Enterprise and Employment Act 2015 (SBEEA 2015).
We have updated our Implementation Timetable to reflect the changes.
Ruling description
In the judgment of August 18, 2015 (case no. II FSK 2510/13) the Supreme Administrative Court confirmed that a registered partnership is excluded from the scope of application of the Capital Duties Directive (69/335/ EEC). Therefore, Restructuring activities in such a company are subject to civil law transactions tax (PCC).
The Czech Supreme Court recently issued two decisions having significant impact on the position of secured creditors (i.e. generally financial institutions) within insolvency proceedings. Both decisions stem from one of the first major insolvencies conducted under the (then new) Czech Insolvency Act effective from 2008 in respect of the group of companies in a glass-making business. This article briefly reviews those decisions and points out their practical effects on the rights of secured creditors.
Security interest in rental income
On September 2, the FDIC issued its latest Quarterly Banking Profile. The Profile indicates that community banks and savings institutions reported an aggregate net income of $43 billion in the second quarter of 2015, the highest quarterly income on record. The FDIC attributed this rise in second quarter income to steady loan growth at most institutions along with a sharp increase in community bank earnings as compared to the second quarter of 2014.