On 23 September the Insolvency Service published responses to its "Review of the Corporate Insolvency Framework consultation" which in May had suggested four key changes to the UK’s corporate insolvency regime:

On December 10, 2016, Ontario’s Forfeited Corporate Property Act, 2015 (the FCPA), comes into force,1 along with related amendments to the Ontario Business Corporations Act (the OBCA).

On August 2, 2016, the IRS issued proposed regulations taking aim at valuation discounts with respect to closely-held interests for gift, estate and generation-skipping transfer tax purposes. If adopted, even with clarifying language, the proposed regulations will impact certain estate planning strategies.

Facility agreements almost always contain events of default based on a borrower's insolvency. Defining insolvency is therefore key. In this article published in July 2013 we discussed how, following Eurosail¹ , the common law was beginning to move the statutory tests of insolvency towards a more commercial view.

On 25 May 2016, the Insolvency Service published a consultation paper aimed at reforming various aspects of the UK's corporate insolvency regime. It has now collected responses from various interested parties including Dentons. Some proposals focus on the issue of rescue finance, and how to make sure businesses have access to suitable finance to continue to trade out of financial difficulty or achieve a suitable restructuring.

Sultani Decrees

Sultani Decree No. 39/2016

Enacting the Law on the continued validity of the licences of foreign accountancy and audit firms and the exemption of Omani owners of such firms from the full time requirement.

The Law extends the validity of the licences and the exemption up to 31/12/2017 renewable by a decision from the Ministers Council.

Issued on 18 August 2016. Effective from the day after the date of publication.

Sultani Decree No. 40/2016

The United States Court of Appeals for the Second Circuit recently articulated a standard to determine what claims may be barred against a purchaser of assets "free and clear" of claims pursuant to section 363(f) of the Bankruptcy Code and highlighted procedural due process concerns with respect to enforcement.¹  The decision arose out of litigation regarding certain defects, including the well-known "ignition switch defect," affecting certain GM vehicles.  GM's successor (which acquired GM's assets in a section 363 sale in 2009) asserted that a "free and clear" provisi

On 25 May, the Insolvency Service published a consultation paper on options for reform of the UK's corporate insolvency regime. Their impetus is for the UK to remain at the forefront of insolvency best practice to ensure businesses, investors and creditors remain confident that best outcomes can be achieved when faced with financial difficulty, and to give a company the best possible chance to restructure its debts and return to profitability while protecting employees and creditors.

Introduction

14 червня 2016 р. було прийнято новий закон «Про фінансову реструктуризацію» (Закон), який повинен розв’язати багато протиріч та допомогти в проведенні реструктуризації боргів в Україні.

Закон запроваджує нову процедуру реструктуризації фінансової заборгованості українських боржників-юридичних осіб (Реструктуризація).

Особливості нової процедури Реструктуризації: