Under the Act of August 10 2016 modernising the Company Law 1915 (which entered into force on August 23 2016) Luxembourg law now officially recognises that companies can be wound up by means of a simplified procedure. This is an unquestionably useful tool which will further enhance Luxembourg's business-friendly reputation.

Thanks to the Act of 10 August 2016 modernizing Luxembourg company law, which entered into force on 23 August 2016 (the “New Act”), the Grand Duchy now officially recognizes the possibility for companies to be wound up by means of a simplified procedure. This is unquestionably a useful tool which will further enhance Luxembourg's business-friendly reputation.

Op 13 juli 2016 zijn de consultatieversies van het wetsvoorstel Wet herstel en afwikkeling van verzekeraars (het "Consultatie Wetsvoorstel") en bijbehorende memorie van toelichting ("MvT') gepubliceerd. De consultatieperiode is op 28 augustus 2016 gesloten. Met het Consultatie Wetsvoorstel beoogt de minister het wettelijk kader voor herstel en afwikkeling van verzekeraars te versterken.

Like most companies that file for chapter 11 protection, many debtors in the health care industry may have outstanding liabilities that have not been finally adjudicated as of the petition date. This can include tort claims based on allegations of medical malpractice, elder abuse, patient dumping, violations of a patient’s bill of right or various other allegations of improper care. Bankruptcy courts can estimate the value of these claims to facilitate the speedy confirmation of a debtor’s plan without subjecting the debtor to a lengthy trial during its restructuring.

Per 1 juli 2016 worden een viertal nieuwe wetten ingevoerd die van belang zijn voor bestuurders en ondernemingen.

On 1 July 2016 four important new laws applicable to businesses and directors will enter into effect.

De verjaringstermijn van na faillietverklaring vervallende rentevorderingen neemt pas een aanvang na het eindigen van het faillissement. Dat heeft de Hoge Raad op 24 juni 2016 geoordeeld in het arrest Boele's Scheepswerven II. Schuldeisers hoeven de verjaring van rentevorderingen gedurende een (eerste) faillissement dan ook niet te stuiten.

Ever since the U.S. Court of Appeals for the Second Circuit decided Zeig v. Mass. Bonding & Insurance Co. in 1928, it has been well-settled that a policyholder can compromise a disputed claim with its insurer for less than the full limits of the policy without putting its rights to excess coverage at risk.

Last month, the United States Court of Appeals for the Eleventh Circuit upheld the Bankruptcy Court and United States District Court for the Middle District of Florida determination that the authorized swapping of parts among aircraft to maximize efficiency “did not and could not commingle the participants’ ownership interests.” In re Avantair Inc., No. 15-10303, slip op. (Eleventh Circuit, February 3, 2016). The ruling helps to clarify uncertainties regarding the legal status of fractional ownership arrangements.

Brief Overview

Bad news for midstream counterparties of bankrupt oil & gas producers: you may not be able to rely (as much as you might have expected) on covenants “running with the land” to save your contracts from rejection in bankruptcy.