In early 2016, the Government commissioned an examination into laws protecting employees following the overnight closure of the historic Clerys department store in Dublin in June 2015, with the immediate loss of 460 jobs. We review the recently published report which sets out six key proposals for legislative reform.
On 3 June 2016, the Hong Kong Government gazetted the Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance 2016 (“Amendment Ordinance”). The date of commencement of the Amendment Ordinance will be appointed by the Secretary for Financial Services and the Treasury by notice published in the Gazette.
Background
The European Court of Justice has held that a director of an English company can be liable for breach of German company law where insolvency proceedings are opened in Germany.
In a recent High Court decision, the validity of the appointment of joint receivers by ACC Loan Management Limited by deed under seal was upheld, and an order for possession in favour of those receivers was made.
In our recent note “Treatment of senior unsecured debt in European leveraged finance transactions: the need for an intercreditor agreement”, which can be viewed here, we addressed the increase in flexibility in European financings to incur senior unsecured debt and the risk that the lack of any agreed intercreditor arrangement may impair senior secured lenders’ ability to realise recoveries from a European Credit
The judgment of Snowden J. in the adjournment of the convening hearing relating to a scheme of arrangement (the “Scheme”) proposed by Indah Kiat International Finance Company B.V. (“Indah Kiat”) emphasises some important points that must be borne in mind by debtors, investors and advisers when preparing for a scheme, such as the importance of allowing sufficient time for preparation of all relevant supporting evidence and documentation, and allowing for a realistic notice period for creditors.
While fears of another downturn loom, the European financial markets have innovated, evolved and grown.
Following the collapse of Lehman Brothers and the period that followed, the markets have more understanding of the credit risk spectrum. This includes jurisdictional risk, available restructuring options and the complexity involved in any enforcement process.
Bankruptcy law in Ireland is now, broadly speaking, in line with that of the United Kingdom.
In particular, for bankrupts who cooperate with the bankruptcy process:
- bankruptcy will end in one year; and
- their interest in their family home will re-vest in them after 3 years.
Notably however, the courts will have discretion to extend the period of bankruptcy for up to 15 years for non-cooperative individuals and those who have concealed or transferred assets to the detriment of creditors.
13 ноября 2015 года был подписан Закон РК «О внесении изменений и дополнений в некоторые законодательные акты Республики Казахстан по вопросам реабилитации и банкротства» (далее – «Закон»), положения которого введены в действие 29 ноября 2015 года. Закон предусматривает поправки в Гражданский процессуальный кодекс РК, Налоговый кодекс РК, Закон РК «О реабилитации и банкротстве» и Закон РК «Об исполнительном производстве и статусе судебных исполнителей».
On 13 November 2015, the Law of the Republic of Kazakhstan “On Introduction of Amendments and Supplements to Certain Legislative Acts of the Republic of Kazakhstan on the Issues of Rehabilitation and Bankruptcy” (the “Law”) was signed and its provisions were put into effect on 29 November 2015.