On 30 January 2020, the World Health Organization declared that the coronavirus outbreak constituted a public health emergency of international concern. The PRC and Hong Kong have been at the forefront of the coronavirus outbreak.
On 30 January 2020, the World Health Organization declared that the coronavirus outbreak constituted a public health emergency of international concern. The PRC and Hong Kong have been at the forefront of the coronavirus outbreak.
The UAE has pioneered a new insolvency regime for individuals or natural persons with the issuance of the stand-alone Insolvency Law No. 19 of 2019 (Insolvency Law), which has come to effect as of 30 November 2019.
The Insolvency Law is intended to provide sufficient protections to natural or civil persons who are facing financial distress and are unable to settle their debts, unlike the UAE Bankruptcy Law which regulates commercial companies and individuals considered as traders under the Commercial Transactions Code.
The UAE has pioneered a new insolvency regime for individuals or natural persons with the issuance of the stand-alone Insolvency Law No. 19 of 2019 (Insolvency Law), which has come to effect as of 30 November 2019.
The Insolvency Law is intended to provide sufficient protections to natural or civil persons who are facing financial distress and are unable to settle their debts, unlike the UAE Bankruptcy Law which regulates commercial companies and individuals considered as traders under the Commercial Transactions Code.
In re Markus, 607 B.R. 379 (Bankr. S.D.N.Y. 2019) [click for opinion]
To date, EU-wide insolvency legislation has focused on resolving conflicts of laws issues between Member States. Now that the Preventive Restructuring Framework Directive (the "Directive")1 has successfully navigated its way through the Council and European Parliament (albeit with some significant amendments to the original text), all of that is set to change.
The global economy is growing at about 3% a year. This is roughly equal to the average growth rate for the last 50 years. However, growth predictions are ticking slightly downwards, mainly due to concerns around trade. And there are still high levels of government and corporate debt arising from the financial crisis and subsequent period of low interest rates. Nowhere is this better illustrated than China, which is forecast to overtake the US as the world's largest economy as early as this year, on some measures.
It's been yet another busy year for construction, with BIM developments, greater use of modern methods of construction, looming Brexit, increased insolvencies, building safety progress, a brighter spotlight on diversity... In this article, we take a look at some of the key legal changes and industry developments for the construction industry, and highlight a few things to expect in 2020.
Legal Changes
Fewer disputes
Philip Stephen Wallace (as liquidator of Carna Meats (UK) Limited) –and- George Wallace [2019] EWHC 2503 (Ch)
The High Court has recently revisited the question of whether section 236 of the Insolvency Act 1986 has extraterritorial effect and considered the differing views expressed in previous cases.
As reported in Building earlier this year (4 February) the construction industry experienced the highest number of insolvencies of any UK industry in 2018. Last year saw 2,954 firms become insolvent, an increase of 12% on the previous year and more than in any year since 2013. It is well known that the construction industry is particularly prone to insolvencies and there has been a great deal written about why that is the case and what can be done about it.