Het insolventierecht onderging recent een grote wijziging op het gebied van de reorganisatieprocedures. De fiscale wetgeving werd vervolgens aan deze nieuwe procedures aangepast en daarbij werden tegelijk ook de inhoud van een aantal belangrijke fiscale regels gewijzigd.
De belangrijkste wijziging heeft als gevolg dat een schuldkwijtschelding binnen het kader van een reorganisatieakkoord fiscaal minder interessant wordt. Hoe dat precies zit, verneemt u in dit artikel.
Le droit de l'insolvabilité a récemment fait l'objet d'un changement majeur en ce qui concerne les procédures de réorganisation. La législation fiscale a ensuite été adaptée à ces nouvelles procédures, tout en modifiant le contenu de certaines règles fiscales importantes.
Le changement le plus important a pour conséquence qu'un apurement des dettes dans le cadre d'un accord de réorganisation devient moins intéressant du point de vue fiscal. Dans cet article, vous découvrirez comment cela fonctionne exactement.
On 23 January 2024, the Court of Appeal overturned the High Court's sanction of Adler Group's (Adler) restructuring plan (the Plan) (see our alert). This much anticipated judgment provides clarity on the court's discretion to sanction a plan where there are dissenting classes of creditors.
Background
The Plan envisaged:
Key points
The English High Court has re-affirmed its jurisdiction where a disputed petition debt arises from a contract with an exclusive jurisdiction clause (EJC) in favour of a foreign court.
Background
Background
This case involved a winding up petition presented against Bridger & Co Ltd (the Company) on 15 June 2023. The petition debt arises out of a funding agreement between the parties. The Company applied for an injunction to restrain the advertisement of the petition on various grounds. The court declined to make an injunction.
Decision
The judgment helpfully confirms the position on three issues in these types of proceedings:
In a recent landmark case, the Court of Final Appeal in Hong Kong (CFA) clarified its approach to bankruptcy proceedings where the disputed petition debt arises from a contract with an exclusive jurisdiction clause (EJC) favouring a foreign court.
Background
The bankruptcy proceedings related to a disputed debt due under a credit agreement with an EJC favouring New York. The Hong Kong Court of Appeal (CA) upheld the EJC, setting aside the bankruptcy order to allow the dispute to be determined under the agreed jurisdiction. The applicant appealed to the CFA.
In a recent case before the Federal Court of Justice, an insolvency administrator was found to have neglected his duties of investigation in a particularly serious and reproachable manner.
Decision
The insolvency administrator had contested the offsetting of an investment subsidy by the creditor bank to balance the debtor’s accounts.
The focus of the decision was whether the insolvency administrator had made the contestation claim within the statutory limitation period. In Germany, this is usually three years and starts:
The October 2023 insolvency statistics show that company insolvencies have risen by 17.6% from October 2022 to October 2023 and by 56.7% since pre-pandemic levels in October 2019. Total insolvencies have reached the highest levels since 2009.
The English High Court has clarified the test it will apply on an application for a moratorium. A company can get the benefit of a moratorium without applying to court but a court application is necessary if a winding up petition has already been presented or the company is an overseas company.
Background