The Court of Cassation has considered whether company insolvency proceedings may be extended to a managing director and shareholder who has made payments to himself from the company's bank account.
Background
Das Oberlandesgericht (OLG) Düsseldorf hat mit einem aktuellen Urteil (27.07.2023 – 12 U 59/22) seine eigene Rechtsprechung bestätigt, nach der die regulären Anforderungskriterien an die Überschuldungsprüfung bei Start-ups nicht uneingeschränkt Anwendung finden können.
Hintergrund – Kriterien der Überschuldungsprüfung
On 15 November 2023, the Temporary Act on Transparency of Expedited Liquidation (Turbo Liquidation Act) will enter into force. It aims to increase trust in the expedited liquidation procedure by improving its transparency, the legal protection of creditors and combatting the abuse of the procedure.
Background
The Federal Court of Justice has lowered the threshold for the approval of an insolvency plan by the insolvency court.
Background
The English Court has, for only the second time, made a compensation order under the Company Directors' Disqualification Act 1986 against a disqualified director.
Background
The UK Jurisdiction Taskforce has launched a new public consultation on the treatment of digital assets in English insolvency law.
Crypto assets are 'property'
In November 2019, the UKJT published its seminal legal statement on the status of crypto assets and smart contracts. Since then, there has been widespread acceptance that crypto assets are 'property' for the purposes of English law. And the Law Commission has recently proposed a new, third category of personal property rights to capture digital assets.
Impact on insolvency law
Comme déjà évoqué dans notre article précédent à ce sujet, le concept du transfert d’entreprise constitue l’un des piliers de la réforme du droit de l’insolvabilité en Belgique.
Dans cet article, nous introduisions le concept du transfert d’entreprise sous autorité judiciaire, revu depuis la réforme du 1er septembre 2023.
La présente contribution constitue la deuxième partie du sujet, portant cette fois sur le transfert d’une entreprise qui intervient dans le cadre d’une préparation privée (confidentielle) à la faillite.
Zoals reeds vermeld in ons vorig artikel in deze materie, is het concept van de overdracht van een onderneming één van de pijlers van de hervorming van het insolventierecht in België.
U maakte reeds kennis met het concept van de overdracht van ondernemingen onder gerechtelijk gezag, dat herzien is sinds de hervorming van 1 september 2023.
Deze bijdrage vormt het tweede deel van dit onderwerp, ditmaal over de overdracht van een onderneming in het kader van een "besloten voorbereiding van een faillissement".
As already mentioned in our previous article on this subject, the concept of the transfer of a business is one of the pillars of the reform of insolvency law in Belgium.
In our previous article regarding this subject, we introduced the concept of the transfer of a business under judicial authority, reviewed since the reform as of 1 September 2023.
This contribution constitutes the second part of the subject, and deals with the transfer of a business in the context of a private (confidential) preparation prior to bankruptcy.
Our precedent contribution contained introductory remarks on the reform of insolvency law, which came into force on 1 September 2023. As indicated, this contribution focuses on a key element of this reform.
The revision of the insolvency landscape has not spared the concept of the transfer of business, which is one of its pillars.
The transfer of a business can take place at two stages: as part of a public judicial reorganisation proceeding, but also as part of a silent preparation prior to bankruptcy.