The Government has announced that it will introduce new measures to subject pre-pack sales in an administration to a connected person to mandatory independent scrutiny.
On 29 September 2020, the Dutch Senate’s justice committee decided that the Dutch Scheme bill can be dealt with as a formality (hamerstuk) without further debate. It did so after the Dutch Government submitted to the Dutch Senate’s justice committee its memorandum of reply (Memorie van Antwoord) regarding the Dutch Scheme, or to use the full title: the Act on confirmation of private restructuring plans (commonly referred to as the WHOA, after its Dutch acronym). This blog highlights the various topics covered in the memorandum of reply.
In this week’s update: designated members of an insolvent LLP breached their fiduciary duties when they agreed to waive a debt owed to the LLP, a gift of shares was effective, even though there was no evidence of an executed instrument of transfer and the Pre-Emption Group extends the relaxation of its principles to 30 November 2020.
“Buy land, they’re not making it any more”. Are CVAs making a mockery of Mark Twain’s advice?
“Lies, damned lies, and statistics”
Si certains employeurs peuvent affronter la crise actuelle en mettant en œuvre un régime de chômage temporaire – consistant soit en une suspension complète du contrat de travail ou en une suspension partielle et partant à l’application d’une réduction du temps de travail – d’autres employeurs sont contraints de procéder à des licenciements. Des mesures complémentaires de soutien ont été adoptées afin de compenser la diminution des activités par une réduction du temps de travail, permettant ainsi de faire baisser le coût du travail sans devoir procéder à des licenciements.
In this week’s update: more details on plans for reforms of governance, audit and executive pay, Companies House is ending its temporary strike-off policy, the court orders virtual meetings on a scheme of arrangement and the FRC calls for participants in a review of company disclosures.
In this week’s update: The Corporate Insolvency and Governance Act 2020 comes into force, the Government extends company and LLP filing deadlines, new guidance on public health emergency takeover interventions, FCA censure of accompany for historic market abuse and a few other items.
Dutch law provides for an extension of the limitation period in relation to claims that were “deliberately hidden” from the creditor (article 3:321 (f) Dutch Civil Code). The extension also applies if the debtor deliberately hid the fact that the claim had become due and payable (upon fulfilment of a certain condition, for example). It is, however, unclear what kind of conduct qualifies as deliberate hiding.
In this week’s update: the test for an LLP member to bring a derivative claim, updated guidance on company meetings, the court sanctions a takeover despite not all beneficial owners being able to vote on the scheme and a few other items.
Covid-19 is affecting the way people conduct their business, retain their staff, engage with clients, comply with regulations and the list goes on. Read our thoughts on these issues and many others on our dedicated Covid-19 page.
On 26 May 2020, the Dutch Parliament’s House of Representatives (Tweede Kamer) adopted the Act on confirmation of private restructuring plans (Wet homologatie onderhands akkoord (“WHOA”)). The next step will see the WHOA put to vote in the Senate.