La directive du 20 juin 2019 relative aux restructurations harmonise pour la première fois la législation sur l'insolvabilité au niveau européen.
Une partie importante de cette directive concerne les cadres de restructuration préventive, qui visent à limiter la liquidation inutile d'entreprises viables.
En Belgique, cela aura principalement un impact sur la réorganisation judiciaire, et plus particulièrement sur la réorganisation judiciaire par accord collectif.
On 24 February 2022, Russia invaded Ukraine in a major escalation of the conflict between the countries that began in 2014. The invasion by Russia was swiftly followed by international condemnation and a raft of sanctions which imposed financial, trade and other restrictions on Russia.
The Coronavirus (Recovery and Reform) Scotland Act was passed by the Scottish Government on 28 June 2022 and enacted on 10 August 2022 (the "Act"). It makes two key changes to insolvency and diligence in Scotland.
Bankruptcy floor limit
A recent law, which came into force on 21 July 2022, amends the regulation for the accounting professions with regard to their professional practice and the anti-money laundering prevention.
The law was enacted after the Constitutional Court ruled in two judgments that various provisions of the law relating to the audit profession and the anti-money laundering law were against the constitution.
Hereafter we discuss the impact of the new law on auditors, certified public accountants and the unregulated tax advisors.
In Scotland claims (e.g. the right to payment) are currently transferred by assignation followed by intimation (i.e. notice) of the transfer to the party which is under an obligation to perform the obligation (e.g. making a payment).
As regular readers of our blogs will know, a group claims procedure came into force in Scotland on 31 July 2020.
Do landlords do get a good deal in CVAs? It would seem they do (if you don't read the small print…)
A few weeks ago we blogged that we were expecting RSM's research report, which was commissioned by the Insolvency Service, into the impact of CVAs on the landlords. The specific question in the research paper was: "are landlords equitably treated, compared to other creditors in large business CVAs?".
This series looks at the enforcement options available to creditors to recover sums due by a debtor in Scotland. In the previous edition we looked at Inhibition which is similar to a Charging Order in England. A reminder can be read here. In this edition, we now turn to look at how Earnings Arrestment operates in Scotland.
If you have fraudulently obtained Covid-19 financial support, such as a Bounce Back Loan, you must be pretty worried by recent headlines that show company directors being disqualified, fined and jailed.
There is a sense of "judgment fatigue" when it comes to decisions about the validity of an administrator's appointment or the extension of the administrator's time in office. However, the decision of Deputy ICC Judge Curl QC, in the case of Re E Realisations 2020 Limited, is worth paying attention to.