This is the second in a series of articles on how the changes introduced by the 2024 JCT (Joint Contracts Tribunal) contracts will impact the practical administration of the JCT contractual mechanisms.
In this article, we look specifically at the insolvency related provisions in the 2024 Design and Build (D&B) contract and the 2024 Intermediate Building Contract with Contractor’s design (ICD) contract. We address the updates to the definition of insolvency, the impact of those changes for Employers and Contractors and the related knock-on impact to sub-contracts.
El Tribunal Supremo, en su sentencia número 513/2024, de 17 de abril (Rec. 2443/2020) ("la Sentencia"), confirma la válida legitimación del recurrente declarado en concurso de acreedores con suspensión de facultades, en tanto la administración concursal omitió el deber de sustituirlo en el procedimiento en trámite.
In a recent judgment1, the High Court determined (contrary to the arguments of the affected secured creditor) that a debenture created a floating charge rather than a fixed charge over certain internet protocol (IP) addresses. Whilst elements of the decision are inevitably fact-specific, some broader lessons and reminders can be taken from the judgment which will be of general relevance to lenders when taking security.
En los últimos años, sociedades y fondos han sido capaces de aumentar la rentabilidad de sus inversiones al implantar políticas ESG. Esta herramienta les ha permitido, no sólo una correcta mitigación de los riesgos, sino también aprovechar nuevas oportunidades, generar valor y mejorar la reputación corporativa, al mismo tiempo que contribuían al desarrollo sostenible y con impacto en la sociedad.
La Dirección General de Seguridad Jurídica y Fe Pública ha resuelto, en Resolución de 19 de febrero de 2024, que una sociedad concursada, en fase de liquidación, no puede nombrar un administrador único. La DGSJyFP excluye, implícitamente, que subsista cualquier rango de funciones representativas que no se vea afectada por el concurso, a pesar de lo generalmente defendido por la doctrina.
Referencias Jurídicas CMS
Abril 2024
Posts Jurídicos
Corporate / M&A
Avoidance action is an umbrella term for adversary proceedings that seek to unwind or avoid transactions that occurred before an insolvency filing. These actions are also referred to as “claw-back claims” because, by undoing a transaction, an asset or value is being clawed back into the insolvency estate.
El pasado 20 de julio de 2023 fue publicado en el Boletín Oficial de Estado el Real Decreto 668/2023, de 18 de julio, que modificó el Reglamento de planes y fondos de pensiones al objeto de completar la regulación e impulso de los planes de pensiones de empleo y reforzar así, el segundo pilar de la previsión social en España. Este artículo aborda las principales novedades del último desarrollo reglamentario y repasa algunos de los retos que persisten de cara a impulsar y consolidar el segundo pilar y motivar el ahorro.
The number of company insolvencies in 2023 increased by over a third compared to 2022. The hospitality sector was particularly badly affected, with 53% more insolvencies than in 2022.
It appears that 2024 will be similarly challenging for companies in the hospitality sector. The Restaurant Association of Ireland (RAI) has set out the main challenges faced by the industry, including increased energy and labour costs, and the VAT rate reverting to 13.5% after having been reduced to 9% during the covid-19 pandemic.
The High Court has reaffirmed the test to be applied in considering an application to dismiss a bankruptcy summons grounded on a judgment.
The bankruptcy process in Ireland involves multiple steps and the debtor can seek to bring it to a halt at each step. Debtors often seek to rerun effectively the same arguments at each step, ignoring previous findings by the courts. One such step is an application to dismiss a bankruptcy summons.
Introduction
Independent schools have not been immune from financial stress in recent years. Prior to the pandemic a combination of increasing staff costs, greater competition and the need for continual investment in technology and premises was already posing challenges for a number of institutions. This was exacerbated by the unique pressures of COVID, which saw income squeezed as a result of enforced school closures and reduced pupil numbers.