Background
Delaware has seen a significant uptick in the number of assignment for the benefit of creditors (ABC) filings. Through recent decisions, the Court of Chancery has sent a strong message that it expects parties pursuing this bankruptcy alternative to do a better job of justifying the relief they seek. This will require significantly more frequent and robust disclosures to the court and public.
From 15 February 2022, the UK Insolvency Service is granted new powers to investigate and disqualify or prosecute directors of dissolved UK companies. The Rating (Coronavirus) and Directors Disqualification (Dissolved Companies) Act (the Act) extends the Insolvency Service’s powers, on behalf of the UK Business Secretary, to deal with company directors who abuse the company dissolution process.
For some time, the reliance on section 553C of the Corporations Act 2001 (Cth) (Act) as a "set-off" defence to an unfair preference claim, under section 588FA of the Act, has caused much controversy in the insolvency profession. Defendants of preference claims loved it, liquidators disliked it and the courts did not provide clear direction about its applicability – until now.
For some time, the reliance on section 553C of the Corporations Act 2001 (Cth) (Act) as a "set-off" defence to an unfair preference claim, under section 588FA of the Act, has caused much controversy in the insolvency profession. Defendants of preference claims loved it, liquidators disliked it and the courts did not provide clear direction about its applicability – until now.
Verkopers en leveranciers van roerende goederen kunnen problemen met slecht betalende klanten voorkomen via een beding van eigendomsvoorbehoud.
Met dit beding kan men namelijk contractueel bepalen dat het eigendomsrecht op een bepaald goed pas overgaat nadat de derde-verkrijger er de prijs volledig van heeft betaald.
Les vendeurs et les fournisseurs de biens mobiliers peuvent faire face aux problèmes rencontrés avec des clients mauvais payeurs par l’insertion d’une clause de réserve de propriété.
Par cette clause, il peut notamment être prévu contractuellement que le droit de propriété d'un certain bien ne sera transféré qu'après paiement intégral du prix par l’acheteur.
Sellers and suppliers of movable assets can avoid problems caused by poorly-paying customers through a retention of title clause.
This clause makes it contractually possible to stipulate that ownership of a certain good does not transfer until the purchaser has paid the full price.
In her recent keynote speech, delivered at the 25th IBA Competition Conference on 10 September 2021, European Commission (the Commission) Executive Vice President Margrethe Vestager called for a green revolution—the replacement of a linear economy with a circular one, coupled with investments in infrastructure.
The UK government has announced that temporary restrictions on creditor action introduced in the Corporate Insolvency and Governance Act 2020 are to be phased out. These temporary restrictions were put in place to protect businesses in financial distress, as a result of the coronavirus (COVID-19) pandemic, from being forced into insolvency.