The Treasurer has announced major proposed reforms to Australia’s insolvency framework aimed at facilitating the restructuring of small to medium businesses (MSMEs) and streamlining their liquidation if rescue is not achievable (Reforms). The Reforms are intended to come into effect from 1 January 2021, after the suite of current insolvency protections introduced to address the economic impact of COVID-19, expire on 31 December 2020.
The Australian Government has announced that the operation of temporary COVID-19 relief measures for businesses in the hope of aiding distressed companies and preventing further economic breakdown will be extended until 31 December 2020.[1]
In its recent judgment involving the PAS Group of companies[1], the Federal Court held that rent payable by the PAS Group during an extension of the period in which an administrator had been excused from personal liability (Standstill Period) is an expense properly incurred by a ‘relevant authority in carrying on the company’s business’ and is therefore a priority debt under s 556(1)(a) of the Corporations
On 25 June 2020, the Corporate Insolvency and Governance Act 2020 (the Act) received Royal Assent and it now forms part of UK law. Among other provisions, the Act addresses the difficulties faced by UK companies as a result of the COVID-19 pandemic when it comes to holding meetings of shareholders and filing documents with the UK Registrar of Companies (Companies House).
The Act includes the following in relation to company meetings and filings:
Meetings
Die Geltung von Tarifverträgen kann nicht davon abhängig gemacht werden, dass die Arbeitsvertragsparteien mit einer Bezugnahmeklausel auf die Tarifverträge verweisen.
Das BAG hat entschieden, dass die Tarifvertragsparteien in Tarifverträgen nicht vereinbaren können, dass trotz beiderseitiger Tarifgebundenheit von Arbeitnehmer und Arbeitgeber die Ansprüche aus einem Tarifvertrag nur dann bestehen sollen, wenn die Arbeitsvertragsparteien den Tarifvertrag durch eine Bezugnahmeklausel individualvertraglich nachvollziehen.
El RDL 16/2020 de 28 de abril y el Texto Refundido de la Ley Concursal, que entrará en vigor el 1 de septiembre de 2020, han suscitado numerosas cuestiones, a la vista de la situación compleja que previsiblemente se avecina. Para abordar, desde un punto de vista práctico y ágil, las principales novedades que plantean, Bird & Bird celebró el pasado 30 de junio un webinar, bajo el título Principales novedades en materia preconcursal y concursal a raíz del RDL 16/2020 y el nuevo Texto Refundido de la Ley Concursal.
The Corporate Insolvency and Governance Act 2020 (the "Act") represents big changes to the current insolvency legislative framework and potentially to companies who may be affected by an insolvency within their supply chain. It will introduce new protections for insolvent companies against creditors wishing to exercise termination rights within supply contracts and against more aggressive creditor action.
The Supreme Court of New South Wales has helpfully given guidance to the liquidators of the RCR Tomlinson Group on a number of unsettled questions that have challenged insolvency practitioners (particularly liquidators of construction companies) when assessing whether certain intangible rights and assets are circulating assets.
The questions include:
This week, the Federal Court published judgments in three unfair preference claims brought by the liquidators of the Gunns Group. We acted for the liquidators in each proceeding.
Gerade im Anbetracht der aus der Corona-Pandemie folgenden Krise stellt sich die Frage: Was passiert mit Token in der Insolvenz, insbesondere, wenn sie von einem Dienstleister für seine Kunden verwahrt werden?