The Belgian legislator is preparing a legal framework on insolvency law to expand the restructuring toolbox. On 26 March 2023, a draft bill was published transposing EU Directive 2019/1023 on restructuring and insolvency. The Bill should be voted before the summer holidays. Our Restructuring & Insolvency team has identified five things you need to know about the upcoming changes.
Two and a half years after the beginning of the COVID-19 crisis, and on the verge of an economic recession, important developments are emerging in Spanish insolvency law.
Tras dos años y medio desde que empezara la crisis del COVID-19 y a las puertas de una recesión económica, surgen novedades importantes en el Derecho de la Insolvencia en España.
The Luxembourg act of 28 October 2022 introducing the procedure of administrative dissolution without liquidation (procédure de dissolution administrative sans liquidation, the "Administrative Dissolution Procedure") (the "Act") has just been published and will enter into force on 1st February 2023.
Background and objective
The purpose of the Act is to dissolve empty shell companies within a short timeframe at reduced costs for the Luxembourg State.
On 26 June 2019, the Directive on restructuring and insolvency[1] of the European Parliament and of the Council was published in the Official Journal of the European Union.
The ‘roaring twenties’ of this century have left the business world in constant turmoil. After emerging from the pandemic, geopolitical tensions and the resulting economic uncertainty have pushed companies to rethink their organisational structures and rework their operating models and supply chains. Digitalisation and automation of the workforce is now at the forefront as businesses respond to rapidly changing customer needs. All of this requires companies to focus strategically on change management, as well as major workforce restructurings and reorganisations.
Introduction
General obligation for creditors to file their claims
Nature of claims admissible in bankruptcy
Valuation of declared contingent claims
Podwyższeniu ma ulec maksymalny wymiar kar pieniężnych nakładanych na związki przedsiębiorców przez organ ochrony konkurencji i konsumentów. A w przypadku niewypłacalności związku, przewiduje się odpowiedzialność solidarną jego członków.
The Act of 17 December 2021 has extended the transitional measures provided for by the Act of 23 September 2020 until 31 December 2022. In practice, Luxembourg-based companies can hold either virtual board and shareholder meetings, even if their articles of association provide otherwise, or physical meetings if they respect the applicable sanitary conditions.