Op 7 juni 2019 heeft de Hoge Raad uitspraak gedaan in een procedure over de niet-voortzettingseis in de liquidatieverliesregeling die Loyens & Loeff namens een cliënt heeft gevoerd tegen de Belastingdienst.
Op grond van een Europese richtlijn gelden specifieke regels die beogen om werknemers te beschermen als er sprake is van een bedrijfsovername die in juridische zin aangemerkt kan worden als ‘overgang van onderneming’ (OVO). Deze bescherming geldt echter niet indien de werkgever in staat van faillissement is verklaard.
On 8 March 2019 the consultation on the partial revision of the banking act was initiated by the Federal Council. The amendments have an impact on bank restructurings, deposit insurance and intermediated securities. The consultation period will close on 14 June 2019.
Insolvency and restructuring measures
What is a Statutory Demand?
A Statutory Demand is a formal 21-day demand for payment issued by a creditor to a debtor.
When can a Statutory Demand be issued?
You can issue a Statutory Demand if your debt is owed from a limited company or an LLP and is a liquidated sum of more than £750 or when a creditor is owed a debt from an individual, a sole trader or a partnership as long as the debt is for a liquidated sum of more than £5000 and is unsecured.
In 2018 the Insolvency Service recorded that Company insolvencies were at their highest level since 2014, with a slight increase of 0.7% on 2017. Individual insolvencies were also at their highest level since 2011 with an increase of 16.2% on2017. There was a 19.9% increase on Individual Voluntary Arrangements (“IVAs”) which is the highest level ever recorded. With this in mind, businesses need to focus on tight cash flow across all areas and understand the importance of putting a credit policy in place.
La loi du 15 avril 2018 portant réforme du droit des entreprises bouleverse indéniablement la législation économique en Belgique. Désormais, la réglementation propre aux entreprises est refondue et englobe les associations (internationales) sans but lucratif (AS(I)BL) et les fondations notamment sous l’égide du Code de Droit Economique (CDE). Toutes les A(I)SBL sont maintenant pleinement considérées comme des entreprises. Mais quelles en sont les conséquences pratiques ?
Le concept d’entreprise redéfini
Goodbye 2018 and hello 2019! It is that time of year to take stock and review your cash flow for 2019.
The Court of Appeal has issued a welcome clarification of rules regulating the payment of dividends to shareholders in Global Corporate Ltd v Hale [2018] EWCA Civ 2618.
Facts
The case was appealed from the ruling of Judge Matthews in the High Court [2017] EWHC 2277 (Ch). At issue were several payments made by Powerstation UK Limited (the “Company”) to Mr Hale, who was a director and shareholder of the Company at the relevant times.
It seems as though every one of our much loved high street restaurants are currently having to consider closing restaurants as part of their Company Voluntary Agreement (CVA) as restaurants struggle with their finances. But what is a CVA and how can they help the casual dining sector survive the current high-street crisis?
What is a Company Voluntary Agreement or CVA?
A mortgage bank has the power to foreclose and sell the collateral if the debtor is in default. However, this power does not apply in full. There is a risk of abuse of power in this respect. The circumstances, motives and actions of the parties play a major role in this. In this situation, the interests of the mortgage bank and the debtor are diametrically opposed. The mortgage bank has an interest in claiming the outstanding claim and the debtor has an interest in maintaining his immovable property.