A Carey Olsen regulatory team consisting of Guernsey partner Mark Dunster and associate Luke Sayer, have had a significant success for their client, a leading financial services business (the “Liquidator” or “Applicant”), by successfully making an application for the restoration of a Guernsey company – previously a property holding company (the “Company”) - pursuant to the Companies (Guernsey) Law, 2008, as amended (the “Companies Law”).
THE ISSUE
Judgment of the Court of Appeal of Porto of October 8, 2015
Culpable insolvency – Duration of disqualification of the insolvent party
INTRODUCTION
The Royal Court of Guernsey has taken the welcome step of dedicating specific court time to company and insolvency matters.
THE PRACTICE DIRECTION
Judgement No. 362/2015 - Official Gazette No. 186/2015, Series II of 09/23/2015
The Constitutional Court ruled unconstitutional the provision of Article 100 of the Insolvency and Corporate Recovery Code, approved by Decree-Law No. 53/2004, of March 18, if interpreted as the declaration of insolvency provided therein suspends the limitation deadline of tax debts attributable to the responsible subsidiary responsible person according to the tax procedure.
Judgment of the Supreme Court of 08/10/2015
BARCELONA PROVINCIAL COURT (DIVISION 15) RULING OF JUNE 31. 2015, NO. 170/2015: CHANGE IN THE RULE FOR DETERMINING THE EXISTENCE OF A GROUP UNDER THE INSOLVENCY ACT
In this judgment, the Provincial Court of Barcelona modified its previous position (despite a degree of dissent) on the concept of group for insolvency proceeding purposes.
DECISION OF THE GENERAL DIRECTORATE ON REGISTRIES AND NOTARIAL ACTIVITIES DATED OCTOBER 6, 2015: NO PUBLIC DEED REQUIREMENT FOR REGISTERING PROPERTY JUDICIALLY AWARDED IN AN INSOLVENCY PROCEEDING
ACT 42/2015 AMENDS ARTICLE 1964 OF THE CIVIL CODE (STATUTE OF LIMITATIONS ON ACTIONS)
In an important judgment published last week, the Royal Court of Jersey has provided guidance to trustees and other holders of fiduciary powers in relation to the exercise of powers when a trust is considered to be “insolvent”. Counsel in the case was unable to find any relevant authority on this subject in any other trusts jurisdiction, so this may well be one of the first cases to deal with this issue.
DOING BUSINESS IN PORTUGAL A legal and tax perspective This guide provides general information to investors intending to operate in Portugal on legal issues on which they may need advice. It is not intended, and cannot be considered, as a comprehensive and detailed analysis of Portuguese law or, under any circumstances, as legal advice from Cuatrecasas, Gonçalves Pereira. This guide was drafted on the basis of information available as of October, 2015. Cuatrecasas, Gonçalves Pereira is under no obligation and assumes no responsibility to update this information. All rights reserved.
british virgin islands cayman islands guernsey jersey cape town london www.careyolsen.com 1 bvi litigation & insolvency client update - SEPTEMBER 2015 Dispute Resolution & Litigation | Restructuring & Insolvency British Virgin Islands Welcome to our September BVI litigation and insolvency bulletin, co-authored by Ben Mays, Andrew Chissick and Jevaughn Rhymer. This edition of the bulletin contains reports on four recent cases: • Privy Council authority concerning a contested, Court-run auction of a property arising in the liquidation of a well-known luxury Caribbean resort.