The inter-relationship between disputed debts, arbitration agreements and winding up proceedings has come up again this time before the Privy Council in Sian Participation Corp (In Liquidation) v Halimeda International Ltd [2024] UKPC 16. In delivering this important judgment, the Privy Council looked closely at the dividing line between two areas of public policy, namely insolvency and arbitration.
Background
In this guide, we explain what to do when you no longer need a company that has been incorporated or registered in the British Virgin Islands (Company). Assuming the Company is solvent, you have two options: (1) arrange for the Company to be voluntarily liquidated and dissolved (Liquidated); or (2) leave (or apply for) the Company to be administratively struck-off and dissolved (Administratively Dissolved). For the reasons set out below, we usually recommend a Company is Liquidated, rather than Administratively Dissolved.
Medio 2023 heeft de Tweede Kamer een start gemaakt met de behandeling van het wetsvoorstel voor de (nieuwe) Energiewet. De Energiewet bevat de regels voor de elektriciteits- en gasmarkt en het energiesysteem. Met de komst van de nieuwe Energiewet, zullen de huidige Gaswet en Elektriciteitswet 1998 worden vervangen.
Introduction
The first stage in any restructuring by way of a scheme of arrangement in the Cayman Islands involves meetings of such classes of creditors or shareholders (as the case may be) to consider, and if thought fit, approve the terms of the scheme. An application to Court is required for orders to be granted for convening such meetings. If, at these meetings, the requisite statutory majorities are satisfied, the second stage involves obtaining Court sanction for the proposed scheme to become effective.
Bermuda, the British Virgin Islands and the Cayman Islands all have legislation that enables a company to present a scheme of arrangement to restructure its debts.
One of the defining features of a scheme of arrangement carried out under the relevant legislation in each jurisdiction is the ability to cram down dissenting creditors or members (or classes of them, as the case may be) if the requisite statutory majorities are satisfied and Court sanction of the proposed scheme is obtained.
De Hoge Raad heeft zich uitgelaten over de vraag in hoeverre er rekening moet worden gehouden met de draagkracht van een rechtspersoon bij het opleggen van een boete. De zaak waarin deze vraag speelde, gaat over een bedrijf dat is veroordeeld wegens het meermalen medeplegen van valsheid in geschrifte. In hoger beroep heeft het Openbaar Ministerie een boete gevorderd van 135.000 euro.
www.ploum.nl Kwartaalupdate Bestuurdersaansprakelijkheid Q3 2023 1 START IT UP! Introductie Auteurs: Thomas Munnik en Annerieke Meerkerk In het derde kwartaal van 2023 zijn op www.rechtspraak.nl verschillende uitspraken gepubliceerd waarin de ingestelde vordering gegrond was op bestuurdersaansprakelijkheid. In deze Kwartaalupdate Bestuurdersaansprakelijkheid voor Q3 2023 is een selectie gemaakt uit deze uitspraken. De navolgende onderwerpen komen aan bod: 01. Bestuurder aansprakelijk vanwege onjuiste mededelingen? (Gerechtshof Arnhem-Leeuwarden 5 september 2023) 2 02.
Does a bondholder have standing to petition for winding up? In the landmark decision of Cithara Global Multi-Strategy SPC v Haimen Zhongnan Investment Development (International) Co.
A recent judgment of the United Kingdom Supreme Court in Brake & Anor v The Chedington Court Estate Ltd [2023] UKSC 29 (10 August 2023) is likely to be a welcome decision for liquidators and trustees in bankruptcy in setting clear boundaries as to who has standing to challenge their decision-making in corporate or personal insolvency contexts.
The BVI is a leading international financial centre, and BVI companies play a significant role in the flow of capital across the global economy. As global economic conditions become more challenging, lenders are increasingly reliant on formal insolvency procedures to realise value from distressed assets. As a result, the past year has seen a marked increase in the use of statutory demands against BVI companies as a precursor to an application to appoint liquidators. That trend is set to continue with the ongoing uncertainty in global markets.