Many questions arise when a contractual partner enters into insolvency. One question is what happens with the debtor's ongoing contracts when the insolvency starts? Are they maintained or terminated?
One of the main principles governing insolvency proceedings states that the debtor's reorganisation should be sought before bankruptcy. To this end, the Romanian Insolvency Law (RIL) provides a series articles supporting the debtor's potential reorganisation.
Recent heeft het Hof van Cassatie de deur iets wijder opengezet voor schuldeisers van een failliete vennootschap om, hangende het faillissement, een individuele vordering in te stellen tegen de bestuurders van de gefailleerde (Cass. 5 september 2013, A.R. nr. C.12.0445.N,www.juridat.be). Concreet mocht de fiscus de niet-betaalde bedrijfsvoorheffing, die opgenomen was in het passief van het faillissement, de facto integraal verhalen op de bestuurders, op grond van foutaansprakelijkheid.
On 9 July 2013 a new law amending the Code of Commerce was enacted in Luxembourg (the “Law”). The Law introduces the right for a depositor to claim the recovery of intangible and non-fungible (i.e., identifiable and separable) goods from a bankrupt company. The parliamentary file aims clearly at including data from a bankrupt cloud computing service provider. The Law sets forth the different conditions to be fulfilled for the entitlement to claim intangible and non-fungible goods from a bankrupt company:
In its decision of 11 July 2013, Reference No. 21 ICdo 21/2012, the Supreme Court of the Czech Republic comprehensively expressed its opinion on the substantive legal aspects of re-pledging a receivable burdened by a lien and the possibility of negotiating a contractual waiver of re-pledging receivables. According to the decision, the pledging of a receivable does not preclude the possibility of establishing another lien on the same receivable. This decision is crucial for pledgees, typically financing banks.
Case background
With effect as per 1 July 2013, the Austrian legislator has enacted an amendment to the Limited Liability Companies Act (GesRÄG 2013) providing primarily for a de-crease of the minimum share capital to EUR 10,000, as well as a decrease of the formation costs. These changes are aimed at maintaining Austrian limited liability companies’ competitiveness in comparison to other European limited capital compa-nies and to fostering the formation of new limited liability companies also by small service providers.
In the case, the insolvency proceedings had not been used for the purposes provided by Law 85/2006 on insolvency proceedings (Law 85) but for other purposes.
Banks in Bulgaria are seriously concerned with borrowers fraudulently manipulating their accountancy books with the effect that banks’ security interests are declared invalid and banks are declassed into ordinary (unsecured) insolvency creditors.
In times of financial difficult and a challenging market environment, establishing a restructuring trust provides an insolvencyproof structure that meets the demand of the financing banks for an immediate change of control in the com pany while ensuring a professional M&A process with an upside for all stakeholders.
After a company has been declared bankrupt, the liquidator in charge of the bankrupt estate will process personal data on that bankrupt company’s behalf. The liquidator would then be considered a so-called data controller within the meaning of the Dutch Data Protection Act (DDPA).