The Belgian Company Code provides for the possibility to dissolve and liquidate a Belgian company in a single step (en un seul acte/in één akte) (for more information, please see the June 2012 edition of this newsletter).
The Act of 25 April 2014 amending the Company Code with regard to liquidation procedure (the "Act") was published in the Belgian State Gazette on 14 May 2014 and entered into force on 24 May 2014. The Act amends one of the main requirements to proceed with dissolution and liquidation in a single step.
On 1 August 2013, an act amending the Business Continuity Act ("BCA") of 31 January 2009 entered into force.
The new act tackles the most common types of abuse under the Business Continuity Act and aims to reduce the number of bankruptcies following reorganisation governed by the BCA. The basic principles of the Business Continuity Act remain unchanged, however.
In a ground-breaking decision, the Dutch Supreme Court recently found that a foreign bankruptcy trustee may in principle exercise the powers conferred on him under the lex concursus (the law governing the bankruptcy) in the Netherlands as well. Such powers can include the management and disposal of assets located in the Netherlands at the time of the foreign bankruptcy order.
There has recently been a number of successful pre-pack restructurings in the Netherlands. A 'pre-pack' is the term used for the restructuring of a company through a transaction that is prepared as much as possible outside formal insolvency proceedings, and whereby the enterprise survives, but some or all of the company's debt is restructured. The aim of preparing the transaction in advance is to ensure maximum preservation of value. Several structures can be distinguished.
A pre-pack is the term used for the restructuring of a company through a transaction that is prepared as much as possible outside of formal insolvency proceedings, and whereby the enterprise survives but some or all of the company's debt is restructured. The aim of preparing the transaction in advance is to ensure the maximum preservation of value. Several structures can be distinguished.
Le 11 juin 2013, la Chambre des députés luxembourgeoise a voté une loi instaurant un droit de revendication en faveur de la personne qui a confié des biens meubles "incorporels" non fongibles à une entreprise qui est tombée en faillite (le dossier parlementaire peut être téléchargé ici). Il ressort des travaux préparatoires qu'une des hypothèses visées est la revendication de données et fichiers stockés via une solution "cloud" (informatique dématérialisée) chez un prestataire tiers.
On 11 June 2013, the Luxembourg Chamber of Deputies voted in favour of a law introducing a right to claim back "intangible" and non-fungible movable assets from a bankrupt company (the parliamentary file can be downloaded