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    Combating Abusive Bankruptcy - Ban on Shell Company Trading - Innovations as of January 1, 2025
    2024-11-04

    This article explains why the purchase of a shell company should be avoided today and even more so in the future under the new law, and that the formation of a new company is preferable when setting up a business (start-up).

    At the end of this article, the possible effects of the revision of the law on legitimate transactions with company shares will also be discussed.

    Seeking sound legal advice is therefore worthwhile both when founding a new company and when taking over an operating company.

    Filed under:
    Switzerland, Insolvency & Restructuring, Litigation, VISCHER AG, Due diligence, Articles of association
    Authors:
    Thomas Steiner-Krizaj
    Location:
    Switzerland
    Firm:
    VISCHER AG
    Company Dissolution in Thailand
    2024-08-20

    Dissolution is the process of de-registering a company from the company registry at the Department of Business Development (“DBD”). When considering the life cycle of a business operation, the voluntary dissolution by the shareholders appears to be the usual way to end the company’s operations. There are several circumstances that will lead companies to the dissolution and subsequently, the liquidation process. Under Sections 1236 and 1237 of the CCC, a limited company may be dissolved by the following causes:

    Filed under:
    Thailand, Company & Commercial, Insolvency & Restructuring, FRANK Legal & Tax, Shareholder, Liquidation, Articles of association, Dissolution (law)
    Authors:
    Fabian Doppler
    Location:
    Thailand
    Firm:
    FRANK Legal & Tax
    UAE: New Insolvency Law explained
    2024-04-02

    In brief

    The UAE has issued Federal Law No. 48 of 2023 in relation to insolvency (the "New Insolvency Law"), which replaces Federal Law No. 9 of 2016 and comes into effect on 1 May 2024. Although the previous law was more progressive compared to the previous insolvency articles embedded in the old Commercial Code of 1993, at least in relation to the numerous insolvency matters and other protective composition and restructuring witnessed by the courts.

    We have set out below some of the key characteristics of the New Insolvency Law:

    Filed under:
    United Arab Emirates, Insolvency & Restructuring, Baker McKenzie, Articles of association, Insolvency
    Authors:
    Mazen Boustany , Chaya Gupta
    Location:
    United Arab Emirates
    Firm:
    Baker McKenzie
    Company Liquidation
    2024-03-12

    Winding up of a private limited company in Thailand takes longer time than registering it. The Civil and Commercial Code (“CCC”) of Thailand is the main legislation that sets out the requirements and procedures for winding up of the company as summarized below. The Articles of Associations of the company and the Shareholders Agreement (if any) made amongst the shareholders of the company may also set out requirements in addition to those under the CCC.

    Dissolution

    Filed under:
    Thailand, Company & Commercial, Insolvency & Restructuring, LawPlus Ltd, Liquidation, Articles of association
    Authors:
    Kowit Somwaiya , Pimonphan Ratree
    Location:
    Thailand
    Firm:
    LawPlus Ltd
    IP perspective on the mutual recognition and enforcement of judgement in civil and commercial matters
    2024-02-06

    Bankruptcy law has always been an interesting area to practice and study in China. Having nominally a “socialist market economy” as per its Constitution, China allows its private sector to operate relatively freely within regularly re-defined boundaries but has a strong state-owned sector that comprises about half of the entire economy. Adding constant concerns about social stability in the country of 1.4 billion people, the rules for companies going into insolvency must be a careful balance between capitalist “freedom to fail” principles and governmental control over the economy.

    Filed under:
    China, Insolvency & Restructuring, Litigation, Bird & Bird LLP, Articles of association
    Authors:
    Sven-Michael Werner , Aubrey Tao , Grace Zhao
    Location:
    China
    Firm:
    Bird & Bird LLP
    Directors’ Duties - An Introduction
    2024-01-19

    Whether you are starting a new venture, or you have been a company director for several years, you must understand your responsibilities.

    Not complying with directors’ duties can lead to disqualification, financial penalties, and even imprisonment.

    In this article, you will find the scope of directors’ duties, as set out in the Companies Act 2006 and other legislation such as the Health and Safety at Work Act 1974.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Eldwick Law, Articles of association, Companies Act 2006 (UK)
    Authors:
    Waleed Tahirkheli , Jenna Kruger
    Location:
    United Kingdom
    Firm:
    Eldwick Law
    Focus on fraud and asset tracing: Cayman Grand Court opens the door to investor claims against companies
    2023-12-06

    This article will look at the recent decision of David Doyle J in In the Matter of HQP Corporation Limited (in Official Liquidation) (7 July 2023) and its effect on the ability of investors to recover damages from a company in which they have acquired shares as a result of a fraudulent misrepresentation.

    Introduction

    The case involved an application by liquidators for direction in relation to three issues in the winding up of the Company:

    Filed under:
    Cayman Islands, Company & Commercial, Insolvency & Restructuring, Litigation, White Collar Crime, Ogier, Shareholder, Liquidation, Articles of association, House of Lords, Cayman Islands Court of Appeal
    Authors:
    James Clifford , Jennifer Fox
    Location:
    Cayman Islands
    Firm:
    Ogier
    Liquidating companies in the Netherlands per 15 November 2023
    2023-11-13

    On 14 March 2023, a new law (Tijdelijke wet transparantie turboliquidatie) was adopted by the Dutch legislator. This law introduces a filing obligation of the managing board that will apply to shortened liquidation procedures applied as per 15 November 2023. Under this obligation, the managing board of the company must file certain (financial) documents with the Dutch trade register and inform creditors of the company of this filing.

    Filed under:
    Netherlands, Company & Commercial, Compliance Management, Insolvency & Restructuring, Trade & Customs, Hogan Lovells, Articles of association
    Authors:
    Chantalle Schoegje
    Location:
    Netherlands
    Firm:
    Hogan Lovells
    But I've resigned!: Directors' liabilities post resignation
    2023-11-13

    Other than the usual post termination restrictions following a director’s departure, one would assume that directors would no longer be subject to any obligations upon their resignation. Whilst this is strictly true, in that directors’ duties will generally no longer apply once they cease to be a director, there are, however, a few instances whereby directors may still find themselves liable even after stepping down.

    Can I even resign?

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Doyle Clayton Solicitors, Articles of association, Companies Act 2006 (UK), Insolvency Act 1986 (UK)
    Authors:
    Leah Caprani
    Location:
    United Kingdom
    Firm:
    Doyle Clayton Solicitors
    Corporate Law Update: 4 - 10 November 2023
    2023-11-10

    This week:

    Filed under:
    United Kingdom, Capital Markets, Company & Commercial, Compliance Management, Environment & Climate Change, Insolvency & Restructuring, Litigation, Macfarlanes LLP, Corporate governance, Gender pay gap, Articles of association, Cryptocurrency, ESG, Financial Conduct Authority (UK), Corporate Governance Code 2018 (UK)
    Authors:
    Dominic Sedghi , Richard Burrows
    Location:
    United Kingdom
    Firm:
    Macfarlanes LLP

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