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:
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.
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?
This week:
In brief
A selection of newly announced legislation and court decisions reinterpreting private law.
Contents
In brief
A selection of newly announced legislation and court decisions reinterpreting private law.
Draft law on preventive restructuring
Alexandros Kontogeorgiou and Georgia Papathanasiou, Kontogeorgiou Bakopanou & Associates Law Firm
This is an extract from the 2024 edition of GRR's Europe, Middle East and Africa Restructuring Review. The whole publication is available here.
On 7 December 2022, the European Commission published a draft directive aimed at harmonizing certain aspects of insolvency law. The intention behind this directive is to mandate the inclusion of "pre-pack proceedings" in national insolvency laws across the European Union ("EU"). Although Türkiye is not a member of the EU and does not have specific rules for governing pre-pack insolvency sales, it does have procedures that are similar, if not an identical, to pre-pack proceedings.
In this article we will take a closer look at Türkiye's pre-pack-like institution.
Martin Rogers, Jonathan K Chang and Clement Sung, Davis Polk & Wardwell
This is an extract from the 2024 edition of The Asia-Pacific Arbitration Review. The whole publication is available here.
This is an Insight article, written by a selected partner as part of GAR's co-published content. Read more on Insight
May, 2023 For Private Circulation - Educational & Informational Purpose Only A BRIEFING ON LEGAL MATTERS OF CURRENT INTEREST KEY HIGHLIGHTS * Supreme Court: Directors cannot escape penal liability in cheque dishonoring cases by citing company's dissolution. ⁎ Bombay High Court: A share purchase agreement containing option to sell the shares does not amount to derivative contract, thereby does not violate provisions of SCRA. * NCLAT: Fraud for the purpose of Section 66 of the IBC includes a debt where the debtor has no intention to repay.