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    Azerbaijan: Changes to Bankruptcy Law in Azerbaijan
    2017-08-02

    On 25 April 2017, the President of the Republic of Azerbaijan signed a decree approving the Law on Amendments to the Bankruptcy Law (the Amendments).

    The Amendments incorporate the definition of related parties to the debtor in accordance with the Civil Code of the Republic of Azerbaijan (the Civil Code). The related parties include the persons described in Article 49-1.1 of the Civil Code as well as individuals dismissed from the debtor’s management bodies within one year prior to the beginning of bankruptcy.

    Filed under:
    Azerbaijan, Insolvency & Restructuring, Baker McKenzie, Bankruptcy
    Authors:
    Altay Mustafayev , Jamil Alizada
    Location:
    Azerbaijan
    Firm:
    Baker McKenzie
    Billionaire adjudicated bankrupt under 1869 statute
    2016-01-21

    On November 20 2015 the Bahamian Supreme Court declined to register a composition with creditors sought by Irish billionaire Sir Anthony O'Reilly. The court took the alternative route of adjudicating him bankrupt instead.

    Facts

    Filed under:
    Bahamas, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Lennox Paton, Bankruptcy, Extraterritoriality
    Authors:
    Sophia Rolle-Kapousouzoglou
    Location:
    Bahamas
    Firm:
    Lennox Paton
    Bankruptcy procedures to become more transparent and efficient from January 2013
    2012-11-30

    The Law On Insolvency (Bankruptcy) of 13 July 2012 comes into force on 25 January 2013. The law is not introducing bankruptcy of individuals despite many voices raised in favor of this concept so far unknown to the Belarusian legal system. However, other important novelties may be summarised as follows:

    Filed under:
    Belarus, Insolvency & Restructuring, SORAINEN, Bankruptcy, Debtor
    Authors:
    Natalia Yurieva
    Location:
    Belarus
    Firm:
    SORAINEN
    Clawback: chasing assets
    2019-12-13

    This article reflects on some of the options offered under Belgian law by the actio pauliana, commonly referred to in English as the 'clawback' rules (for further details please see "Reservation of title: legal guidelines and practical tips" and "

    Filed under:
    Belgium, Insolvency & Restructuring, ALTIUS, Bankruptcy, Debtor, Asset management
    Location:
    Belgium
    Firm:
    ALTIUS
    Will Thomas Cook bankruptcy help Brussels Airlines to avoid a fine by the Belgian Competition Authority?
    2020-02-27

    Thomas Cook Belgium and Brussels Airlines may escape fines from the Belgian Competition Authority (BCA) notwithstanding the conclusion of an agreement providing for anticompetitive practices according to the Investigation and Prosecution Service of the Authority.

    In August 2017, the BCA had opened an investigation into potential anticompetitive practices resulting from the conclusion of a "Commercial Service Agreement" between Thomas Cook Belgium and Brussels Airlines.

    Filed under:
    Belgium, Competition & Antitrust, Insolvency & Restructuring, CMS Belgium, Bankruptcy
    Authors:
    Marguerite Soete , Annabelle Lepièce
    Location:
    Belgium
    Firm:
    CMS Belgium
    Limits to privileged claims
    2020-02-28

    Introduction

    Filed under:
    Belgium, Insolvency & Restructuring, Litigation, ALTIUS, Bankruptcy, Liquidation
    Location:
    Belgium
    Firm:
    ALTIUS
    Relationship between privileged and secured creditors
    2018-05-04

    On February 22 2018 the Supreme Court delivered an important judgment regarding the relationship between:

    • privileged creditors in the framework of reorganisation proceedings; and
    • secured creditors in the event of a subsequent bankruptcy.

    Privileged claims

    Filed under:
    Belgium, Insolvency & Restructuring, Litigation, ALTIUS, Bankruptcy
    Location:
    Belgium
    Firm:
    ALTIUS
    Reform of the insolvency law - Part 3 - Liability of the directors in case of insolvency
    2018-06-27

    In the framework of the reform of insolvency law that entered into force on 1 May 2018, the legislator has introduced important amendments regarding the liability of the directors in case of bankruptcy. These amended liability rules apply to directors of companies and not to physical persons who operate without a corporate structure.

    1. Liability claim for apparent gross fault

    Filed under:
    Belgium, Insolvency & Restructuring, White Collar Crime, Andersen, Bankruptcy, Money laundering
    Authors:
    Leila Mstoian , Leo Peeters
    Location:
    Belgium
    Firm:
    Andersen
    New legislation on insolvency approved
    2017-07-20

    On 13 July 2017 parliament voted to introduce book XX "Insolvency of Companies" in the Code of Economic Law.

    In a previous article we already wrote that the insolvency law would be adapted to current national and international regulations and case law and would be incorporated into the Code of Economic Law as a coherent whole.

    In this way, solvency procedures must be more transparent, efficient and effective.

    Filed under:
    Belgium, Insolvency & Restructuring, Andersen, Bankruptcy
    Authors:
    Leila Mstoian , Leo Peeters
    Location:
    Belgium
    Firm:
    Andersen
    Reform of the insolvency law - Part 1 - To an extended application
    2018-01-09

    The law of 11 August 2017 that adds Book XX "Insolvency of Enterprises" into the Code of Economic Law enters into force on 1 May 2018.

    As we already stated in our previous contributions about the reform of the insolvency law, this law modifies and regroups the Bankruptcy law and the Law of 31 January 2009 on the Continuity of Enterprises.

    1. The notion "Enterprise" replaces the notion "Merchant"

    Filed under:
    Belgium, Insolvency & Restructuring, Andersen, Bankruptcy
    Authors:
    Leila Mstoian , Leo Peeters
    Location:
    Belgium
    Firm:
    Andersen

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