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    Consequences of Swiss Corporate Law Reform
    2017-05-17

    Shareholders’ Rights and Shareholders’ Meeting

    Filed under:
    Switzerland, Company & Commercial, Employment & Labor, Insolvency & Restructuring, Loyens & Loeff, Public company, Shareholder, Board of directors, Articles of incorporation, Articles of association
    Authors:
    Marco Toni
    Location:
    Switzerland
    Firm:
    Loyens & Loeff
    Corporate Law Reform
    2016-11-29

    The Swiss Federal Council presented to parliament its dispatch for a reform of Swiss corporate law. The draft Act amending the Swiss Code of Obligations (Draft Act) seeks to modernize corporate governance by strengthening shareholder rights and promoting gender equality on corporate boards and senior management. It also replaces the provisions of the (interim) Ordinance on Excessive Compensation (Minder-Ordinance) by a federal act of parliament with only a few changes.

    Filed under:
    Switzerland, Company & Commercial, Insolvency & Restructuring, Bär & Karrer, Corporate governance, Shareholder, Board of directors, Gender equality
    Location:
    Switzerland
    Firm:
    Bär & Karrer
    Asia restructuring and insolvency briefing - Taiwan
    2009-01-30

    What are the options for companies in financial difficulty in Taiwan?

    If the company is listed on the Taiwan stock exchange, then the company may pursue a formal reorganisation as set forth under Article 282 of the Company Act.  

    If a listed company (as referred to above) is unable to pursue reorganisation, and in respect of all other companies, a company will enter into a formal bankruptcy procedure under the Bankruptcy Act in order to implement an equitable and orderly repayment scheme amongst its creditors.  

    Filed under:
    Taiwan, Insolvency & Restructuring, Norton Rose Fulbright, Share (finance), Public company, Bankruptcy, Shareholder, Debtor, Board of directors, Debt, Liquidation, Chamber of commerce, Prejudice, Debt restructuring, Trustee
    Location:
    Taiwan
    Firm:
    Norton Rose Fulbright
    Recent restructuring case law developments
    2013-06-21


    The Zurich High Court,(1) as court of second instance, recently dismissed a liability claim, to the amount of €150 million, initiated by the liquidator of Swissair against former members of Swissair's board of directors.

    Filed under:
    Switzerland, Aviation, Insolvency & Restructuring, Litigation, MLL Legal Ltd, Board of directors, Swiss Federal Tribunal
    Authors:
    Sabina B. Schellenberg , Martina Kessler
    Location:
    Switzerland
    Firm:
    MLL Legal Ltd
    Affect of Recent UAE Bankruptcy Legislation on Businesses Facing Cash Flow Difficulties
    2019-10-15

    In March of 2019, an Emirati limited liability company (the “LLC”) had restructured its debts under the Bankruptcy Law; Federal Decree-Law No. 9 of 2016 which was first published in the Official Gazette on 29 September 2016 and came into force on 29 December 2016.

    Under Chapter 4 of the Bankruptcy Law the Bankruptcy Circuit of the Abu Dhabi Primary Court oversaw the restructuring of the LLC under which had been operating in the contracting industry since 2008 and had debts exceeding eighteen times its paid-up capital.

    Filed under:
    United Arab Emirates, Company & Commercial, Insolvency & Restructuring, Wasel & Wasel, Debtor, Board of directors
    Authors:
    Mahmoud Abuwasel
    Location:
    United Arab Emirates
    Firm:
    Wasel & Wasel
    Guilty but unaware? Potential criminal and civil sanctions in the UAE against directors of companies in financial difficulties
    2010-11-16

    In our October 2010 edition of Middle East Exchange, we looked at the general duties which directors and managers of UAE companies owe to their companies and their shareholders. In this edition, we consider the position where the company's financial position deteriorates. As directors or managers struggle with the inevitable commercial and operational pressures, what additional legal responsibilities and potential liabilities does UAE law place upon them?

    Filed under:
    United Arab Emirates, Company & Commercial, Insolvency & Restructuring, Herbert Smith Freehills LLP, Conflict of interest, Bankruptcy, Shareholder, Board of directors, Market liquidity, Liability (financial accounting), Good faith, Misdemeanor, Cashflow, Articles of association, Annual general meeting, Diversification (finance)
    Authors:
    James Robinson , David Laurence
    Location:
    United Arab Emirates
    Firm:
    Herbert Smith Freehills LLP
    Directors’ duties in the time of Covid-19: Top 10 tips for company directors
    2020-04-17

    The Government has put in place substantial measures that are intended to help mitigate the devastating effect of Covid-19 on the UK economy. Many businesses are now facing their toughest test in living memory. Yet even as the UK endures extraordinary lockdown measures, and with some 3.9 billion people in global isolation, directors of UK companies must continue to try and keep their businesses out of insolvency.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Fox Williams LLP, Landlord, Board of directors, Coronavirus
    Authors:
    Paul Taylor
    Location:
    United Kingdom
    Firm:
    Fox Williams LLP
    Liquidation and Fiduciary Duties: No Rest for (the Wicked?) Directors
    2020-04-15

    In Hunt (as Liquidator of System Building Services Group Ltd) v Michie & Ors [2020] EWHC 54 (Ch), ICC Judge Barber has confirmed that directors of insolvent companies remain subject to fiduciary duties, even after those companies enter into an insolvency procedure.

    Background

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Kingsley Napley, Board of directors, International Chamber of Commerce, Companies Act, Insolvency Act 1986 (UK)
    Authors:
    Richard Clayman
    Location:
    United Kingdom
    Firm:
    Kingsley Napley
    Can a struggling company ever justify paying some - but not all - of its creditors?
    2020-04-08

    In light of the financially fragile state some businesses are finding themselves in as result of COVID-19, we discuss in this briefing note when – if ever – payments or other benefits can be given to some creditors but not others, and when such a transaction might fall foul of the unlawful preference provisions of UK insolvency legislation.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Stevens & Bolton LLP, Board of directors, Coronavirus, Insolvency Act 1986 (UK)
    Location:
    United Kingdom
    Firm:
    Stevens & Bolton LLP
    Wrongful trading suspension: Does it create a false sense of security?
    2020-04-08

    Wrongful trading laws have been suspended. But other relevant laws remain unchanged. Critically directors remain subject to the creditors’ interest duty. Read our article which examines the current position and highlights other key issues to be kept firmly in mind by directors and those advising them in these challenging times.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Maitland Chambers, Board of directors, Liquidation, Coronavirus
    Authors:
    Catherine Addy KC , Rebecca Page , Rosanna Foskett , Rowena Page
    Location:
    United Kingdom
    Firm:
    Maitland Chambers

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