How is the function of a company’s separate personality altered by insolvency? And to what extent may that give rise to an action in civil fraud? Nicola Sharp of Rahman Ravelli outlines the situation.
Since the end of the 19th century and the decision in Salomon v A Salomon and Co Ltd [1897] AC 22, it has been settled law that a company has its own separate personality. But as company law and insolvency law have evolved, the function of the company’s separate legal personality has developed.
Introduction
Where a British Virgin Islands company is struck off the register, its directors and members cannot carry on the company's affairs, commence or defend legal proceedings in the name of the company, or deal with the assets of the company.
This Regulatory Update provides a snapshot of the key legal developments in the BVI and the Cayman Islands over the last quarter – including amendments to BVI business company fees, the introduction of the BVI Virtual Asset Service Providers Act, and an update on the list of director names which is now publicly available in the BVI. It also contains a reminder of the January 2023 filing deadlines in the Cayman Islands, amendments to the Cayman LLC legislation and details of the highest possible rating given to the Cayman Islands by OECD for effectiveness of AEOI regime.
COMMERCIAL | JANUARY 2023 BANKRUPTCY IN THE UAE PART 2: DIRECTORS’ DUTIES 1. Introduction One of the most common ways of conducting business within the UAE is through an onshore limited liability company. Commercial companies incorporated onshore in the UAE have a separate legal personality.1 The company can enter into legally binding agreements in its own name and take on valid and binding obligations.
One of the most common ways of conducting business within the UAE is through an onshore limited liability company. Commercial companies incorporated onshore in the UAE have a separate legal personality.1 The company can enter into legally binding agreements in its own name and take on valid and binding obligations. Actions of the directors of a company, on behalf of such a company, generally bind the company.2 Generally, any liabilities resulting from those actions are for the account of the company, rather than for the account of the individual directors in their personal capacity.
第1 はじめに
令和４年３月４日付けで、経済産業省は金融庁・財務省ととも に「中小企業活性化パッケージ」を策定・公表し、同パッケージに 基づき、同年4月1日より、中小企業再生支援協議会と経営改 善支援センターを統合し、中小企業の収益力改善・事業再生・ 再チャレンジを一元的に支援する「中小企業活性化協議会」を 設置しました。
これは、日本の企業数の99.7%、雇用の7割を占める中小企 業について、コロナ禍の長期化等により増大する債務に苦しむ 状態が長く続いているという現状を踏まえ、事業者のフェーズ （収益力改善フェーズ・事業再生フェーズ・再チャレンジフェーズ）に応じたきめ細やかな支援を措置するとともに、描くフェーズを 一元的に支援する支援体制を構築することを目的とするものです。
中小企業活性化協議会が行っている再生支援は①窓口相 談と、②具体的な再生支援とに大きく分かれます。②具体的な 再生支援は下図のとおりです。本稿では、①窓口相談、②具体 的な再生支援のうち中小企業活性化協議会自身による支援の 概要についてご説明いたします注）1。
はじめに
最近、イギリス（United Kingdom、以下同じ）最高裁判所のある判決では、破産した会社または破産に近い会社の取締役が債権者の利益を考慮に入れる義務が明確になりました。BTI 2014 LLC v Sequana SA [2022] UKSC 25はイギリスの会社法に関連していますが、英連邦全体、特にオフショア法域での破産における取締役義務についての解釈などに、広範囲にわたる影響を及ぼします。
Sequana
In BTI 2014 LLC v Sequana SA and Others, the United Kingdom Supreme Court considered a case on appeal which asked the Court to expand the common law duty of directors in a significant way. The Appellant sought to argue that common law director duties should require directors to have regard to the interests of creditors even in circumstances where their company is solvent.
Background
In this chapter of our Annual Insurance Review 2023, we look at the main developments in 2022 and expected issues in 2023 for restructuring and insolvency.
Key developments in 2022
Corporate insolvencies have been rising sharply in 2022 albeit against the backdrop of record low insolvency filings during the pandemic. By June, they had reached their highest quarterly level since 2009 and the depths of the global financial crisis.
Corporate Enforcement Authority Issues Helpful Guidance Note
The Preventative Restructuring Directive
In July 2022, the European Union (Preventive Restructuring) Regulations 2022 (the Regulations) transposed the requirements of EU Directive 2019/1023 (the Preventative Restructuring Directive) into Irish law.
Certain of the consequential amendments to the Companies Act 2014 (the Act) relate to the duties and responsibilities that directors of companies have in circumstances of financial difficulty and/or insolvency.