Starting from 22 September 2012, the beneficial owners (aka controllers), substantial shareholders, and senior executive officers of Ukrainian commercial banks could face personal financial liability for the insolvency of banks during liquidation.
Since gaining its independence in 1993, the Slovak Republic has adopted new laws at a rapid pace. As a country in transition, its legal system continues to develop.
In three similar decisions of 17 March 2015[1] the Austrian Supreme Court (“OGH”) clarified how insolvency proceedings may affect an already pending arbitration.
The "running account" defence to an unfair preference claim is a fragile flower. In a recent decision, the Queensland Court of Appeal has reminded solvent counterparties that suspension of a customer's trading account will probably break the "running account", exposing a solvent counterparty to greater unfair preference risk.
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Dispute Resolution Beijing/Hong Kong/Shanghai Client Alert Court of Final Appeal Widens Shareholders’ Rights for the Winding-up of Foreign Companies in Hong Kong The Court of Final Appeal’s recent decision in the Yung Kee saga (Kam Leung Sui Kwan, Personal Representative of the Estate of Kam Kwan Sing, the deceased v Kam Kwan Lai & Ors (FACV 4/2015, 11 November 2015)) has widened the door to winding-up relief for shareholders of foreign companies.
Update on Dutch partnerships Willemijn Punt The Dutch Supreme Court recently delivered two important and interesting judgments in the matter of partnerships. The first judgment relates to the consequences of bankruptcy of a general partnership or a limited partnership for its partners. The second judgment pertains to a matter that has kept opinions in case law and legal literature divided for a long time, namely whether or not an acceding partner is liable for debts of the partnership going back to a moment in time prior to his or her accession.
On 19 August 2016, the new law of 10 August 2016 on the modernization of the company law was published in Luxembourg's Official Journal (Mémorial A, n° 167) following its adoption by Parliament on 13 July 2016. The new law will enter into force 3 days following this publication date, i.e., on 23 August 2016.
The new rules will become immediatly applicable on August 23, although companies incorporated before that date will benefit from a 2-year grace period to amend their articles of association.
Increased vigilance required in actions for recovery: a "yes, but" does not constitute acceptance
In the presence of a retention of title clause where collective insolvency proceedings are initiated against a debtor, the creditor must file a request for the recovery of goods sold under the retention of title clause before the judicial administrator within three months from the date the opening judgment is published in the Bodacc (Official Bulletin of Civil and Commercial announcements).
Corporate Structures Newsletter - June 2016 Baker & McKenzie Amsterdam For more information please contact: Ilona de Schipper Associate +31 20 551 7806 Director Disqualification Act enters into force on July 1, 2016 On July 1, 2016, the Director Disqualification Act (in Dutch: Wet civielrechtelijk bestuursverbod) will enter into force. The purpose of this act is to combat bankruptcy fraud and prevent managing directors from continuing mala fide activities through existing or new legal entities. Similar legislation is already in place in at least 11 other European Union member states.
Conducting Business in Ukraine 2016 Conducting Business in Ukraine 2016 Conducting Business in Ukraine 2016 Baker & McKenzie Renaissance Business Center 24 Bulvarno-Kudriavska (Vorovskoho) St.