Following the entering into force of the Dutch Scheme on 1 January this year, allowing for court confirmation of private restructuring plans, the Dutch legal toolbox for national and international restructurings has become even more diverse. This development forms part of a broader trend in the Dutch legal framework to facilitate effective restructurings of businesses, in which context one of the key techniques is the enforcement of share security, including through credit bidding.
Introduction
The concept of winding up does not exclusively apply to insolvent companies. Solvent companies can also be wound up, on the initiation of the company’s directors and shareholders (for example, as part of a corporate reconstruction or to close down non-operating or redundant entities).
An overview of the two key procedures to effect the dissolution of a solvent Australian company, being Members’ Voluntary Liquidation and Deregistration, is set out below.
Recent regulatory developments of interest to all financial institutions. Includes key COVID-19 updates from the UK FCA, AML/CTF updates and more.
COVID-19: FCA statement on handling of post and paper documents
On 13 May 2020, the Financial Conduct Authority (FCA) published a statement on how firms should handle post and paper documents during the COVID-19 pandemic.
The epidemiological outbreak of COVID-19 has collapsed the international health systems and provoked huge economic losses to global economies. For these reasons, countries affected by COVID-19 have adopted sanitary and economic measures to reduce the spread and negative impact to its economies.
Myanmar’s legal system is governed by both old and new laws and regulations, as well as internal policies and practices of the Myanmar authorities. Many laws dating back to the colonial period and post-independence period are, with certain changes, still in force. Since its political and economic opening in 2011, Myanmar has embarked on a comprehensive reform process and is currently overhauling its legal framework. Existing laws were revised or replaced, and new laws enacted.
Considerations for Distressed Transactions
On May 8, 2020, the Supreme Court of Canada (the "SCC") released its reasons for the ruling rendered on January 23, 2020, which allowed the appeal by 9354-9186 Québec Inc. and 9354-9178 Québec Inc. (collectively, "Bluberi")[1]. The SCC's ruling set aside the Québec Court of Appeal's (the "Court of Appeal") ruling, thereby restoring the first instance judgment of the Superior Court of Québec ("Superior Court").
Indonesia is a civil law country by tradition, with its legal system being based on Dutch colonial laws. Its corporate legal system as well as the respective registries are basic and do not recognise many modern corporate legal instruments. While these circumstances can make M&A deals challenging in Indonesia, its vast market and high growth rates make it one of the most attractive target markets. Prioritising and timing of the right aspects from the start is paramount.
Considerations for Distressed Transactions
Insolvencies in Germany were at a record low in 2019 and insolvency administrators were feeling underworked. And along came a virus that changed economic reality in a heartbeat. Whilst the German legislative has done its utmost to mitigate the economic consequences, it does not take the magical talent of the future-teller to realize: there will be numerous insolvencies in 2020 and 2021, and with that bargains for investors. Obviously, there are not only opportunities, but also risks in acquiring a company out of bankruptcy.
In a recent decision 9354-9186 Québec inc. v. Callidius Capital Corp, 2020 SCC 10 , the Supreme Court of Canada affirmed that:
Introduction
On May 8, 2020, the Supreme Court of Canada (SCC) released its written reasons in 9354-9186 Québec Inc. v. Callidus Capital Corp.[1](the Bluberi case).