Introduction
On 23 June 2016 the UK population voted for the UK's exit from the European Union (EU). The applicable exit procedure and certain possible legal consequences of Brexit for Insolvency & Restructuring will be discussed below in the form of a Q&A.
The qualification of a right as a 'right in rem' (zakelijk recht), within the meaning of Article 5 of Regulation No 1346/2000 of 29 May 2000 on insolvency proceedings (the "Regulation") must be determined according to the law of the place where the asset concerned is situated and the right in rem must satisfy certain criteria set out in Article 5(2) of the Regulation.
Il 5 aprile scorso l’Avvocato Generale Campos Sànchez-Bordona (AG) ha rassegnato le proprie conclusioni nell’ambito della causa C-245/16 pendente innanzi alla Corte di Giustizia (CdG) e instaurata su un rinvio pregiudiziale da parte del TAR Marche.
With its judgment of November 28, 2016, the German Supreme Tax Court (Bundesfinanzhof; “BFH”) dismissed the application of the tax administration’s so-called restructuring decree (Sanierungserlass). The restructuring decree allowed, subject to certain conditions, a suspension and abatement of taxes on so-called cancellation-of-debt income (“COD-Income”) otherwise resulting from certain recapitalization measures such as the waiver of debt and “debt-to-equity swaps”.
Het blijft nog even spannend rondom de pre-pack. De pre-pack is een methode waarbij de ondernemer die zijn faillissement ziet aankomen de rechter verzoekt een beoogd curator aan te stellen om te onderzoeken of een doorstart na het faillissement mogelijk is. Rechtbanken oordelen verschillend over de toelaatbaarheid van het toepassen van de pre-packmethode. Het wetsvoorstel Wet Continuïteit Ondernemingen I (‘WCO I’) moet aan deze onzekerheid een einde maken en de pre-pack een wettelijke basis geven.
Introductie
In geval van een faillissement dat gericht is op liquidatie van een onderneming geldt de richtlijn inzake overgang van onderneming niet. Als de onderneming die failliet is gegaan een doorstart maakt, gaan de werknemers dus niet van rechtswege mee over. De rechtbank Midden-Nederland heeft aan het Hof van Justitie gevraagd of de pre-pack kwalificeert als een faillissementsprocedure in de zin van de richtlijn overgang van ondernemingen. De advocaat-generaal beantwoordt die vraag ontkennend in zijn conclusie.
Casus
Pre-pack continues to be a hotly discussed topic. The term refers to when entrepreneurs who expect to go bankrupt request the courts to appoint a receiver to look into the possibility of a restart following bankruptcy. Courts vary as to their standpoint concerning the acceptability of applying the pre-pack method. The purpose of the proposed Continuity of Businesses Act I (WCO I) is to put an end to such uncertainty and to enshrine pre-pack in law.
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The past 12-18 months have seen some of the biggest changes to established insolvency law and practice in England and Wales since the Insolvency Act 1986 and Insolvency Rules 1986 (the old Rules) came into force. These have culminated with the new Insolvency Rules 2016 (the new Rules), which become effective on 6 April 2017 and are intended to consolidate the old Rules (including all 28 subsequent sets of amendments to them).