Executive Summary
The Irish High Court currently has exclusive jurisdiction to make orders against the Registrar (as defined below) pursuant to the Convention and the Protocol (both as defined below).
The recent judgment of Mr Justice McDonald in Unicredit Global Leasing Export Gmbh v Business Aviation Limited and Aviareto Limited1 is a welcome reminder that the Irish Courts will not tolerate misleading registrations on the International Registry for International Interests in Mobile Equipment (the "Registry").
In Budimex SA (C224/18), the CJEU was asked by a Polish Court to determine the time of supply in relation to a construction contract where no invoice was issued in accordance with articles 63 and 66 of the Principal VAT Directive (PVD), which provide that the chargeable event for VAT purposes is when the services are supplied.
El tribunal de un Estado miembro que conoce del procedimiento de insolvencia tiene competencia exclusiva para conocer de las acciones revocatorias ejercitadas dentro del mismo
Sentencia del Tribunal de Justicia de la Unión Europea de 14 de noviembre de 2018
El 6 de junio el Consejo de la Unión Europea aprobó la Propuesta de Directiva del Parlamento Europeo y del Consejo sobre marcos de reestructuración preventiva, segunda oportunidad y medidas para aumentar la eficacia de los procedimientos de condonación, insolvencia y reestructuración.
Con ello se pone fin al proceso legislativo de la Directiva y queda pendiente solo de publicación en el Diario Oficial de la Unión Europea (DOUE).
En términos generales, la directiva aprobada impone a los Estados miembros la implementación de normativa armonizada relativa a:
A member state’s court entertaining an insolvency proceeding has exclusive jurisdiction to entertain clawback actions brought within the proceeding
On June 6 the Council of the European Union approved the Proposal for a Directive of the European Parliament and of the Council on preventive restructuring frameworks, second chance and measures to increase the efficiency of restructuring, insolvency and discharge procedures.
This marks an end to the legislative process of the Directive, which is now pending to be publisged in the Official Journal of the European Union.
Put concisely, the approved directive imposes an obligation on member states to implement harmonized legislation on:
The proposal to reinstate Crown preference in insolvency has met resistance from all angles; the insolvency profession, turnaround experts, accountants, lawyers and funders. But despite HMRC’s bold statement in its consultation paper that the re-introduction of Crown preference will have little impact on funders, it is clear following a discussion with lenders that it may well have a far wider impact on existing and new business, business rescue and the economy in general than HMRC believes.
British Steel has entered compulsory liquidation today with EY being appointed as special managers. Is British Steel the first real victim of Brexit? First, as a result of the delay in the UK’s divorce deal, the EU delayed granting carbon credits to British Steel necessitating a £120m loan from the government to stave off significant penalties in relation to its emissions targets.
On 28 March 2019 the European Parliament adopted a Directive on insolvency, restructuring and second chance (the Directive). This project has had a long tail, following a Commission Recommendation issued in 2014 and, after that had no impact, a draft Directive in November 2016. This draft Directive is now about come to fruition. It has three main aims