1. Introduction
The Belgian legislature once again recently improved the statutory framework for business restructuring. Thus, any business - a broad concept that covers not only companies and non-profits but also independent contractors - in financial difficulty may request the opening of judicial reorganisation proceedings (procédure en réorganisation judiciaire), commonly referred to by insiders as "PRJ".
Cash flow is the life blood of the construction industry, goes the mantra. Construction projects often have long supply chains. When cash stops flowing down the chain, businesses can fail. There is all too much recent evidence of this.
Someone in the chain (say, a main contractor) could seek to provide in a contract that it does not have to pay the party below (subcontractor) until it has been paid by the party above (employer). This is a 'pay-when-paid' clause.
In einem aktuellen Beitrag im Betriebs-Berater wird das Schreiben des Bundesfinanzministeriums (BMF) vom 6. Dezember 2018 zur Entscheidung des Europäischen Gerichtshofs (EuGH) in der Rechtssache Hornbach ausführlich erläutert. Den Beitrag im Betriebs-Berater können Sie hier kostenfrei abrufen.
RESTRUCTURING FOCUS ON 2019
JANUARY 2019
RESTRUCTURING: FOCUS ON 2019
CONTENTS
1
VIEW FROM THE TOP NEW MONEY CONSIDERATIONS SOMETHING FOR ALL INVESTORS? THE INTERCREDITOR MINEFIELD LESSONS FROM CLAIRE'S STORES GOVERNANCE THE SPECTRUM OF OPTIONS CHAPTER 11 FOR THE UK? BREXIT AND UK INSOLVENCY REFORM EU INSOLVENCY REFORM: A CHANGING LANDSCAPE INDEPENDENT RECOGNITION WEIL CONTACTS
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2 RESTRUCTURING: FOCUS ON 2019
VIEW FROM THE TOP
RESTRUCTURING: FOCUS ON 2019
3
The Irish Government is planning to take measures in the areas of settlement finality, insurance, and insurance distribution in the event of a 'no-deal Brexit'. The relevant measures are set out in Parts 7 and 8 of the Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Bill 2019 (the “Withdrawal Bill”), which was published on 22 February 2019. These measures are in addition to a number of measures already taken at EU level.
Settlement Finality
Cases involving the application of the Council Regulation (EC) No. 1346 / 2000 (the ‘Regulation’) have been rare before the Maltese Courts since Malta joined the European Union in May 2004. Thus far, the only instance where an issue involving the interpretation of the Regulation arose involved a maritime case – The Foreign Economic Technical Co. Operative Company of China et vs m.v.
In Short:
The Situation: In Bakhshiyeva v Sberbank of Russia, a debtor sought to restructure English law-governed debts pursuant to an Azerbaijani restructuring proceeding. In order to prevent certain dissenting creditors from commencing enforcement proceedings against the debtor in the UK, the debtor asked the English court to provide an indefinite stay.
Ranking of claims payable to the government in respect of refunded subsidies depends on when they were granted
Judgment by the Supreme Court (Chamber One), November 20, 2018
Chronological parameters must be used when classifying claims arising from the obligation to refund subsidies. Accordingly, if the subsidies were granted before the insolvency order, the claim in respect of the refunded subsidy must be a pre-insolvency claim whereas if the subsidy was granted after the insolvency order, the claim for the refund must be a post-insolvency claim.
Cross-border insolvency law has been gaining importance in the EU’s legal system over the past few decades. Harmonising insolvency laws is a difficult process as the legal framework interacts with a myriad of domestic laws. In order to increase the effectiveness of cross-border insolvency proceedings, the original Council Regulation (EC) No 1346/2000 of 29 May 2000 on insolvency proceedings was replaced by new Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 the Insolvency Proceedings (Recast) Regulation (the “Recast”).