Following are this week’s summaries of the Court of Appeal for Ontario for the week of July 17, 2023.
In short
THE LARGEST EVER REFORM TO MODERNISE LUXEMBOURG INSOLVENCY LAW IS DUE TO BE ADOPTED BY THE LUXEMBOURG PARLIAMENT ON WEDNESDAY 19 JULY 2023
Luxembourg will further increase the attractiveness and competitiveness of its restructuring and insolvency framework – the law on business preservation and modernisation of bankruptcy law (Law), which aims to modernise insolvency law and also grant a second chance to entrepreneurs, is due to be voted by the Luxembourg Parliament on Wednesday 19 July 2023.
After a sharp rise in May, it came as little surprise to see corporate insolvency figures continue their march upwards. A total of 2,163 registered companies entered an insolvency proceeding in June 2023: the second highest figure since January 2019 and 40% higher than the equivalent for June 2022.
July, 2023 For Private Circulation - Educational & Informational Purpose Only A BRIEFING ON LEGAL MATTERS OF CURRENT INTEREST KEY HIGHLIGHTS ⁎ Delhi High Court: An arbitration clause contained in a contract perishes upon its novation. * NCLT Hyderabad rejects resolution plan for being incompliant with Regulation 36B 4(A) of the CIRP Regulations. * Madras High Court rejects enforcement of a foreign arbitration award which was passed without considering FEMA violations and fraud in share valuations. * NCLAT: NCLTs and NCLAT have the power to recall their judgments.
In this week’s TGIF, we consider Jahani, in the matter of Ralan Property Services Pty Ltd (receivers and managers appointed) (in liq) [2023] FCA 738, a Federal Court decision approving the liquidators’ entry into funding agreements.
Key takeaways
On 19 July 2023, the Luxembourg parliament finally passed a new law to modernize insolvency law and preserve businesses, after more than a decade since the first draft bill (n° 6539) was presented.
Each week we are seeing stories in the news about construction companies becoming "insolvent", going into "liquidation" or having "administrators" appointed. But what do these terms mean? Insolvency is a complex area of law with its own terminology, so we've broken down what all the terms mean below.
What is insolvency and what happens to a company when it is insolvent?
Insolvency and Asset Recovery partner Tim Symes appeared on Sky News’ Business Live with Ian King as the latest government figures revealed that company and individual insolvencies in England and Wales remain close to an all time high.
TABLE OF CONTENTS SOLVENCY II EIOPA INSURANCE DISTRIBUTION DIRECTIVE (IDD) PRIIPS CENTRAL BANK OF IRELAND ANTI-MONEY LAUNDERING (AML) AND COUNTERING THE FINANCING OF TERRORISM (CFT) DATA PROTECTION FINANCIAL SANCTIONS SUSTAINABILITY MISCELLANEOUS Insurance | Quarterly Legal and Regulatory Update | 1 April 2023 – 30 June 2023 © 2023 Dillon Eustace LLP. All rights reserved. 2 11723734v1 1.
A recent High Court decision in Mac Interiors[1] determined whether a company needs to be formed and registered in this jurisdiction in order to enter into the examinership rescue process.
Mac-Interiors Limited (the "Company”), which has its registered office in Newry, Co. Down, Northern Ireland, presented a petition to the Irish High Court for the appointment of an examiner. Where the registered office of the Company is outside Ireland it does not fall within the definition of a 'company' under the Companies Act, 2014 being one which is formed and registered within the State.