Tenth Circuit holds that Canadian nationals who conspire to commit a breach of fiduciary duty against a Delaware corporation operating exclusively in Oklahoma are subject to personal jurisdiction in Oklahoma despite their lack of physical contact with the state. Canadian law firm alleged to have assisted the conspirators is not, however, subject to personal jurisdiction.
Taking decisions to liquidate companies has become a matter of routine when optimising corporate structures to improve cost efficiency. Increasingly, we see that such decisions have been taken either prematurely or without taking all of the relevant factors into account.
Recent developments
The Hong Kong Government has released its major proposals for introducing a new statutory corporate rescue procedure. At the same time, it has published the consultation conclusions for improving the corporate insolvency and winding up provisions in the Companies (Winding Up and Miscellaneous Provisions Ordinance) (Chapter 32) (“C(WUMP)O”). The Government plans to introduce an amendment bill into the Legislative Council in 2015.
Implications for companies
On September 27, Law 14/2013, on support to the internationalization of business, was approved (Spanish Official Gazette of September 28). From its entry into force on October 18, the procedure for out-of-court settlement of payments will be implemented, which is a new mechanism of debt renegotiation prior to the declaration of insolvency and an alternative to the so-called “pre-insolvency”, aimed to individual entrepreneurs, freelancers and small and medium-sized businesses that have not yet been declared insolvent whose assets and liabilities meet certain re
In October 2009 the Greek airline, Olympic Airlines SA ("OA"), entered "special liquidation" in Greece after the European Commission ordered it to repay illegal state aid from the Greek Government. OA employed about 27 employees in the UK, who participated in an occupational pension scheme. In June 2010 OA's liquidator informed the scheme's trustees that the UK employees' employment would be terminated and that pension contributions would cease from July 2010.
Baker & McKenzie Alert Client Alert 24 AUGUST 2016 Download Forward Contact Us Visit Our Website Insolvency Law Reform Act: update The Hon Kelly O'Dwyer MP, the Minister for Revenue and Financial Services, announced yesterday that the Insolvency Law Reform Act 2016 (Cth) (ILRA), which was set to commence on 1 March 2017, will now commence in two stages as follows: • Stage 1 on 1 March 2017; and • Stage 2 on 1 September 2017.
In three similar decisions of 17 March 2015[1] the Austrian Supreme Court (“OGH”) clarified how insolvency proceedings may affect an already pending arbitration.
Update on Dutch partnerships Willemijn Punt The Dutch Supreme Court recently delivered two important and interesting judgments in the matter of partnerships. The first judgment relates to the consequences of bankruptcy of a general partnership or a limited partnership for its partners. The second judgment pertains to a matter that has kept opinions in case law and legal literature divided for a long time, namely whether or not an acceding partner is liable for debts of the partnership going back to a moment in time prior to his or her accession.
On 19 August 2016, the new law of 10 August 2016 on the modernization of the company law was published in Luxembourg's Official Journal (Mémorial A, n° 167) following its adoption by Parliament on 13 July 2016. The new law will enter into force 3 days following this publication date, i.e., on 23 August 2016.
The new rules will become immediatly applicable on August 23, although companies incorporated before that date will benefit from a 2-year grace period to amend their articles of association.
High Court says "Yes"
Need to know
In a win for creditors of insolvent companies, on 10 December 2015 the High Court determined that the obligation of a liquidator under section 254(1)(d) of the Income Tax Assessment Act 1936 (Cth) (1936 Act) to retain sufficient funds to pay tax on assets realised during the winding up only arises after a tax assessment has been made. If the funds are distributed prior to a tax assessment being made, then the obligation does not arise.