In a landmark bankruptcy case judgment issued on 10 October 2021 the Dubai Court of First Instance has held the directors and managers of an insolvent Dubai-based PJSC to be personally liable to pay the outstanding debts of the previously listed company (now in liquidation) pursuant to the UAE Bankruptcy Law. This decision represents a very significant milestone in the UAE insolvency landscape since the enactment of the Bankruptcy Law in late 2016, being the first known instance of a case where such personal liability has been ordered.
Tax reform 2021, land market opening, CFC rules, new requirements on disclosure of ultimate beneficial owners as well as companies’ corporate structure and a lot more – the novelties of the first half of 2021 raised lots of questions, as they relate to all those living, working and carrying out entrepreneurial activity in Ukraine.
GOLAW Team has prepared a new issue of the «Analyses and Forecasts of the legislative changes».
Contents:
8月号（民事再生）、9月号（破産）と法的手続の話が続きまし たが、3回目の今月号は、近時の私的整理（協議会手続・事業 再生ADR）の動向を紹介したいと思います。
１ 協議会の再生手続の利用状況
ПІДСУМКИ ТА ПРОГНОЗИ ЗАКОНОДАВЧИХ ЗМІН Перше півріччя 2021 Відкриття ринку землі в Україні: Що потрібно знати? Відповідальність за неподання декларації та приховування статків: Що нового передбачає закон? Відповідальність платників податків: Що змінилося у 2021 році? Контрольовані іноземні компанії: Поточний стан і погляд в майбутнє Кінцеві бенефіціари і корпоративна структура компанії: Нові вимоги до розкриття Нові правила оподаткування непрямого продажу нерухомості 2 6 11 Податкова амністія для приватних осіб: 14 Можливість чи зачіпка для переслідування?
In Holliday v. Credit Suisse Securities USA LLC, United States District Court for the Southern District of New York ("SDNY") Judge George B. Daniels affirmed the dismissal of state law transfer avoidance claims related to a leveraged securities buyout transaction.
This week’s TGIF looks at In the matter of Gary John Anderson in his capacity as liquidator of G & G Contractors Pty Ltd (In Liquidation) [2021] FCA 1185, the latest of a line of Federal Court decisions confirming the approach to be taken by liquidators of trustee companies that have ceased to be trustees as a result of going into liquidation.
Key Takeaways
INTRODUCTION
This newsletter covers key updates about developments in the Insolvency Law during the month of September 2021.
We have summarized the key judgments passed by the Supreme Court of India (SC), National Company Law Appellate Tribunal (NCLAT) and the National Company Law Tribunals (NCLT). Please see below the summary of the relevant regulatory developments.
In Australia, s 436A of the Corporations Act 2001 (Cth) (Act) provides for the circumstances in which a company may appoint a voluntary administrator. This provision requires the company’s board to resolve that: (a) in the opinion of the directors voting for the resolution, the company is insolvent, or is likely to become insolvent at some future time; and (b) an administrator of the company should be appointed.
The use of a company name which is the same or similar to the name of an insolvent company is fraught with complications.
Were you at any stage involved in a company which went into liquidation or administration? Are you now involved in another business with the same or a similar name? If so, you could inadvertently have fallen foul of the criminal and civil liability under Section 216 of the Insolvency Act 1986. Joseph Miller explains the pitfalls of this complicated and often overlooked area of insolvency law.
1. Related Fund Entity filings for private funds]
On 1 September 2021, the Cayman Islands Monetary Authority (CIMA) issued a Notice advising industry that a new Related Fund Entity (RFE) form for private funds was available for use via CIMA's Regulatory Enhanced Electronic Forms Submission (REEFS) portal.