Small and medium-sized enterprises (SMEs) have grown rapidly in Thailand over the past ten years, creating millions of jobs and contributing to the Kingdom’s steady economic growth. According to the 2015 annual report of the Office of SMEs Promotion (OSMEP), there were approximately 2.7 million SMEs at the end of 2015, employing around 10 million people, particularly in the tourism, construction, and wholesale sectors.
The following question was published in the Financial Times on 23 July 2011 and answered by Richard Curtin, a lawyer in the London office of Faegre & Benson LLP.
I run a food and drinks company supplying products to football clubs. But we recently heard that one of the clubs we supply will probably go into liquidation very soon and we are concerned that we may not receive the money we're owed by it. Is there any action we can take now to make sure we are credited if and when the club becomes insolvent?
In the current economic climate, LLPs and their members are being forced to grapple with insolvency legislation. Applying the provisions of the corporate insolvency regime established by the Insolvency Act 1986 to LLPs is not straightforward. One of the issues is whether an individual member can apply to wind up an LLP.
- Decision will be welcomed by insurers
The Scottish Appeal Court has allowed the appeal by Scottish Lion Insurance against the judgment of Lord Glennie on whether it would ever be fair for a court to sanction a solvent scheme in the face of creditor opposition, says City law firm Reynolds Porter Chamberlain LLP (RPC).
In Clydesdale Financial Services Ltd and others v Robert Smailes and others [2009] EWHC 3190 (Ch), the principal issues before the Court were whether the third claimant, Focus Insurance Company Ltd (Focus), had a real prospect of success in its claims to be, first, a creditor (under the Insolvency Act 1986) of the fifth defendant, Alexander Samuel LLP (LLP) in respect of unpaid premiums and, second, a "victim" under ss.423-425 of the Insolvency Act 1986 of the sale of LLP's business to Jiva Solicitors LLP (Jiva) effected around the same time as it went into administration.
Pensions and insolvency legislation uses the test in the Insolvency Act 1986 for assessing whether a person is ‘connected’ or ‘associated’ with another. This test is important because various statutory provisions use it, especially in limiting the persons whom the Pensions Regulator can make responsible for pension scheme deficits under the ‘moral hazard’ powers in the Pensions Act 2004. This briefing gives an outline of the statutory provisions and points to some difficult areas.
Why is this relevant?
The European High Yield Association's proposals for reforming the UK insolvency laws risk pushing the UK towards the US litigation-heavy model says Reynolds Porter Chamberlain LLP, the City law firm.
In proposals submitted to HM Treasury, the trade body for the high yield debt industry called for a "court supervised restructuring process" where:
The English Court has ordered that meetings be convened on 4 July 2008 for creditors to vote on the solvent schemes of arrangement being proposed by 82 members of the E W Payne Pools. The E W Payne Pools have been in run-off for over 20 years and, it is predicted, that the run-off could last, if not for the proposed schemes, for at least another 20 years. The purpose of the schemes is to bring that run-off to an early close. The schemes establish a method for the valuation and payment of cedants' current and future claims against the Pools.
In a decision handed down on February 23, the High Court granted a winding-up petition brought by the Financial Services Authority under section 367 of the Financial Services and Markets Act 2000 (FSMA).
The Labor and Employment Group at Hogan Lovells is proud to have contributed to the 2020 version of the firm’s Doing Business in the United States Guide. The Guide provides a high-level overview of the laws and practices important to foreign investors interested in operating in the United States, including recent legal developments.