Il 27 settembre 2024 è stato pubblicato in Gazzetta Ufficiale il D. Lgs. 13 settembre 2024, n. 136 (“Correttivo-ter”), terzo – e attualmente ultimo – Decreto Correttivo al Codice della Crisi d’Impresa e dell’Insolvenza.
Il novello decreto correttivo ha apportato modifiche sostanziali a numerosi istituti del Codice della Crisi. Al netto di alcuni ritocchi di stile e di dettaglio, il Correttivo-ter, da un lato, recepisce talune prassi o risolve dubbi interpretativi e, dall’altro, introduce specifiche novità largamente attese dagli operatori.
A recent decision of the Commercial Sheriff Court at Perth in the case of Priority Construction UK Limited v Advanced Material Processing Limited, reported at [2024] SC PER 48, has confirmed the position in relation to the proper basis for liquidation petitions to be brought against debtor companies. The moral of this story is that liquidation petitions should not be used to try to recover a validly disputed debt - something that all creditors and practitioners should be alert to.
The facts
The provisions governing the winding-up of co-operatives are reflected in the Co-operatives Act No. 14 of 2005 and its regulations.
How are co-operatives wound up?
A recentPwC reportfound that there has been a slight rise in companies availing of the Small Company Administrative Rescue Process (“SCARP”).
SCARP made up 6% of corporate insolvencies in Q2 2024, up from 3% in the previous quarter.
However, overall, the numbers availing of this insolvency option remain low, which is notable given that insolvencies generally are increasing.
Insolvency Trends
The Times reported yesterday on the continued promotion of an “insolvency avoidance” scheme, despite efforts by the Insolvency Service to close it down. The scheme claims to offer directors of distressed companies a means of avoiding formal liquidation – with the associated scrutiny of their actions and risk of personal liability.
مقدمة
إسقاط الديون هو موضوع ذو أهمية كبيرة، خاصة للأفراد والشركات الذين يواجهون صعوبات مالية قد تؤثر على استقرارهم. وقد أتاحت قوانين دولة الإمارات العربية المتحدة الحديثة، وكذلك بعض القوانين الدولية، إطارًا قانونيًا واضحًا لإسقاط الديون أو تخفيفها. تتناول هذه المقالة الإجراءات القانونية المتاحة، مع التركيز على التشريعات الإماراتية والتشريعات الدولية، إضافة إلى عرض بعض الحالات القانونية والأمثلة العملية.
أولاً: إسقاط الديون وفقًا لقانون الإمارات العربية المتحدة
قانون الإفلاس في الإمارات (القانون الاتحادي رقم 9 لسنة 2016)
Introduction
Debt relief is a critical topic, especially for individuals and companies facing financial hardships that may affect their stability. Recently, the UAE has implemented clear legislative frameworks, as have some international laws, to help facilitate debt relief or restructuring. This article covers the legal procedures available, focusing on UAE legislation and international regulations, along with real-world cases and examples.
First: Debt Discharge Under UAE Law
The Delaware Chancery Court placed Arrowood Indemnity Company in liquidation on November 8, 2023, by a liquidation order. The court found Arrowood to be insolvent by the court, and appointed a receiver to liquidate Arrowood’s assets, evaluate any claims made against Arrowood and evaluate the payment of claims made against it.
Background
A distressed merger and acquisition (“M&A”) is essentially a sub-category of a conventional M&A, which involves sales of shares or assets of companies that are in financial turmoil and these companies are being placed under administration, receivership and/or liquidation. Due to the unprecedented Covid-19 pandemic, distressed M&A transactions have become more common in recent years with companies in financial and operational distress looking to dispose of their assets to better manage high illiquidity as well as reducing over-indebtedness risk.
On 15 May 2024, the Bermuda Court granted an order striking out a winding-up petition (the “Petition”), setting aside an earlier order appointing joint provisional liquidators (“JPLs”), and discharging the JPLs appointed over New Sparkle Roll International Group Limited (the “Company”), a Bermuda company listed on the Hong Kong Stock Exchange. The Company’s new board of directors (the “New Board”) was represented by Conyers.
Background