The Liquidation Rules Committee has published the Foreign Proceedings (International Cooperation) (Relevant Foreign Countries) Liquidation Rules 2016.
The most recent statutory enactment in relation to corporate insolvency in the Bahamas is the designation of a list of relevant foreign countries to which the Bahamian court will extend international cooperation in insolvency proceedings.
In another recent decision in the cross-border insolvency proceedings concerning Cayman-based Caledonian Bank, the Supreme Court of the Commonwealth of the Bahamas acceded to the petition for Caledonian Bank Limited (In Liquidation Under Supervision of the Grand Court of the Cayman Islands) to be wound up as a foreign company pursuant to Section 185(d)(ii) of the Companies Winding-up Amendment Act 2011, thereby exercising its jurisdiction for ancillary winding-up proceedings to be entered into.
When your business first begins to have financial difficulties, you should take action quickly to increase its stability. You have options such as refinancing and consolidating, or you can look to insolvency or liquidation proceedings.
First, assess your business's true financial situation. You may need to review the bookkeeping or talk to an accountant about your profits, losses, and debts. Be realistic about how much you can improve the finances and in how long of a time period. If you are already having trouble paying the bills, then you need to act fast.
In Short
The Situation: Belgium has introduced senior non-preferred notes, a new category of debt securities available to banking institutions.
The Result: In the event of a liquidation, senior non-preferred notes will rank ahead of subordinated notes, but behind "ordinary" senior preferred notes and any claims benefiting from legal or statutory preferences.
The liquidation in one single act is allowed in Belgium since 2012. The following formalities are strictly required:
The Belgian Company Code provides for the possibility to dissolve and liquidate a Belgian company in a single step (en un seul acte/in één akte) (for more information, please see the June 2012 edition of this newsletter).
The Act of 25 April 2014 amending the Company Code with regard to liquidation procedure (the "Act") was published in the Belgian State Gazette on 14 May 2014 and entered into force on 24 May 2014. The Act amends one of the main requirements to proceed with dissolution and liquidation in a single step.
The new law of 19 March 2012 amending the Belgian Companies Code on the liquidation procedure which entered into force on 17 May 2012 (the “Law”) has put an end to the legal uncertainty and the controversial practice that arose from the law of 2 June 2006 regarding the realisation of the dissolution and liquidation of a company in one single act.
This new Law has to be read alongside the law of 22 April 2012 amending the Judicial Code on the liquidation procedure of companies (also entered into force on 17 May 2012).
On 9 February 2009, the Act of 31 January 2009 on the continuity of companies (Loi relative à la continuité des entreprises/Wet betreffende de continuïteit van de ondernemingen, the "Act") was published in the Belgian State Gazette.
The Act – which actually consists of two separate acts for technical reasons - will replace the unsuccessful Act of 17 July 1997 on composition with creditors.