With COVID-19 causing ever increasing financial uncertainty around the globe, we thought it an apt time to provide you with a summary of the various corporate insolvency procedures in the UK applicable to companies facing financial difficulties. Taking each in turn, we will discuss administration, administrative receivership, company voluntary arrangements, schemes of arrangement and liquidation. We will also touch briefly on directors’ duties, rules relating to asset distribution on insolvency and transactions that may be set aside on insolvency or ‘reviewable’ transactions.
A mere few weeks ago, the hypothesis that the COVID-19 virus would not affect the African continent was still being widely propagated. The theory that the virus does not survive in warm weather has since been debunked and the number of African countries that have recorded confirmed cases of coronavirus is growing rapidly. On 18 March 2020, the Director-General of the World Health Organisation, Tedros Adhanom Ghebreyesus, warned that Africa has to prepare for the worst.
September 2016 CMS_LawTax_Negative_28-100.eps Enforcing Security over Real Estate and Shares across Europe 2 | Enforcing Security over Real Estate and Shares across Europe 3 Introduction 4 Albania 5 Austria 6 Belgium 7 Bulgaria 8 Czech Republic 9 England and Wales 10 France 11 Germany 12 Hungary 13 Italy 14 Luxembourg 15 Montenegro 16 Netherlands 17 Poland 18 Portugal 19 Romania 20 Russia 21 Scotland 22 Serbia 23 Slovakia 24 Slovenia 25 Spain 26 Turkey 27 Ukraine 28 Contacts Contents 19 practice and sector groups working across offices Ranked 2nd most global law firm in the Am Law 2015 Glob
A la suite de la liquidation de la Banque Internationale de l’Afrique de l’Ouest au Cameroun, ses ex-employés ont décidé de se pourvoir en justice aux fins de recouvrer leurs droits auprès de l’Etat du Cameroun, en se constituant pour conseil, Maître TANG Emmanuel.
Par les soins de ce dernier, ils obtinrent une autorisation de saisie conservatoire et entreprirent son exécution en faisant procéder à une saisie conservatoire auprès de différentes banques, dont la « BICEC » qui détenait les fonds que la Caisse Autonome d’Amortissement y avait placés pour les reverser aux ex-employés.
Subsequent to the liquidation of the Banque Internationale de l’Afrique de l’Ouest (BIAO) in Cameroon, the bank’s former employees filed suit against BIAO in order to collect their financial benefits from Cameroon government. They employed the legal services of Mr TANG Emmanuel who enabled them to secure a court order attaching the assets of the bank.
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The Court of Justice and Arbitration, “CCJA”, of the Organization for the Harmonization in Africa of Business Law, “OHADA”, in its judgment No. 028/2016 of 25 February 2016, stated that a matter raising issues relating to the application of a uniform Act, in this instance the Organization of Simplified Recovery Procedures and Enforcement means, falls within its jurisdiction.
A mere few weeks ago, the hypothesis that the COVID-19 virus would not affect the African continent was still being widely propagated. The theory that the virus does not survive in warm weather has since been debunked and the number of African countries that have recorded confirmed cases of coronavirus is growing rapidly. On 18 March 2020, the Director-General of the World Health Organisation, Tedros Adhanom Ghebreyesus, warned that Africa has to prepare for the worst.
A bondholder of Argentine restructured debt filed for an injunction before the Argentine courts against the Bank of New York Mellon, as trustee under the exchange bonds. The plaintiff claimed the distribution of funds – frozen by a US court order – that Argentina had deposited into the Bank of New York Mellon's account to comply with the payments under those bonds. The Argentine courts dismissed the request, concluding that they lacked jurisdiction.
Argentina
The long-running dispute continues between Argentina, which defaulted on its sovereign debt for the second time in July 2014, and holdout bondholders from two previous debt restructurings.