In this week’s update: more details on plans for reforms of governance, audit and executive pay, Companies House is ending its temporary strike-off policy, the court orders virtual meetings on a scheme of arrangement and the FRC calls for participants in a review of company disclosures.
The e-book “Litigation in the Time of Covid-19: Legal issues in commerce, finance and insolvency” analyses the key issues arising out of the coronavirus pandemic, as well as the latest legal developments, in seven areas: contract, corporate insolvency, personal insolvency, company law (including directors’ duties), civil procedure, banking and financial services, and offshore litigation. It is organised in a question and answer format and addresses issues such as:
The Irish Government has published the General Scheme of a Bill and related secondary legislation to address practical issues that have arisen for companies and cooperative societies as a result of the Covid-19 pandemic. We examine the scope of the measures and next steps for entities that can avail of its provisions.
Duration of proposed temporary measures
The COVID-19 pandemic has heavily disrupted our lives, communities, and businesses. Even with new approaches, not all businesses can overcome the substantial challenges brought by the pandemic. Lending programs like the Paycheck Protection Program have brought temporary relief, but many small businesses remain exposed to financial difficulties and face a real risk of bankruptcy.
New Small Business Provisions in Bankruptcy Code
In what is likely to be one of this year’s landmark insolvency decisions, the Supreme Court in Bresco v Lonsdale has considered the interaction between insolvency set-off and adjudication, though the judgment is likely to have application to other dispute resolution processes including litigation and arbitration.
Section 550 of the Bankruptcy Code provides that, when a transfer is avoided under one of several other sections of the Code, a trustee may recover “the property transferred, or, if the court so orders, the value of such property” from “the initial transferee of such transfer,” “the entity for whose benefit such transfer was made,” or “any immediate or mediate transferee of such initial transferee.” 11 U.S.C. § 550(a).
In our next segment of Bankruptcy Bytes, Liam O’Connor provides an introduction to how creditors can navigate Adversary Proceedings in Bankruptcy Court.
OVERVIEW
Introduction
On 26 June 2020 the UK Corporate Insolvency and Governance Act 2020 (“CIGA”) entered into force. It represents a radical change in English insolvency law in that (among other things):
1 前言
很多读者在听到“公司清算”的时候，都会联想到破产程序及特殊清算程序吧。实际上，日本 《公司法》设想的公司清算之原则形式为一般清算程序（《公司法》第475条），破产程序及特殊清 算程序则为因资不抵债等原因导致一般清算程序无法进行时的特殊规定。因此，了解原则形式的一 般清算程序，亦有助于理解破产程序、特殊清算程序及其他法定及自行再生程序。由此，本文将针 对一般清算程序的概要进行介绍。
2 一般清算程序的概要
(1)一般清算程序的开始
通常，当清算程序以（《公司法》1 第475条各项）的开始原因发生时，一般清算程序开始。代表 性的自由开始一般清算程序的事由包括，公司章程（《公司法》第471条第2项）所载的解散事项发 生，以及股东大会作出决议（《公司法》471条第3项）等。
(2)一般清算程序的对象
即使存在清算程序开始的原因，但当对清算执行构成障碍的事项存在或疑似资不抵债时，有可能 转入特别清算程序2 ；而当破产程序开始的原因（资不抵债或无力偿还）被认可时，则有可能转入破 产程序。