In Dutch case law it has long been held that the bankruptcy of a Dutch partnership automatically entails the bankruptcy of each of the partners. In a decision that explicitly breaks with previous case law, the Dutch Supreme Court found on 6 February 2015 that the bankruptcy of a Dutch partnership does no longer entail the bankruptcy of its partners.
Supreme Court of the Netherlands 11 July 2014 (ABN AMRO vs Berzona)
Introduction
In the corporate inquiry (enquête) procedure of Inter Access the Supreme Court recently confirmed a decision by the Enterprise Chamber where immediate measures were ordered which led to the dilution of a majority shareholder's stake. The managing board of the company was allowed to issue shares without a resolution of the AGM.
1. Introduction
On 16 September 2011 the Netherlands Supreme Court rendered an important judgment regarding the exercise by a bank of its right to reverse a direct debit (LJN BQ873 SNS Bank/Pasman q.q.). In light of this judgment it can be concluded that, in principle, a bank may exercise its right of reversal not only if the direct debit caused the account to be overdrawn or (if an overdraft facility has been granted) the limit to be exceeded, but also if the bank will, as a result of the debtor/payer's bankruptcy, be unable to recover the claim resulting from the direct debit.
In Robt Jones Holdings Limited v McCullagh (2019 NZSC 86) the Supreme Court confirmed that the requirements outlined in Section 292 of the Companies Act 1993 are all that is required in order to void an insolvent transaction. In particular, the Supreme Court confirmed that there is no additional common law principle stating that the transaction must have diminished the net pool of assets available to creditors.
Facts
The Supreme Court’s decision in McIntosh v Fisk has confirmed how the courts will deal with claw back claims under the voidable transactions regime in the context of Ponzi schemes. Liquidators’ recoveries will be limited to the fictitious profits for which there was no value given.
Judgment of the Supreme Court, Chamber One, Number 134/2016, 04 March
Supreme Court Judgment dated 10 March 2016 (STS 151/2016)
The judgment of the Supreme Court analyses the objective scope of extension of the liability for obligations and debts for which, as appropriate, the director of a company should be liable and, more specifically, the scope of "the corporate obligations subsequent to the occurrence of the legal ground for dissolution".