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All You Need to Know About Becoming an Insolvency Practitioner In
REMUNERATION OF INSOLVENCY PRACTITIONERS This time we bring you a real scoop. Insolvency law, legal status and remuneration of the insolvency practitioners, has completely changed in Poland! Judge Anna Hrycaj, who presented this subject at the ACC conference in Warsaw last year, and who was asked to adapt her presentation to the needs of our journal, was obliged to write a new article, because Poland was surprised a couple of weeks ago by a new law… So, we are proud to offer you an analysis of the new requirements for becoming an IP in Poland. If you have any questions, please write to [email protected] or [email protected] for further information. All you need to know about becoming an Insolvency Practitioner in Europe: Poland We have already looked at the legal status and remuneration of insolvency practitioners in France, Austria and Latvia. Here we discuss what happens in Poland The legal status of the Insolvency and the court does not deprive the • He/she has the full legal capacity to act; Practitioner (IP) in Poland is soon to be debtor of the right to administer the • He/she is under 65; regulated not only by the provisions of estate; • He/she received higher education the Bankruptcy and Rehabilitation Law, • The receiver ( zarz ądca ), who is qualifications and obtained an MA or 28 February 2003, but also by the appointed in the case of insolvency any other correspondent title in the provisions of the Polish law on IPs which with the possibility of making an member states mentioned above; was enacted by the Polish Parliament on arrangement with creditors, but the • He/she has an unblemished 9 May 2007. -
How to Become an Insolvency Practitioner In
REMUNERATION OF INSOLVENCY PRACTITIONERS The article is provided by Devorah Burns of the national organisation The Insolvency Service, based in London. The Insolvency Service operates under a statutory framework – mainly the Insolvency Acts 1986 and 2000, the Company Directors Disqualifications Act 1986 and the Employment Rights Act 1996. If you have any questions on this article, please send them to the author at Devorah.Burns @insolvency.gsi.gov.uk or [email protected] We welcome further contributions to this series, so if you would like to inform our readers of the regulations for becoming an IP in your jurisdiction, please contact the editors. All you need to know about becoming an Insolvency Practitioner: Great Britain The latest in our series of articles on the legal status and remuneration of insolvency practitioners examines the British rules and regulations Access to to pay an annual fee, which covers the costs Insolvency Practitioners in the profession associated with authorisation and England, Wales & Scotland. regulation. The Insolvency Service is responsible for The Secretary of State (SoS) may authorise EU Directive 2005/36 provides for the the regulation of insolvency practitioners insolvency practitioners, as may seven recognition of professional qualifications working in Great Britain (i.e. England, professional bodies (the RPBs). The RPBs throughout the relevant states and The Wales & Scotland) and the Department for represent accountants, lawyers and those European Communities (Recognition of Enterprise, Trade & Investment in Northern who only work as insolvency practitioners. Professional Qualifications) Regulations Ireland is responsible for the regulation Most insolvency practitioners are 2007 (The Regulations) make provision of insolvency practitioners who work in authorised by one of the RPBs. -
The Insolvency Service Annual Plan 2019-2020
Annual Plan 2019-2020 Contents Chief Executive’s Foreword .................................................... 5 Chair of the Board’s Foreword ................................................ 6 1. Delivery framework .............................................................. 8 1.1 Strategic delivery ..................................................................................................................8 2. Ministerial targets .............................................................. 13 3. Delivering economic confidence ...................................... 14 3.1 Objectives ...........................................................................................................................14 3.2 Targets ................................................................................................................................15 4. Supporting those in financial distress .............................. 16 4.1 Objectives ...........................................................................................................................16 4.2 Targets ................................................................................................................................17 4.3 Change portfolio milestones ..............................................................................................17 5. Tackling financial wrongdoing .......................................... 18 5.1 Objectives ...........................................................................................................................18 -
Virgin Atlantic
Virgin Atlantic Cryptocurrencies: Provisional Lottie Pyper considers the 2020 and beyond Liquidation and guidance given on the first Robert Amey, with Restructuring: Jonathon Milne of The Cayman Islands restructuring plan under Conyers, Cayman, and Hong Kong Part 26A of the Companies on recent case law Michael Popkin of and developments Campbells, takes a Act 2006 in relation to cross-border view cryptocurrencies A regular review of news, cases and www.southsquare.com articles from South Square barristers ‘The set is highly regarded internationally, with barristers regularly appearing in courts Company/ Insolvency Set around the world.’ of the Year 2017, 2018, 2019 & 2020 CHAMBERS UK CHAMBERS BAR AWARDS +44 (0)20 7696 9900 | [email protected] | www.southsquare.com Contents 3 06 14 20 Virgin Atlantic Cryptocurrencies: 2020 and beyond Provisional Liquidation and Lottie Pyper considers the guidance Robert Amey, with Jonathon Milne of Restructuring: The Cayman Islands given on the first restructuring plan Conyers, Cayman, on recent case law and Hong Kong under Part 26A of the Companies and developments arising from this Michael Popkin of Campbells, Act 2006 asset class Hong Kong, takes a cross-border view in these two off-shore jurisdictions ARTICLES REGULARS The Case for Further Reform 28 Euroland 78 From the Editors 04 to Strengthen Business Rescue A regular view from the News in Brief 96 in the UK and Australia: continent provided by Associate South Square Challenge 102 A comparative approach Member Professor Christoph Felicity -
UK (England and Wales)
Restructuring and Insolvency 2006/07 Country Q&A UK (England and Wales) UK (England and Wales) Lyndon Norley, Partha Kar and Graham Lane, Kirkland and Ellis International LLP www.practicallaw.com/2-202-0910 SECURITY AND PRIORITIES ■ Floating charge. A floating charge can be taken over a variety of assets (both existing and future), which fluctuate from 1. What are the most common forms of security taken in rela- day to day. It is usually taken over a debtor's whole business tion to immovable and movable property? Are any specific and undertaking. formalities required for the creation of security by compa- nies? Unlike a fixed charge, a floating charge does not attach to a particular asset, but rather "floats" above one or more assets. During this time, the debtor is free to sell or dispose of the Immovable property assets without the creditor's consent. However, if a default specified in the charge document occurs, the floating charge The most common types of security for immovable property are: will "crystallise" into a fixed charge, which attaches to and encumbers specific assets. ■ Mortgage. A legal mortgage is the main form of security interest over real property. It historically involved legal title If a floating charge over all or substantially all of a com- to a debtor's property being transferred to the creditor as pany's assets has been created before 15 September 2003, security for a claim. The debtor retained possession of the it can be enforced by appointing an administrative receiver. property, but only recovered legal ownership when it repaid On default, the administrative receiver takes control of the the secured debt in full. -
1/1 DIRECTOR and OFFICER LIABILITY in the ZONE of INSOLVENCY: a COMPARATIVE ANALYSIS HH Rajak Summary It Is the Duty of the Dire
HH RAJAK (SUMMARY) PER/PELJ 2008(11)1 DIRECTOR AND OFFICER LIABILITY IN THE ZONE OF INSOLVENCY: A COMPARATIVE ANALYSIS HH Rajak* Summary It is the duty of the directors of a company to run the business of the company in the best interests of the company and its shareholders. In principle, the company, alone, is responsible for the debts incurred in the running of the company and the creditors are, in principle, precluded from looking to the directors or shareholders for payment of any shortfall arising as a result of the company's insolvency. This principle has, in a number of jurisdictions undergone statutory change such that in certain circumstances, the directors and others who were concerned with the management of the company may be made liable to contribute, personally, to meet the payment – in part or entirely – of the company's debts. This paper aims to explore this statutory jurisdiction. It also seeks to describe succinctly the process by which the shift from unlimited to limited liability trading was achieved. It will end by examining briefly a comparatively new phenomenon, namely that of a shift in the focus of the directors' duties from company and shareholders to the creditors as the company becomes insolvent and nears the stage of a formal declaration of its insolvent status – the so-called 'zone of insolvency'. * Prof Harry Rajak. Professor Emeritus, Sussex Law School, University of Sussex. 1/1 DIRECTOR AND OFFICER LIABILITY IN THE ZONE OF INSOLVENCY: A COMPARATIVE ANALYSIS ISSN 1727-3781 2008 VOLUME 11 NO 1 HH RAJAK PER/PELJ 2008(11)1 DIRECTOR AND OFFICER LIABILITY IN THE ZONE OF INSOLVENCY: A COMPARATIVE ANALYSIS HH Rajak* 1 Introduction It is a generally accepted proposition that the duty of the directors of a company is to run the business of the company in the best interests of the company. -
Proposals for Mitigating the Short Term Effects on Viable Businesses of Covid-19
PROPOSALS FOR MITIGATING THE SHORT TERM EFFECTS ON VIABLE BUSINESSES OF COVID-19 1 INTRODUCTION 1.1 Many will have concerns about the short term impact that Covid-19 may have on businesses that would otherwise be viable (for example as a result of short term disruptions to supply chains or temporary reduced customer demand). We have therefore set out below a number of proposals, for discussion with the Insolvency Service, as to how some of the immediate effects of Covid-19 may be mitigated. 1.2 If the short-term impact of Covid-19 is not satisfactorily countered, and viable businesses are not preserved, there will be lasting damage to the wider economy. 1.3 Given our focus as City of London lawyers, we put forward our ideas by reference to the impact on the corporate sector but we are conscious of the importance of taking complementary measures to achieve stability amongst partnerships and other unincorporated businesses if the objectives articulated below are to be achieved. 1.4 We would be happy to discuss or expand on any of the comments made in this paper, if requested. 2 PROPOSALS 2.1 The objectives behind these proposals are: (a) to give businesses a short breathing space, to address a temporary disruption in revenue and to free them from the risk of a creditor presenting a winding up petition and all the consequences that flow from that, in which to deal with any short term liquidity or trading issues that they may suffer as a result of the Covid-19 situation; (b) to provide an additional mitigating factor in relation to wrongful -
Business Law & Practice Review 2003
Centre for Business Law & Practice School of Law University of Leeds BBUUSSIINNEESSSS LLAAWW && PPRRAACCTTIICCEE RREEVVIIEEWW 22000033 -- 22000044 1 Centre for Business Law & Practice, School of Law, University of Leeds BUSINESS LAW & PRACTICE REVIEW 2003 - 2004 CONTENTS pages About the Centre 2 Introduction 3 Research Degrees and Teaching Programmes 4 - 6 General Activity 7 - 8 Research Outcomes 9 - 15 Editorial Work 16 Working Papers 17 - 66 Appendix 1 : Constitution of the Centre 66 – 67 Appendix 2 : Officers of the Centre 68 2 ABOUT THE CENTRE The Centre for Business Law and Practice is located in the School of Law at the University of Leeds and its aim is to promote the study of all areas of Business Law and Practice, understood as the legal rules which regulate any form of business activity. It seeks to promote all forms of research, including, doctrinal, theoretical (including socio-legal) and empirical research and to develop contacts with other parts of the academic world, as well as the worlds of business and legal practice in order to enhance mutual understanding and awareness. The results of its work are disseminated as widely as possible by publishing monographs, articles, reports and pamphlets as well as by holding seminars and conferences with both in-house and outside speakers. Staff members have acted as consultants to law firms, accounting bodies and the International Monetary Fund. Research has been undertaken in many areas of business law including banking, business confidentiality, corporate (general core company law as well as corporate governance and corporate finance), employment, financial institutions, foreign investment, insolvency, intellectual property, international trade, corporate crime and taxation. -
Directors' Duties and Liabilities in Financial Distress During Covid-19
Directors’ duties and liabilities in financial distress during Covid-19 July 2020 allenovery.com Directors’ duties and liabilities in financial distress during Covid-19 A global perspective Uncertain times give rise to many questions Many directors are uncertain about their responsibilities and the liability risks The Covid-19 pandemic and the ensuing economic in these circumstances. They are facing questions such as: crisis has a significant impact, both financial and – If the company has limited financial means, is it allowed to pay critical suppliers and otherwise, on companies around the world. leave other creditors as yet unpaid? Are there personal liability risks for ‘creditor stretching’? – Can you enter into new contracts if it is increasingly uncertain that the company Boards are struggling to ensure survival in the will be able to meet its obligations? short term and preserve cash, whilst planning – Can directors be held liable as ‘shadow directors’ by influencing the policy of subsidiaries for the future, in a world full of uncertainties. in other jurisdictions? – What is the ‘tipping point’ where the board must let creditor interest take precedence over creating and preserving shareholder value? – What happens to intragroup receivables subordinated in the face of financial difficulties? – At what stage must the board consult its shareholders in case of financial distress and does it have a duty to file for insolvency protection? – Do special laws apply in the face of Covid-19 that suspend, mitigate or, to the contrary, aggravate directors’ duties and liability risks? 2 Directors’ duties and liabilities in financial distress during Covid-19 | July 2020 allenovery.com There are more jurisdictions involved than you think Guidance to navigating these risks Most directors are generally aware of their duties under the governing laws of the country We have put together an overview of the main issues facing directors in financially uncertain from which the company is run. -
Department for Business, Enterprise and Regulatory Reform (BERR) and the Department for Innovation, Universities and Skills (DIUS)
James Davies Clerk of the Committee Business Innovation and Skills Committee House of Commons 7 Millbank London SW1P 3JA 7 July 2010 Dear James Main Estimates Memorandum 2010-11 I am enclosing the Department for Business Innovation and Skills (BIS’s) Memorandum for the forthcoming Main Estimate. This Memorandum has been prepared in accordance with the “Guide to Preparing Estimate Memoranda” and has been approved by the Departmental Accounting Officer. Presentation and publication of the Main Estimate was made on 21 June 2010. I recognise that, as this is a new Committee, some of this information may require fuller explanation to bring members fully up to speed with the Department’s activities and funding. I will be happy to provide any additional information which may be required. Yours sincerely Howard Orme Director General, Finance and Commercial Finance and Commercial, 1 Victoria Street, London SW1H 0ET www.bis.gov.uk Direct Line +44 (0)20 7215 5936 | Fax +44 (0)20 7215 3248 | Mincom +44 (0)020 7215 6740 Enquiries +44 (0)20 7215 5000 | Email [email protected] 1 Department for Business Innovation and Skills Main Estimate 2010-11 Select Committee Memorandum 1. This is the first Main Estimate for the Department for Business Innovation and Skills (BIS). The principal activities of the Department relate to the funding, policy and support of Innovation, Business and Enterprise; Further and Higher education and Skills; and Science and Research. 2. The Main Estimate for 2010-11 seeks the necessary resources and cash to support the functions of the Department and its Non Departmental Public Bodies (NDPBs). -
Update from the Insolvency Service
Money Advice Liaison Group: September 2017: Update from The Insolvency Service Official Receiver Services (ORS) update Case numbers – Quarter 2 stats release 28 July 2017 Compulsory liquidations: A total of 672 companies were subject to compulsory liquidation in Q2 2017, a 19.8% decrease on the previous quarter but 0.1% higher than Q2 2016. Bankruptcy Orders: In Q2 2017 there were 3,772 bankruptcies, a decrease of 2.5% on 2017 Q1 and an increase of 4.6% on 2016 Q2. In Q2 2017, 2,839 bankruptcies were made on the petition or application of the debtor, which was 4.6% lower than the previous quarter but 10.3% more than the same quarter in 2016. This year on year rise is likely to be due to a change to the process for people making themselves bankrupt, which has removed the courts from the process. There were 831 creditor petition bankruptcies in Q2 2017, which was 3.6% lower than the previous quarter and 13.3% lower than the same quarter in 2016. This year on year decrease in creditor petition bankruptcies is likely to be linked to a change in the minimum debt a creditor must be owed to make someone bankrupt, which increased from £750 to £5,000 for petitions presented from 1 October 2015. Debt Relief Orders: There were 6,146 DROs in Q2 2017. DROs increased by 0.4% compared with Q1 2017 but decreased by 8.8% compared with Q2 2016 – this was the second lowest level since changes to eligibility criteria took effect in October 2015 with DROs becoming available to people with up to £20,000 debt (up from £15,000) and £1,000 assets (up from £300). -
You Never Saw a Fish on the Wall with Its Mouth Shut
IAN WINTER QC YOU NEVER SAW A FISH ON THE WALL WITH ITS MOUTH SHUT THE PRIVILEGE AGAINST SELF-INCRIMINATION AND THE DECISION OF THE COURT OF APPEAL IN R V K [2009] EWCA CRIM 1640 ISSUE NINE WINTER 2009 PUBLISHED BY CLOTH FAIR CHAMBERS CLOTH FAIR CHAMBERS Nicholas Purnell QC Richard Horwell QC John Kelsey-Fry QC Timothy Langdale QC Ian Winter QC Jonathan Barnard Clare Sibson Cloth Fair Chambers specialises in fraud and commercial crime, complex and organised crime, regulatory and disciplinary matters, defamation and in broader litigation areas where specialist advocacy and advisory skills are required. 2 CLOTH FAIR CHAMBERS IAN WINTER QC YOU NEVER SAW A FISH ON THE WALL WITH ITS MOUTH SHUT1 THE PRIVILEGE AGAINST SELF-INCRIMINATION AND THE DECISION OF THE COURT OF APPEAL IN R V K [2009] EWCA CRIM 1640 ISSUE NINE WINTER 2009 PUBLISHED BY CLOTH FAIR CHAMBERS 1 Unreliably attributed to Sally Berger but the true origin is unclear. King John, pressured by the barons and threatened with insurrection, reluctantly signs the great charter on the Thames island of Runnymede CLOTH FAIR CHAMBERS he fish on the wall has its mouth open unreliable testimony produced as a result of it. because it couldn’t resist the temptation to open it when the occasion appeared to Had paragraph 38 of Magna Carta remained the law, which justify doing so. There are few convicted could have been the case even once the use of torture had defendants who likewise could resist the been outlawed2, the question over the admissibility of the temptation to open their mouths and accused’s statement would not have been whether the Tthereby assist their prosecutors with their own words.