Concordantietabel W.Venn. – WVV

Artikel 32 WVV bepaalt dat de Koning de verwijzingen in wetten en koninklijke besluiten naar bepalingen die in het WVV werden opgenomen, kan aanpassen, met behulp van de bijgevoegde concordantietabel. De concordantietabel in kwestie werd ten gevolge van een vergetelheid niet in de wet van 23 maart 2019 ingevoegd. Continue reading “Concordantietabel W.Venn. – WVV”

European Parliament approves rules on business insolvency and second chance

Today, the European Parliament approved the  directive on business insolvency and restructuring procedures.

The insolvency framework covers three main measures:

  • preventative restructuring framework: that allows companies in financial difficulty to negotiate a restructuring plan with creditors, while maintaining their activity and preserving jobs
  • second chance for honest insolvent or over-indebted entrepreneurs, through full debt discharge after a maximum period of 3 years, with safeguards against abuse
  • targeted measures for member states to increase efficiency of insolvency, restructuring and discharge procedures, in particular expedient treatment of procedures

The final text also includes guarantees that workers’ rights, such as collective bargaining and industrial action, right to information and consultation, will not be affected by restructuring procedures.

Requirements on the duties of the company director in insolvency proceedings were also introduced. They include regard to the interest of creditors, other stakeholders and equity holders, taking steps to avoid insolvency and avoiding deliberate or grossly negligent conduct that threatens the viability of the business.

The debate continues

In the final hours before the vote on the Preventive Restructuring Framework, the debate continues in full force. Two blog posts have been posted, urging the legislators to carefully reflect upon the proposed text.

The first post is written by prof. dr. M. Brinkmann (“Die relative Vorrangregel aus Art. 11 (1) (c) der Insolvenzrichtlinie: nicht nur untauglich, sondern brandgefährlich!”) and can be consulted here.

The second post (“Puzzling priorities: harmonisation of European Preventive Restructuring Frameworks”) is written by Anne Mennens and can be consulted here.

Who says insolvency law cannot be thrilling?

 

 

 

Pre-Insolvency Proceedings, A Normative Foundation and Framework

9780198799924 (1)

Oxford University Press recently published a book on pre-insolvency proceedings (aptly entitled) “Pre-Insolvency Proceedings, A Normative Foundation and Framework”. It is authored by Nicolaes Tollenaar and includes a foreword from Justice Richard Snowden.

The book develops a normative foundation for pre-insolvency proceedings and provides a framework outlining what an ideal pre-insolvency procedure might look like. It discusses the key economic and legal principles underlying restructuring proceedings, the system of voting in classes, the appropriate criteria for cram down and valuation. It further offers a comparative analysis of UK schemes and the Chapter 11 plan procedure with a view to drawing on the lessons learned from each.

The book is an updated translation of the (Dutch) PhD of the author (previously presented on this blog) and is available at:  https://global.oup.com/academic/product/pre-insolvency-proceedings-9780198799924?cc=nl&lang=en&

Agreement on a new approach to business insolvency in Europe

Yesterday, a political agreement was reached by the European Parliament and EU Member States on a set of European rules on business insolvency. The text must now be formally adopted by the European Parliament and the Council of the EU. Following final adoption, the Directive will be published in the EU’s Official Journal and enter into force 20 days later. Continue reading “Agreement on a new approach to business insolvency in Europe”

Cross-border restructuring and insolvency post-Brexit

The Conference of European Restructuring and Insolvency Law (CERIL) published its report on cross-border restructuring and insolvency post-Brexit today. In its report, CERIL highlights the relationship between the EU and the UK after Brexit in the area of restructuring and insolvency law and seeks to formulate a position on the nature and content of a possible future instrument governing that relationship. The report can be found here.

Het nieuwe Wetboek van vennootschappen en verenigingen: (r)evolutie? Studienamiddag TBH/RDC 14 november 2018

Op 14 november 2018 organiseert het Tijdschrift voor Belgisch Handelsrecht / Revue de Droit Commercial Belge een studienamiddag over het nieuwe vennootschapsrecht dat in de steigers staat. Het belang van (ook) deze hervorming voor de rechtspraktijk kan moeilijk overschat worden. Veel innovaties zullen het vennootschapsrecht drastisch veranderen. Onder meer: de vermindering van het aantal vennootschapsvormen, de afschaffing van bepalingen van het huidige wetboek die duidelijk verouderd zijn of die onnodige obstakels vormen voor het moderne en dynamische functioneren van vennootschappen, de herschikking van het huidige regime van de besloten vennootschap, dat een geheel nieuw vehikel zal worden, flexibel en zonder kapitaal, de mogelijkheid voor beursgenoteerde vennootschappen om een systeem in te voeren waarbij bepaalde aandelen een dubbel stemrecht hebben; de invoering van een plafond voor de vaststelling van bestuurdersaansprakelijkheid, de integratie van het verenigingsrecht,  …
Continue reading “Het nieuwe Wetboek van vennootschappen en verenigingen: (r)evolutie? Studienamiddag TBH/RDC 14 november 2018”