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Blog 2007

2007-09-doc7 Directeur grootaandeelhouder en zijn pensioen

[Director sole shareholder and his pension rights] Aan de hand van HR 9 februari 2007, LJN: AZ2658, en HR 27 april 2007 (Belastingkamer), LJN: AV0432 komen in deze bijdrage enkele vermogensrechtelijke thema’s aan de orde: de rechtsverhouding tussen een pensioen-BV en de vereveningsgerechtigde echtgenote, die gescheiden is van de directeur-grootaandeelhouder, de plicht van die BV tot afstorting, in het bijzonder indien deze de continuïteit van de onderneming in gevaar brengt, en het beroep op dwaling bij een met de fiscus gesloten vaststellingsovereenkomst.dga.pdf

2007-09-doc8 INSOL International: Global Insolvency Practice Course

In October INSOL International will launch its new Global Insolvency Practice Course. The qualification received will bestow a Fellowship from INSOL International. With the fast growing number of cross-border insolvency cases and the adoption in many jurisdictions of international insolvency rules and provisions, the turnaround and insolvency profession faces new challenges. Recent examples include the judgement of 30 August 2007 of the US Bankruptcy Court (Southern District of New York) declining to recognise the Cayman Islands proceedings of two Bear Stearns’ Hedge Funds as foreign main proceedings. Although registered in the Cayman Islands, neither company had an establishment in Cayman, so neither could be recognised as foreign non-main proceedings. The decision uses as interpretative tools the UNCITRAL Model Law, its Guide to Enactment, the European Insolvency Regulation and the European Court of Justice’s Eurofood decision of 2 May 2006 (see thisweblog under 2007-09-doc3). In October 2007, the Guidelines for European Communication and Cooperation Guidelines For Cross-border Insolvency was published. The text has been inspired by the American Law Institute’s Transnational Insolvency Project regarding Cooperation Among NAFTA Countries (USA; Canada, Mexico) and similar initiatives (this weblog under 2007-09-doc1). These examples demonstrate that the practitioners of tomorrow need to have extensive knowledge of the transitional and international aspects of legal and financial problems of businesses in distress. See the press release for further information.press-release -october.pdf

2007-09-doc3 In re Bear Stearns (Bankr. S.D.N.Y Aug. 30, 2007)

With the fast growing number of cross-border insolvency cases and the adoption in many jurisdictions of international insolvency rules and provisions, the turnaround and insolvency profession faces new challenges. Recent examples include the judgment of 30 August 2007 of the US Bankruptcy Court (Southern District of New York) with regard to two Bear Sterns Hedge Funds, which were both entities registered in the Cayman Islands. The insolvency law of this country presumes jurisdiction over any entity that is registered in the Cayman Islands.

2007-09-doc4 Reorganisation and Winding-Up of Branches of Non-EU Insurance Companies and Banks

This article provides an internal comparison between the EU Insolvency Regulation and the Directives on reorganisation and winding up of insurance companies (2001/17) and banks (2001/24). The scope of the directives in relation to non-EU financial institutions is explained, especially with regard to their branches. It is submitted that the system of cross-border sharing and coordination of information or procedures should be improved by standard setting agencies, for instance in the form of global memoranda of understanding. It will be published in Journal of International Banking Law and Regulation. jiblr-branches.pdf

2007-09-doc1 European Communication and Cooperation Guidelines For Cross-border Insolvency

During the past twelve months I have reported several times about this project, which has been developed under the aegis of the Academic Wing of INSOL Europe by professor Miguel Virgós (Spain) and myself. The text has been finalised in July 2007 and will be available soon in a booklet, published by INSOL Europe (www.insol-europe.org). The overriding objective of the European Communication and Cooperation Guidelines For Cross-border Insolvency is enabling courts and liquidators to operate efficiently and effectively in cross-border insolvency proceedings within the context of the EC Insolvency Regulation. In an article, to be published in International Corporate Rescue, Virgós and I stress the need of (organisations of) insolvency practitioners to indeed be guided by the CoCo Guidelines. The article also contains the text of the Guidelines. icr-editorial -oct-07.pdf