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AKD | Netherlands | 30 Jul 2021

Facing predicted flow of bankruptcies

Although it has been reported that the number of bankruptcies in the Netherlands continues to decline, some experts predict a wave of bankruptcies once the covid-19 pandemic comes to an end and state aid is withdrawn. When faced with the bankruptcy of a company it can be important to act quickly and appropriately to safeguard the affected party's interests. This article describes a number of......
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Ogier | Guernsey | 22 Jul 2021

Snapshot: enforcement against personal property in Guernsey

To proceed against a debtor's personal property in Guernsey, customary law remedies are used. These start with the arrest of a debtor's goods and enable all creditors to share in the proceeds in the event that the monies owed are greater than the debtor's assets. If there are several creditors and insufficient funds from the proceeds of the auction, désastre proceedings will be commenced.
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Studio Legale e Tributario Biscozzi Nobili Piazza | Italy | 25 Jan 2019

VAT grouping provisions – an overview

Italy's value added tax (VAT) group scheme recently took effect. The scope of application, conditions and implications of the VAT group scheme are different from the existing VAT consolidation scheme. Contrary to the VAT consolidation scheme, where each entity remains not only independent from a juridical point of view, but also a single taxable person, a VAT group is considered a single VAT......
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Basch & Rameh Advogados Associados | Brazil | 16 Jan 2019

Recent developments in aircraft repossession

In respect of four aircraft that were recently repossessed before Avianca Brazil obtained bankruptcy protection, the Brazilian judiciary and civil aviation agency procedures worked reasonably well and Brazil's overall performance complied with its obligations under the Cape Town Convention. While all four aircraft were exported and de-registered within approximately two weeks, Brazilian......
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Obeid Law Firm | Lebanon | 10 Jan 2019

An alternative solution: judicial mediation

In line with Lebanon's pro-alternative dispute resolution attitude, a further option in the form of judicial mediation was recently made available to parties through the implementation of Law 82. Judicial mediation offers an alternative mechanism for settling disputes in an efficient, fair, timely and confidential manner and should help to lessen the increasingly overwhelming workload faced......
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Carvalho, Machado e Timm Advogados | Brazil | 13 Dec 2018

Superior Court of Justice recognises competence of arbitral tribunal in biggest recovery case

The Superior Court of Justice recently confirmed the jurisdiction of an arbitral tribunal constituted before the Market Arbitration Chamber to render a decision connected to a company that had filed a lawsuit for a recovery plan before the competent court of law. In addition to taking a pro-arbitral stance on an important national case, this decision reinforces the jurisdictional nature of......
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ALTIUS | Belgium | 7 Dec 2018

Effects of bankruptcy on spouses' personal debts

The former Bankruptcy Statute of 1997 included a principle that a natural person could be discharged of their remaining and outstanding debts – a so-called 'waiver' – at the moment of a bankruptcy's closure. The discharge's beneficial effects were extended to the bankrupt person's spouse. However, for bankruptcies that have happened since 1 May 2018, and so fall under the new legal framework,......
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HPP Attorneys Ltd | Finland | 30 Nov 2018

Security value of floating charge in restructuring – latest precedent

In January 2015 two Supreme Court precedents indicated that assets subject to floating charges should be valued at their feasible liquidation value; however, under these precedents, the valuation terms were somewhat ambiguous and certain liquidation costs remained undetermined. The court's latest precedent addresses the equal treatment of creditors in both restructuring and bankruptcy......
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Norburg & Scherp | Sweden | 25 Oct 2018

Counsel's personal liability for costs in challenge proceedings

Often, the counsel representing a challenging party will also have acted as counsel in the arbitral proceedings and thus have personal and direct knowledge of the facts of the dispute (ie, what occurred during the arbitral proceedings). Therefore, a court may be less forgiving when a counsel makes an inaccurate statement of facts in challenge proceedings. Counsel representing parties......
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A G Paphitis & Co | Cyprus | 18 Oct 2018

Establishing international trusts for children

Typically, a parent's main concern is being able to pay for their children's education and ensuring the best start for them when they grow up and want to purchase property or launch their own business. One way to accomplish these goals is to set up a Cyprus investment trust (CIT), which allows a trustee to manage its assets for the good of the beneficiaries. Setting up a CIT for children is......
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