Absolute insolvency meaning

INSOL Europe/LexisR&I joint project on implementation of EU Directive 2019/1023—Bulgaria Lexis R&I and INSOL Europe are gathering articles from INSOL Europe’s membership and Country Coordinators, explaining how EU Member States have put into practice Directive (EU) 2019/1023 of the European Parliament and of the Council of 20 June 2019 on preventive restructuring frameworks, on discharge of debt and disqualifications, and on measures designed to enhance the efficiency of procedures relating to restructuring, insolvency and discharge of debt, which also amends Directive (EU) 2017/1132 (the EU Directive). A summary table of the outcomes prepared by INSOL Europe in association with Lexis R&I can be accessed here: INSOL Europe/Lexis+® UK Joint Project on EU Harmonisation Directive 2019/1023: consolidated table. As a general rule, you should seek advice from local lawyers in the relevant jurisdiction to confirm the measures currently in effect and the implications of any particular circumstances or nuances of your case. Question 1: When did/will the new restructuring law come into force? What is/are the name...

Re Standard Profil Automotive GmbH [2025] EWHC 2313 (Ch) What are the practical implications of this case? This judgment reinforces the position in Re DTEK Energy [2022] 1 BCLC 260, confirming that a cross-border scheme does not require absolute certainty of international recognition before the English court will approve it. Rather, there must be a genuine prospect or likelihood that recognition will be obtained in the relevant jurisdictions, and the court will refuse sanction only where it concludes the exercise would be wholly futile because international effectiveness is absent. The court further stated that, where the underlying debt documentation is governed by English law and includes an exclusive jurisdiction clause in favour of the English courts, international recognition can reasonably be anticipated pursuant to the Hague Convention and/or the Hague Judgments Convention, despite the recent preliminary ruling of the Regional Court of Frankfurt am Main in Aggregate Holdings. In short, certainty is not the test; a real chance of recognition is enough, and futility due to lack of cross-border...

INSOL Europe/LexisNexis research on implementation of the EU Directive LexisPSL is collaborating with INSOL Europe on a joint initiative to gather articles from INSOL Europe members and Country Coordinators explaining how EU Member States have implemented Directive (EU) 2019/1023 of the European Parliament and of the Council of 20 June 2019 on preventive restructuring frameworks, on discharge of debt and disqualifications, and on steps to enhance the efficiency of procedures concerning restructuring, insolvency and discharge of debt, which also amends Directive (EU) 2017/1132 (the EU Directive). A consolidated table is available at Practice Note: INSOL Europe/Lexis+® UK Joint Project on EU Harmonisation Directive 2019/1023: consolidated table. As always, local lawyers in the relevant jurisdiction should be consulted to verify the measures currently in force and the effect of any particular circumstances or nuances of your case. Question 1: When did/will the new restructuring law come into force? What is/are the name of the new proceedings which comply with the EU Directive? In Poland, the EU Directive came...

Introduction This Practice Note outlines and explains, in particular, escheat, bona vacantia (ownerless property) and the power of the Crown, or a Royal Duchy, to disclaim bona vacantia on the dissolution of a company where the relevant asset is a freehold estate in land. It further addresses the impact and consequences of a disclaimer of onerous freehold land by a liquidator, a trustee in bankruptcy, or the Official Receiver. Escheat Paramount lordship of the Crown The doctrine of escheat has its roots in the long-standing feudal arrangements for holding land. Within that framework, all land across England, Wales and Northern Ireland is, in the last resort, held by the Crown: this is the principle of paramount lordship. Nevertheless, others may hold a legal estate in land; the more modern expression of this appears in section 1 of the Law of Property Act 1925 (LPA 1925), which recognises freehold (and leasehold) estates. A person entitled to one of these estates enjoys the incidents of ‘ownership’ as that...

This is a glossary of common words and expressions used in Scottish insolvency law with the nearest England and Wales insolvency law equivalent (where relevant) Absolute insolvency Meaning: When a person’s liabilities are greater than the overall worth of their assets. Nearest English equivalent: Balance sheet insolvency. Accountant in Bankruptcy (AiB) Meaning: A Scottish Government agency overseeing the regulation of personal bankruptcy (sequestration and Protected Trust Deeds) in Scotland, and able to serve as trustee in sequestrations where no insolvency practitioner is appointed. It also maintains records of corporate insolvencies in Scotland (receivership and liquidations only) but does not perform the role of Official Receiver. See Practice Note: Scotland: the Accountant in Bankruptcy. Nearest English equivalent: N/A. Accountant of Court Meaning: A court-appointed officer within Scottish Courts and Tribunals who administers funds consigned to the Accountant of Court pursuant to a Court of Session interlocutor or during liquidation proceedings. They oversee Judicial Factors or Administrators appointed by the Court to manage estates...

ARCHIVED : One persistent challenge for dispute resolution practitioners is staying current with case law developments that influence their speciality, or that bear on civil litigation procedure more broadly. This Practice Note distils the principal appeal authorities—namely rulings of the Court of Appeal and the Supreme Court and, where pertinent, selected judgments of the Court of Justice of the European Union (CJEU)—that we have covered, giving users straightforward access to those rulings; see: Key civil litigation appeals in review—2020. You can navigate this material via the table of contents in the left margin, or search this tracker with [CTRL]+[F]. The Practice Note also flags a number of anticipated appeals, where identified, to support horizon scanning. It is not designed to be a comprehensive catalogue of every appeal and/or significant decision of interest to dispute resolution practitioners. Note: regarding anonymity for natural persons when a request for a preliminary ruling is submitted to the CJEU, guidance issued by the CJEU provides: ‘To ensure the protection of the data of natural...

Part 1, interpretation and limitation of liability 1 Defined terms and interpretation In these articles, unless the context requires otherwise, defined expressions take the meanings set by the Companies Act 2006 or those cross‑referred within these articles. Defined terms include: address, articles, bankruptcy (including equivalent foreign insolvency), call and call notice, chair and chair of the meeting, clear days, Companies Acts, the company’s lien, director, distribution recipient, document (including electronic form), electronic form and electronic means, eligible director, fully paid, hard copy form, holder, instrument, lien enforcement notice, ordinary resolution, paid, participate, proxy notice, relevant officer, shares, special resolution, subsidiary, transmittee, and writing. The model articles under section 20 are excluded. Unless the context dictates otherwise, other words or expressions bear the same meaning as in the Act when these articles take effect. References to legislation include any subordinate legislation and any amendment, extension, consolidation, re‑enactment or replacement then in force. Words in the singular include the plural and vice versa; masculine includes feminine and neuter; and references...

Part 1, interpretation and limitation of liability Defined terms and interpretation These articles regulate a PLC under the Companies Act 2006, adopting bespoke provisions and expressly excluding the relevant model articles. Words not defined here take the meaning given in the Companies Act 2006 as at the date the articles bind the company. Legislative references include subordinate legislation and any amendments, consolidations or re-enactments. Singular includes plural and vice versa; masculine includes feminine and neuter; references to persons include bodies corporate. Unless context dictates otherwise, “writing” embraces visible form by any method, including electronic means. articles: the company’s articles of association bankruptcy: includes comparable overseas insolvency affecting individuals board: the directors from time to time or a duly quorate meeting CA 2006: the Companies Act 2006 document: includes those sent or supplied electronically fully paid: nominal and any premium paid to the company instrument: a hard copy document register of members: the register kept under section...