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Ambiguous Concepts Of Insolvency Between Temporary Lack Video

Revision of the Insolvency \u0026 Bankruptcy Code, 2016 (IBC 2016) Ambiguous Concepts Of Insolvency Between Temporary Lack

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The issue hinges on whether the islands of Taiwan , Penghu , Kinmen , and Matsu should remain the territory of the ROC as an effectively separate self-governing entity ; become part of the PRC under the existing communist government; convert the ROC to a new " Republic of Taiwan "; unite with the mainland under the ROC government after the dissolution of the PRC government ; or merge with the mainland under newly formed alternative federal government such as Federal Republic of China or United States of China. This controversy also concerns whether the existence and legal status as a sovereign state of both the ROC and the PRC is legitimate as a matter of international law. Taiwan, Penghu, Kinmen, Matsu, and some other minor islands effectively make up the jurisdiction of the state with the official name of the Republic of China ROC but commonly known as " Taiwan ". In certain contexts, Taiwan is also referred to as Chinese Taipei. The ROC government has in the past actively pursued the claim as the sole legitimate government over mainland China and Taiwan. This position began to change in the early s as democracy was introduced and new Taiwanese leaders were elected, changing to one that does not actively challenge the legitimacy of PRC rule over mainland China. Different groups have different concepts of what the current formal political situation of Taiwan is.

Law and Practice

Indeed, the current implications of these events are demonstrated by the fact that the number of insolvencies and restructurings with court intervention is still greater than that seen in Whereas the judicial insolvency and restructuring proceedings initiated during the first quarter of amounted tothe figure for the same period in was Notwithstanding the above, the number of insolvency and restructuring proceedings with court intervention has been decreasing since This tendency remains the same for this year.

Indeed, Portuguese courts declared insolvencies in the first quarter of and this figure felt to in the comparable period of However, it is worth noting that the number link legal entities being declared insolvent grew by 3. As for in-court restructuring proceedings, the volume has remained stable sincewhen proceedings were initiated in the first quarter, whereas in the same period of the number was In terms of court costs, is the first year for which Ambiguous Concepts Of Insolvency Between Temporary Lack statistics are available. This information does not, however, reflect other substantial expenses either paid directly by the parties or discounted from the insolvency estate eg, legal advisors, liquidations costs and remuneration of the officeholder.

The average duration of restructuring proceedings finalised in the first quarter of was around seven months. As for insolvency proceedings, the average duration of proceedings ended in the first quarter of was 64 months. Currently, the COVD pandemic is the main not to say the sole factor negatively influencing the growth of the global economy. The extent of this increase is yet to be determined. In Portugal, the most recently published statistics refer to the first quarter Qi Plan Partwhen the pandemic and the containment measures adopted to address it such as the imposition of a generalised lock-down as of mid-March were not yet an issue. Consequently, the impact on the number of Ambiguous Concepts Of Insolvency Between Temporary Lack is not yet reflected in the official numbers.

Additionally, the Portuguese government has been approving a series of measures to mitigate the harmful effects of the pandemic, by hindering the usual consequences of an economic slow-down redundancies and defaults. Relevant measures include lay-offs according to which the Portuguese state co-pays with the employer a percentage of the salary of employees who have been partially or totally suspendedcredit moratoriums, state guarantees and sector-specific credit allowances. These temporary measures are probably containing the effect of the pandemic in business failures, but the expectation is that, once they are revoked, the insolvency figures will rise sharply. Within the Portuguese jurisdiction, the most relevant statutes governing financial restructurings, reorganisations, liquidations and insolvencies of business entities are the following:.

In what concerns statutory restructuring proceedings, Portuguese law provides for two types: the PER which requires court intervention and the RERE which is an out-of-court restructuring proceeding. Insolvency proceedings may also be voluntary, if initiated by the debtor who may have a Ambiguous Concepts Of Insolvency Between Temporary Lack to so.

If this request is not timely presented, serious wilful misconduct by the legal or de facto directors is presumed although such a presumption may be rebutted. Creditors allowed to initiate insolvency proceedings may do so regardless of the nature of their credit and may be conditional creditors. The Public Prosecutor Department may initiate proceedings in representation of the entities whose interests it is legally obliged to protect eg, the tax authorities and social security office.

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Insolvency is defined as the inability of the debtor to fulfil its obligations as they fall due cash flow test or the situation where, according to accounting criteria, the liabilities of the debtor clearly exceed its assets balance sheet test.

In contrast, the PER may only be initiated where the debtor is not insolvent. It confers the regulatory authorities either the European Central Bank or the Bank of Portugal with the power to impose:.

Insurance claims are preferential claims, and are specially protected throughout the liquidation proceedings. Creditors particularly banks and debtors favour out-of-court restructuring proceedings over statutory proceedings involving the intervention of the courts and the appointment of an office holder because they:.

However, with the introduction of the PER into the Portuguese jurisdiction ininformal restructurings came to lose relevance. Indeed, the PER allows creditors to reach an agreement with the same level of legal certainty as a judicial proceeding, through the employment of a swift, simple and transparent Insolvejcy that enables the cram-down of dissenting creditors.

Ambiguous Concepts Of Insolvency Between Temporary Lack beneficial tax regime applicable to the PER and the advantageous treatment of the new money provided within this proceeding have also contributed to the shift of the market from informal restructuring to the PER. Indeed, these may occur either within pure, informal and "dejudicialised" Ihsolvency and agreements, or within a proceeding following the RERE.

Despite these intentions, the RERE is not widely used in the market because it brings few advantages when compared both to the pure informal consensual restructuring and to the PER, especially, considering that the RERE does not allow for a cramming-down of creditors who do source engage in the negotiations. For this reason, the RERE is not discussed herein.]