Member Articles

On May 6, 2009, the Belgian legislature amended the Belgian Competition Act. Most of the amendments are of a procedural nature and are of minor importance. However, the clarification of the prescription rules and the option of dismissing cases on policy grounds catch the eye. The amendments entered into force on May 29, 2009.The Belgian Competition Act was the subject-matter of a thorough reform in 2006 ...

IntroductionDirective 2006/68/EC of the European Parliament and the Council of 6 September 2006 has amended the Second Company Law Directive in relation to maintenance of capital.On 8 October 2008, the Royal Decree (hereafter the “Royal Decree 10/2008”) implementing the Directive was adopted and substantially modified the Belgian Companies Code (hereafter “BCC”) in respect of contributions in kind, purchase of own shares and financial assistance ...

On June 17, 2009, the Obama administration issued a "white paper" which proposes a sweeping reorganization of financial-market supervision. The plan would touch almost every corner of banking from how mortgages are underwritten to the way exotic financial instruments are traded. The plan will undoubtedly be modified during the Legislative process. Banks in other countries have already objected to the proposed international effects ...

Austrian law distinguishes between composition proceedings in accordance with the Composition Code (Ausgleichsordnung-AO) and bankruptcy proceedings in accordance with the Bankruptcy Code (Konkursordnung-KO). Bankruptcy proceedings have to be opened if the debtor is unable to pay. In particular, inability to pay must be assumed if the debtor suspends payments. Inability to pay does not require that creditors are actively seeking payment ...

Technical Resolution 26 – FACPCE   Dated March 20, 2009 the FACPCE (Argentine Federation of Economic Sciences Professional Boards) approved Technical Resolution No. 26 “Adoption of the International Financial Reporting Standards of the Board” effective as from the years commenced after January 1st, 2011, not admitting an earlier application ...

On 1st January 1997, the Partnership Act 1996 (the Act) came into force in the BVI. It features two types of partnerships, the Limited Partnership and the General Partnership. The Limited Partnership is the most common one. In the Act, the Limited Partnership is defined as partnership formed by two or more persons with one or more General Partners and one or more Limited Partners ...

I. Legal Framework The banking business in the Republic of Panama is regulated by Decree-Law No. 9 of February 26, 1998 and its amendments (the “Banking Law”). The Banking Law created the Superintendency of Banks (the “Superintendency”), which is the government agency in charge of supervising and overseeing banking operations and the exercise of the banking business in the Republic of Panama ...

Since the introduction of Law 32 of 1927, the Law on Corporations of the Republic of Panama has remained virtually unchanged, serving both Panamanians and well as foreigners to put in order, protect and plan the transfer of their patrimony in an orderly fashion ...

In 2004, the Bahamas adopted the figure of the private foundation in what became the first attempt by a Common Law jurisdiction to integrate the vehicle, which has been traditionally associated with civil law jurisdictions. A foundation is the endowment of a patrimony for a specific purpose (object), which is set forth in the document that creates and internally organizes the foundation, called the foundation charter ...

In recent years parallel trade in the pharmaceutical sector has been a hot topic. On September 16 2008 the European Court of Justice published its eagerly anticipated judgment on the refusal to supply by dominant pharmaceutical companies in the Syfait II Case. Recently, the Belgian competition authorities have also addressed this subject when dismissing an appeal by Bofar, an exporter of pharmaceutical products ...

Environmental laws sweep broadly, regulating a wide range of business activities.  Environmental laws create obligations and liabilities that affect not only ongoing businesses, but business transactions as well.  They also may form the basis for, or otherwise be relevant to, litigation ...

In the 18th and 19th centuries, the Industrial Revolution produced radical transformations not only in technology, including an ever increasing use of fossil fuels, but also in economic policies and social structure ...

  Technical Resolution 26 – FACPCE Dated March 20, 2009 the FACPCE (Argentine Federation of Economic Sciences Professional Boards) approved Technical Resolution No. 26 “Adoption of the International Financial Reporting Standards of the Board” effective as from the years commenced after January 1st, 2011, not admitting an earlier application ...

IntroductionThe Act of 31 January 2009 on the Continuity of Enterprises entered into force on 1 April 2009 (the “Act”). The disappointing results of the Act of 17 July 1997 on Judicial Composition Proceedings (‘gerechtelijk akkoord’ / ‘concordat judiciaire’) led the Belgian legislature to reform the framework of measures available to undertakings encountering (financial) difficulties (of the type where Chapter 11 is used in the USA) ...

Selecting the right property for your business is vital for success, and likely to be your biggest expense after staffing costs. So in the current market, flexible office space may be a wise alternative to a traditional leasing commitment.Three principal models are available: serviced offices, ‘drop-in offices', and virtual offices ...

The property industry will have an opportunity to assess the impact of the Carbon Reduction Commitment (CRC) when a user guide and a consultation paper are issued by the Government, this month. The CRC is a UK-wide, legally binding scheme designed to reduce energy use, and a key component of the Government's strategy to reduce carbon emissions attributable to property ...

In two recently published decisions, the College of Prosecutors (‘Auditorat’) ruled on requests for interim measures from Belgian Posters and Clear Channel against the granting by the Brussels-Capital Region of a public tender contract to JC Decaux (‘JCD’). Belgian Posters and Clear Channel claimed that JCD had a dominant position (or even a monopoly) in the market for theprovision of so-called ‘urban advertisement furniture' (e.g ...

Whether you are interested in purchasing assets or a going concern, bankruptcy court can be a land of opportunity.  Assets may be sold by a trustee, or someone the trustee retains, in a Chapter 7 liquidation, or by a Debtor-in-Possession (a “DIP”) in a Chapter 11 reorganization case.  In either case, you should expect a competitive bidding process ...

The codification of directors' duties under the Companies Act 2006 has brought directors' exposure to liability into sharp focus. This, along with extended rules on corporate governance, recent legislation, and increased shareholder awareness, means directors must evaluate the liability protection that is available to them. A company cannot, of course, indemnify directors against their own wrongdoing ...

Contents Can an employer trim its costs by changing one element of its employees’ remuneration ? Entering the “Zone of Insolvency“ - What to do ? Ecomonic slowdown - Some concrete financing indications and how to react CAN AN EMPLOYER TRIM ITS COSTS BY CHANGING ONE ELEMENT OF ITS EMPLOYEES’ REMUNERATION ? Valérie Korozs vkorozs@lavery ...

Basic Legal Aspects Portugal is a member of the European Union since 1986, being integrated in the Euro-Zone since its  implementation. Hence, its national law, notably its business law, is in line with the European applicable common norms, namely those deriving of the freedom of  establishment  of  undertakings.  rights ...

Antitrust law 1 What are the legal sources that set out the antitrust law applicable to vertical restraints? The national competition legislation applicable in Sweden is the View More