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 ...
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 ...
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 ...
Indemnity clauses and negligence - a review of the impact of the judgment in the Buncefield disaster case on the effect of indemnity clauses and whether a party can recover under an indemnity clause where it caused the damage by its own negligence ...
The Australian Competition and Consumer Commission (ACCC) has recently issued proceedings against a franchisor and its director for allegedly engaging in misleading and deceptive conduct, in breach of section 52 of the Trade Practices Act (TPA). Various breaches of the Franchising Code of Conduct (Code) have also been alleged ...
Dear Sirs, let us kindly remind you that on July 01, 2009 amendments to the Federal Law “On Limited Liability Companies” of February 08, 1998 ¹ 14-FZ (hereinafter – the “New Law”) came into force. Pursuant to it, the Articles of Association of limited liabilities companies (hereinafter – the “companies” or the “LLC”) established prior to July 01, 2009 should be brought to compliance with the New Law by January 01, 2010 ...
As more companies feel the effects of the recession, suppliers must ensure they are properly protected should customers struggle to pay their bills, fall into financial decline or, worse, insolvency. A common form of security is a Retention of Title (RoT) clause in the supplier's contract. This aims to afford the seller the ability to recover goods that have not been paid for, and/or to give precedence over other creditors should the worst happen ...
A recent Court of Appeal case has cast doubt on the value of such 'non-waiver' clauses. When a party to a contract waives a breach of that contract by the other party, it voluntarily abandons its legal rights to enforce the contract, or to claim any remedy, in relation to that breach. A waiver must be clear, but may be oral or written. Importantly, a waiver need not be express, but can be inferred from a course of conduct ...
The Commission for the Supervision of Business Competition (Komisi Pengawas Persaingan Usaha/KPPU) has issued Regulation No. 1 of 2009 regarding Pre-Notification on Mergers, Consolidations, and Acquisitions. This regulation has been effective since 13 May 2009 ...
The Commission for the Supervision of Business Competition (Komisi Pengawas Persaingan Usaha/KPPU) has issued Regulation No. 2 of 2009 regarding Guidelines for Intellectual Property Rights and the Application of the Anti Monopoly Law. In general the regulation refers to intellectual property rights and Article 50 (b) of Law No. 5 of 1999 on the Prohibition of Monopolistic and Unfair Business Practices (Anti-Monopoly Law) ...
On July 24, 2009 the Colombian Congress approved the bill "by virtue of which new regulations are issued for the protection of competition". Some of the relevant provisions incorporated in the bill are the following: Single Antitrust Authority. The Superintendence of Industry and Commerce (“SIC”) is appointed as the only Antitrust Authority in Colombia ...
The House of Lords has made it easier for claimants to show that they are "disabled" and thus protected under the Disability Discrimination Act 1995 ("DDA"). Employees are only protected under the DDA if they can show that they are "disabled". This word has a specific legal meaning: "a person has a disability .. ...
ON JUNE 16, 2009, THE MINISTER OF JUSTICE INTRODUCED BILL 60 ENTITLED AN ACT TO AMEND THE CONSUMER PROTECTION ACT AND OTHER LEGISLATIVE PROVISIONS (THE “BILL”) IN THE NATIONAL ASSEMBLY.This Bill is part of the ongoing measures by the Minister of Justice and the Office de la protection du consommateur (Consumer Protection Bureau) to provide for the comprehensive regulation of commercial practices involving goods and services contracts used by consumers ...
This Bill is part of the ongoing measures by the Minister of Justice and the Office de la protection du consommateur (Consumer Protection Bureau) to provide for the comprehensive regulation of commercial practices involving goods and services contracts used by consumers. the Consumer Protection Act (the “CPA”) contains a broad range of content and form requirements affecting the drafting, formation, execution and cancellation of nominate and identified contracts ...
The “statutory demand procedure” is designed to provide a fast-track method of proceeding to the winding up of a company. It creates a presumption of insolvency. The Statutory Demand is still a basis to issue a winding petition on the ground of “inability to pay debts” as was the case under the 1984 Companies Act ...
The development of economic ties in the modern world is invariably a driving force in the creation of new legal instruments, the development and improvement of regulatory control, and the establishment of entire institutions and branches of law. Such parallel progress between the economy and the law serves as collateral for the successful development of the state as a whole ...
Over the past few years, the Ukrainian agromarket has been rapidly developing. The vast potential of our nation's agricultural sector together with the intensifying situation in the global foodstuffs market has furthered this process. Both international and domestic players have played an active role ...
The Quebec Court of Appeal has issued an important decision concerning the application of zoning by-laws to aeronautical activities. In Lacombe et al. v. Sacré-Coeur (Municipalité de), the Court was called upon to rule on a sensitive issue respecting the division of jurisdiction between the federal and provincial governments. More precisely, the Court had to decide whether a municipality could govern the location of aerodromes by determining the zones in which they can be located ...
Being involved in finding solutions!Bid-rigging - a Lesser known Offence in Competition LawBREAKDOWN IN NEGOTIATIONS — THE BINDING EFFECT OF A LETTER OF INTENTBy Catherine Rioux and Patrice CaillancourtYou have decided to sell your business or to initiate a business relationship with a partner. You negotiate the main terms and, before going further, you sign a letter of intent. Then, you decide to withdraw from the negotiations ...
BREAKDOWN IN NEGOTIATIONS - THE BINDING EFFECT OF A LETTER OF INTENT Catherine Rioux [email protected] Patrice André Vaillancourt [email protected] You have decided to sell your business or to initiate a business relationship with a partner. You negotiate the main terms and, before going further, you sign a letter of intent. Then, you decide to withdraw from the negotiations. Can you do it? Not necessarily ...
On 23 June 2009, Presidential Regulation No. 27 of 2009 on Integrated One-Stop Services in the Capital Investment Sector (“PR 27”) was issued. PR 27 was enacted to implement Article 26(3) of Law No. 25 of 2007 Regarding Capital Investment (“Law 25”), which requires the issuance of a Presidential Regulation for further implementation of the “one gate policy in investment services” ...
On October 18, 2009 the basic provisions of the Federal Law No. 205-FZ dated July 19, 2009 “On amending of several legislative acts of the Russian Federation” (hereinafter – “the Law”) which provide for essential amendments to the Arbitrazh Procedural Code of the Russian Federation come into force ...
1. Introduction As a reaction to the financial market crisis and the too-high incentives politicians have identified in the area of manager's compensation, the German government has enacted the Law on Equitableness in Executive Compensation (German: Gesetz zur Angemessenheit der Vorstandsvergütung, abbr: VorstAG) ...
