Africa Legal’s Post

An essential guide for all my banking friends. Particularly those involved in Lending, Trade, Business Reacue and Credit.

Download the Insolvency and Business Restructuring Guide for Africa. Spearheaded by Werksmans Attorneys esteemed Insolvency, Business Rescue, and Restructuring practice group, this publication is a collaborative effort with LEX Africa member firms spanning over 28 jurisdictions. 🌍 Designed to furnish you with indispensable insights, our guide offers a meticulous examination of each jurisdiction's approach to insolvency and restructuring matters. We trust that this unique resource, distinguished by its breadth and depth, will serve as an invaluable tool for your strategic endeavours in the years ahead https://lnkd.in/dayBHcdk #LEXAfrica #Africa #Law #LegalServices

I'm delighted to announce that I've completed the 'Emerging Trends in Insolvency Law and Practice in East Africa' session with the prestigious EALS Institute! 🎓👏 This experience has enriched me with valuable knowledge and skills in insolvency and restructuring law and practice, preparing me to make a positive difference in the legal field. 🎊🎊🎉🎉 #InsolvencyLaw #EastAfricaLaw #LegalEducation #ProfessionalDevelopment #InsolvencyAndRestructuring #EALSInstitute #LawyersOfLinkedIn #ContinuingLegalEducation #EastAfricaLegalNews"

EIGHT ADVISORY is pleased to participate in the upcoming German-language webinar on French insolvency law, in which our expert Clementine Bona (Lührs), Senior Manager within the Financial Expertise & Dispute Resolution Team and lawyer Christine Beneke from Qivive Avocats & Rechtsanwälte will combine their financial expertise and legal skills to provide the most comprehensive overview possible. The webinar also benefits from the insights of Cédric Joubert, Director of Distressed Litigation in our FE&DR team. 📅 When? Thursday, 4 July 2024 🖥 Where? Online webinar The topic: 💰 Liability of a German parent company as de facto managing director of its French subsidiary under French insolvency law. The programme includes: 📌 Liability for delay in filing for insolvency due to excessive financial support (soutien financier abusif) 📌 Liability of a parent company as de facto manager of its French subsidiary 📌 Liability of the (de facto) manager for shortfall in liquidation assets (responsabilité pour insuffisance d’actif) 📌 Frequent points of argumentation for management errors in the crisis Please register via this link: https://lnkd.in/g5gDsFEy We look forward to your participation! #EightAdvisoryExperience #Antitrust #ForeignInvestments #CorporateFinance #ActingLocally #ReachingGlobally #FrenchInsolvencyLaw #CorporateLiability #FinancialSupport #LegalExpertise #BusinessLaw

🔍 Legal Insights Alert to Corporate Owners! 📚 Did you know that disputes between partners can lead to the dissolution of a company, and that a company formed by married partners will not necessarily be considered as fake or fictional from a legal perspective? An appellate court decision in Lebanon, as published by SADER Legal (since 1863), sheds light on this. The court found no evidence of the company, formed by married partners, being fake or fictional, because a very low amount of capital does not prove the company's fictional nature as long as legal conditions for its formation (including payment of the capital) and operation are met. Nevertheless, the appellate court has decided the dissolution and liquidation of the company due to significant disputes taking place between the partners. These disputes included disagreement over debt and mutual accusations of mismanagement. The Lebanese Court of Cassation, through its decision No. 14 dated January 23, 2006, upheld the appellate court's decision. This decision of the Court of Cassation has been published by SADER Legal (since 1863) and is attached to the post, providing valuable insights for business owners. Check out the full decision for more insights! #corporatecompliance #corporategovernance #companydissolution #fictionalcompany #businesslaw #legalsolutions #legalinsights #lawyer #legalconsultant

I guess it would be necessary to read the by-rules of the trust, to understand to what degree that trust is discretionary toward the beneficiaries? 𝐷𝑖𝑠𝑐𝑙𝑎𝑖𝑚𝑒𝑟: I am not a lawyer and do not give legal advice, so I will talk of my common-sense understanding of a key issue in general, not of that specific case (which might have its own issues, consult a lawyer, don't try this at home, 𝑏𝑙𝑎ℎ, 𝑏𝑙𝑎ℎ). Here is the point: unless the beneficiaries are named explicitly, or it is clear who they should be, then whoever the eventual beneficiaries were, have little standing to question the decisions of the trust. That principle is embodied in the notion of the trust being 𝑑𝑖𝑠𝑐𝑟𝑒𝑡𝑖𝑜𝑛𝑎𝑟𝑦. What the eventual beneficiaries get, they get: the only thing that anyone receiving money from the trust would have the right to do, would be to say "so long and thanks for all the fish". And we know that this notion of "discretionary" is there because it holds a key of great importance: the settler had been exempted from paying income tax on earnings of the trust (which is considerable savings), and the trust itself enjoyed tax facilitations -- in practice it is up to the beneficiaries to pay income tax later, when they receive money from the trust. That is, obviously, a key reason why the trust existed int the first place -- to encourage a private individual (𝑠𝑒𝑡𝑡𝑙𝑜𝑟) to engage in public interest or worthy activities, by giving them tax exemption on the income of that money so invested. The fundamental idea of the tax pact with the state, is two-fold 1) the settlor is parting from that money forever (the trust must be 𝑖𝑟𝑟𝑒𝑣𝑜𝑐𝑎𝑏𝑙𝑒): after they have set up rules on how that money should be used, from that moment on, that money stops being theirs for all intent and purposes. 2) It is now governed by a group of people, who answer only to their own conscience and the law (discretionary). My friends, that the reason why it's called a 𝑡𝑟𝑢𝑠𝑡! You have to 𝑡𝑟𝑢𝑠𝑡 those people (the 𝑡𝑟𝑢𝑠𝑡𝑒𝑒𝑠). Yes, but what would happen in the unlikely event the people in charge of the trust are being dishonest? Tough luck! Of course, if you are the settlor, it stands to reason that you could sue them for failing to honor their contract with you, providing you can demonstrate they violated either the terms of the contract, or the law. And if you are a beneficiary? Well let's repeat it, to make it 100% clear: if the trust is indeed discretionary, as it claims to be, you never had any right whatsoever to claim any money in the first place. So, stay silent. You can't have the cake (the settlor and trust got tax exemption) and eat it too (demand, as beneficiary, that you get money from it). And potential beneficiaries should beware that if they insist too heavily that they "deserve" money from the trust, or they disagree with how the fund is being managed, they are in fact questioning the "discretionary" character of the fund.

**NEWS ARTICLE ON PREVENTIVE RESTRUCTURING ** When a company is in financial distress, it can use the WHOA (Act on the court approval of private restructuring plans) to prevent the imminent bankruptcy. However, the company still needs to be able to meet its current liabilities during the WHOA-proceedings. It is therefore important to start the process of restructuring the debt in time. If the company can no longer meet its current liabilities, the window of opportunity to restructure the debts is closing, as was the case with Big Bazar. Want to know more about this? Read the article by Christina Oudakker on our website: https://wllw.co/yaSf3pcQR (English version) https://wllw.co/tdGaD0wOU (Dutch version) #Heussen #advocatuur #news #update #commerciallaw #corporatelaw #legalcounsel #bedrijfsjurist #lawyer #legal #WHOA #preventiverestructuring #startverklaring #bigbazar

Identifying the existence, extent and location of commercial, non-sovereign, assets owned by the state abroad is often a key factor in the successful enforcement of an award. Corporate Disputes moderates a discussion between Andres Alvarez Calderon a Legal Consultant, Tom Villalón at Three Crowns LLP and Danielle Morris at WilmerHale on investment treaty arbitration. Find out more about this Q&A in the Jul-Sep 2024 issue: https://lnkd.in/eAWaWTuP #ARBITRATION #INVESTMENTTREATYARBITRATION

**NEWS ARTICLE ON PREVENTIVE RESTRUCTURING ** When a company is in financial distress, it can use the WHOA (Act on the court approval of private restructuring plans) to prevent the imminent bankruptcy. However, the company still needs to be able to meet its current liabilities during the WHOA-proceedings. It is therefore important to start the process of restructuring the debt in time. If the company can no longer meet its current liabilities, the window of opportunity to restructure the debts is closing, as was the case with Big Bazar. Want to know more about this? Read the article by Christina Oudakker on our website: https://wllw.co/kC5Htz4dU (English version) https://wllw.co/upiGLcN5z (Dutch version) #Heussen #advocatuur #news #update #commerciallaw #corporatelaw #legalcounsel #bedrijfsjurist #lawyer #legal #WHOA #preventiverestructuring #startverklaring #bigbazar

Globe Law and Business Ltd has published a guide to third party funding in international arbitration written by eminent funders, brokers and lawyers.     Burford’s Craig Arnott, Michael Redman and Mick Smith provided a chapter on funding and enforcement in the arbitration context.    Read more below.    #legalfinance #litigationfunding #BurfordCapital