Category

Corporate and M&A

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Navigating the new regulatory landscape for Company Service Providers – Part 2 Corporate and M&A

Navigating the new regulatory landscape for Company Service Providers – Part 2

This article was written by Dr. Simon Pullicino & Dr. Laura SpiteriIn this second instalment of our series 'Navigating the new regulatory landscape for Company Service Providers', we take a closer look at the application process for CSPs seeking regulatory authorisation, the appointment of key office holders and applicable exemptions to the new regime. Part 1 of this series can be accessed here.The Application ProcessAny person operating in or from Malta who acts, or holds himself out as acting as a CSP by way of its business is required to apply for authorisation from the MFSA, unless such person is able to benefit…
Simon Pullicino
6th May 2021
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Navigating the new regulatory landscape for Company Service Providers – Part 1 Corporate and M&A

Navigating the new regulatory landscape for Company Service Providers – Part 1

This article was written by Dr Simon Pullicino, Dr Petra Attard and Dr Laura SpiteriFollowing the entry into force of the Company Service Providers (Amendment) Act 2020 (the "Amendments") on 16 March, 2021 a number of significant amendments have been introduced to the local regulatory framework governing the provision of company services. The most notable amendments consist of the removal of previous exemptions available to warranted professionals and the end of the de minimis rule. The Amendments also introduce a classification system, assigning CSPs to a specific class by reference to the services provided. These Amendments form part of a broader reform…
Simon Pullicino
4th May 2021
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The inability to pay debts test before the Maltese Courts Corporate and M&A

The inability to pay debts test before the Maltese Courts

In its recent decision Xuereb v Weber Construction Limited Et (decided 18 March 2021) the Civil Court (Commercial Section) weighed in once more on the appropriate tests to be applied when assessing a company's inability to pay its debts under Maltese corporate insolvency law. One of Weber Construction Limited's ("Weber") shareholders filed an application in court requesting the company's dissolution and consequential winding up on the grounds inter alia that it was unable to continue to pay its debts. Article 214(2)(a)(ii) of the Companies Act, 1995 (the "Act") grants the court discretion to order the dissolution and winding up of…
Simon Pullicino
7th April 2021
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Amendments to the Companies Act Corporate and M&A

Amendments to the Companies Act

This article was written by Dr Michael Psaila and Dr Joshua ChircopOverviewOn the 23rd June 2020, the President, on the advice and with the consent of the House of Representatives, enacted the Companies (Amendment) Act, Act number XXXI of 2020 (the "Amendment Act"), which introduces certain amendments to the Companies Act, Chapter 386 of the Laws of Malta (the "Act").The Companies (Amendment) Bill (the "Bill") was previously tabled before the House of Representatives by the Minister for the Economy, Investment and Small Businesses on the 13th May 2020. This Bill was reported in a previous article.The Act introduces:new grounds for…
Michael Psaila
5th July 2020
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Bill proposing amendments to the Companies Act. Corporate and M&A

Bill proposing amendments to the Companies Act.

This article was written by Dr Michael Psaila and Dr Joshua Chircop.OverviewOn 13th May 2020, the Minister for the Economy, Investment and Small Businesses tabled the Companies Act (Amendment) Bill (the "Bill") which proposes certain amendments to the Companies Act, Chapter 386 of the Laws of Malta (the "Act").The Bill proposes: 1.new grounds for ineligibility and disqualification from holding certain offices under the Act; 2.new powers to the Minister to make regulations on winding up applications (including the suspension of the right to make winding up applications), regulations on wrongful trading (including the retrospective suspension of the wrongful trading provisions)…
Michael Psaila
21st May 2020
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New Regulations Setting Up a Company Recovery Fund Corporate and M&A

New Regulations Setting Up a Company Recovery Fund

On 12th May 2020, Legal Notice 192 of 2020, the Companies Act (Company Reconstructions Fund) Regulations 2020 (the "Regulations") was published to supplement the company recovery procedure as provided under article 329B of the Companies Act (Chapter 386 of the laws of Malta) (the "Act").Objective of the RegulationsThe Regulations set up and regulate the administration and operation of a fund to be designated the Company Recovery Fund (the "Fund") which is intended to facilitate the company recovery procedure under article 329B of the Act. The Fund shall receive a maximum amount of €500,000 annually from the Malta Business Registry provided…
Nicole Portelli
15th May 2020