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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
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
Corporate and M&A

Recognition of UK Insolvency Proceedings in Malta Post-Brexit

Prior to 1st January, 2021, the cross-border recognition and enforcement of insolvency proceedings and judgements between the European Union ("EU") and the United Kingdom ("UK") was largely consolidated within the framework of the European Insolvency (Recast) Regulation (the "EIR") which generally attributed automatic recognition to such proceedings and/or judgements. Following the end of the Brexit transitional period on the 31st December 2020, the EIR no longer applies to the UK. Consequently, insolvency proceedings opened in the UK after 31st December 2020 will not benefit from automatic recognition. The EIR applies a set of common rules in determining the jurisdiction to…
Simon Pullicino
22nd February 2021
CompetitionCorporate and M&ALitigation & Dispute ResolutionMergers & Acquisitions Insolvency

Future judicial cooperation between the EU & UK: Assessing the implication of a “Hard Brexit” for judicial cooperation in civil and commercial matters.

The EU-UK Trade and Cooperation Agreement (the "TCA") concluded on Christmas Eve, 2020 is silent with respect to judicial cooperation in civil and commercial matters (as opposed to cooperation in criminal matters). Consequently, as from 1st January, 2021 the UK is treated as a third state with respect to the application of a number of significant EU legislation regulating matters of cross-border judicial cooperation (e.g. the rules governing the recognition and enforcement of court judgements or the choice of jurisdiction and applicable law clauses). Given the regularity with which an English law clause, usually supported by a choice of English…
Simon Pullicino
8th February 2021
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
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: grounds for ineligibility and disqualification from holding certain offices under the Act; 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