May
04

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

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This article was written by Dr Simon Pullicino, Dr Petra Attard and Dr Laura Spiteri Following 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 CSP...
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Apr
07

The inability to pay debts test before the Maltese Courts

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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") gr...
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Mar
01

ESAs issue joint supervisory statement on the application of the Regulation on Sustainability-related disclosures in the Financial Services Sector (SFDR)

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On 25 February, 2021 the triumvirate of European Supervisory Authorities, the EBA, EIOPA and ESMA (the " ESAs ") published a joint statement on the effective and consistent application and national supervision of the Sustainable Finance Disclosure Regulation (" SFDR "). The joint statement is intended to help mitigate the risks of divergent application of the SFDR, and promote a level playing field to protect investors. In their joint statement, the ESAs recommend that during the interim period between 10 th March, 2021 (the date upon which most of the provisions ...
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Feb
22

Recognition of UK Insolvency Proceedings in Malta Post-Brexit

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Prior to 1 st 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 31 st December 2020, the EIR no longer applies to the UK. Consequently, insolvency proceedings opened in the UK after 31 st December ...
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Feb
08

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

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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 r...
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