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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May
15

New Regulations Setting Up a Company Recovery Fund

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On 12 th 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 Regulations The 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 re...
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