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The 800-pound gorilla. Limits to Group Structures and Asset Partitioning in Insolvency

Preadviezen / Reports 2018

Paperback Engels 2019 9789462369573
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Samenvatting

‘Limits to Group Structures and Asset Partitioning in Insolvency: The 800-pound gorilla’ was the theme of the 2018 annual meeting of the NACIIL. This theme encompasses two related topics at the intersection of corporate law and insolvency law:(1) the artificial subdivision of enterprises over different legal entities (asset partitioning) and (2) selective perforation by means of guarantees.

Examples of strategic division of assets over group companies are attempts to actively suppress value by taking out key assets and placing these in separate legal entities, such as IP rights or crucial real estate. Another example is cutting up an enterprise in a loss making and profit making part.

Selective perforation by means of guarantees concerns the wide spread phenomenon of cross guarantees in group structures and the ensuing benefits for certain creditors to the detriment of others. In the words of prof. W.H. Widen (US): “If secured lending presents fairness problems, the unsecured syndicated guarantee may be the 800-pound gorilla in the corner that goes unnoticed.”

Both strategic division of assets and selective perforation by means of guarantees have a strong impact on the insolvency practice and the position of various stakeholders. Thus far these two topics have been under-theorized and their relevance has been underestimated, at least in the Netherlands. The reports prepared for the annual meeting and contained in this book provide a strong impulse for that debate. This book contains reports prepared by R. Squire (US), prof. J. Vananroye, A. van Hoe and G. Lindemans (Belgium), a report by prof. F.M.J. Verstijlen and A. Karapetian (RUG, Netherlands) and a report by A.L. Jonkers (UvA, Netherlands).

Specificaties

ISBN13:9789462369573
Taal:Engels
Bindwijze:paperback
Aantal pagina's:108
Druk:1
Verschijningsdatum:25-7-2019
Hoofdrubriek:Juridisch
ISSN:

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Over Gillis Lindemans

Gillis Lindemans is doctor in de rechten en advocaat aan de balie van Brussel. Voorheen was hij aspirant van het Fonds voor Wetenschappelijk Onderzoek Vlaanderen en doctoraal onderzoeker aan de KU Leuven.

Andere boeken door Gillis Lindemans

Inhoudsopgave

Limits to Group Structures and Asset Partitioning in Insolvency vii

Limits to Group Structures and Asset Partitioning in Insolvency: Suppressing Value and Selective
Perforation by Means of Guarantees – NACIIL Annual Meeting, Amsterdam, November 15, 2018 1
Richard Squire

Curb Your Opportunism: Limits to Group Structures and Asset Partitioning in Insolvency in Belgium 21
Joeri Vananroye, Arie Van Hoe and Gillis Lindemans

Strategic Asset Partitioning under Dutch Law 57
Arpi Karapetian and Frank M.J. Verstijlen

Selective Perforation by Means of Guarantees: Dutch Law 75
Aart Jonkers

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        The 800-pound gorilla. Limits to Group Structures and Asset Partitioning in Insolvency