A recent decision of the Ontario Court of Appeal sheds light on statutory claims that may be asserted against corporate directors in a wrongful dismissal proceeding for unpaid wages and vacation pay.
Introduction
Cyprus is strategically located in the Eastern Mediterranean at
the crossroads of Europe, Asia and Africa. It is an independent,
sovereign republic with a presidential system of government and a
written constitution which safeguards the rule of law, political
stability, human rights and the ownership of private property.
Cyprus has been a member of the EU since 1 May 2004 and of the
Eurozone since 1 January 2008. In preparation for EU membership,
Cyprus made significant structural and economic reforms that
transformed its economic landscape and created a modern, open and
dynamic business environment. Since joining the EU, it has
established itself as the natural portal for inward and outward
Introduction
Cyprus has elevated its ultimate beneficial owner (UBO)
reporting status by implementing all of the mechanisms for the
creation, operation and maintenance of a UBO register. The UBO
register is a requirement emanating from the amended Fourth EU
Anti-money Laundering Directive (4AMLD). The 4AMLD was transposed
into national legislation on 3 April 2018 by the Prevention and
Suppression of Money Laundering and Terrorist Financing Law
(13(I)/2018), Article 61A(4)(a) of which specifically provides for
the introduction of a UBO register. According to a 21 December 2020
announcement by the Companies Registrar Department, as amended,
relevant entities must submit information on their UBOs for
Satish Kumar Gupta and Others
(Essar Steel case) held
that allowing claims apart from those covered in a resolution plan
to survive after the approval of a resolution plan militates
against the rationale of Section 31 of the IBC. The Supreme Court
held that the successful resolution applicant should be given an
opportunity to take over and run the business of the corporate
debtor on a clean slate. Accordingly, a resolution applicant should
not be suddenly faced with undecided claims which would
throw into uncertainty the amounts payable by a resolution
applicant to take over the business of the corporate debtor.
LEGAL FRAMEWORK
Antitrust law
1 What are the legal sources that set out the antitrust
law applicable to vertical restraints?
Rules applicable to vertical restraints are set out under
article L420-1 et seq of the French Commercial Code. EU antitrust
law (ie, article 101 of the Treaty on the Functioning of the
European Union) may also apply to vertical restraints if they
restrict competition within the common market and may affect trade
between the EU member states
Under French law, article L420-1 of the French Commercial Code
prohibits concerted practices, contracts, explicit or tacit
agreements or coalitions between independent companies having as