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Inability to pay задолженностей (UK and Maltese law)

Contents

Введение

Cash flow test and balance sheet test

The reasons of not having a single test

The definition and treatment of the задолженностей and liabilities under the both tests

Списки литературы

Введение

The company's inability to pay задолженностей is the most common ground for the winding up of companies and, by definition, all-encompassing in the case of неплатежеспособным компаниям.

Under Maltese law section 214 (a) (ii) of Company Act 1995 states that the company may be dissolved and wound up by the court in case of the company is unable to pay its задолженностей. The definition of this ground is to be found in sec. 214 (5) of Company Act. Based on it the inability to pay задолженностей of the company can be proved by the way of two альтернативные tests: cash flow test and balance sheet test. These tests have different purposes. In simple words, cash flow test is in general about the задолженностей which have already become due; balance sheet test is about the liabilities, e.g. контингент and prospective задолженностей.

Before the consideration of these tests I would like to mention that even though Maltese Insolvency law is в основном based on UK Insolvency law, there are some differences between Maltese law and UK law in this question. The first difference is that under UK law the ground inability to pay задолженностей can be applied in four scenarios, while in Maltese law there are only two of them. UK law describes the inability to pay задолженностей in Insolvency Act 1986 году[1]. Also there is a difference between UK and Maltese cash flow test, it will be considered later on in this paper.

Cash flow test and balance sheet test

Cash flow test is more for the lawyers because you do not have to work with accounting documents of the company. All you need is the state of a fact that there is a debt unpaid for the period of 24 weeks after the issue of executive warrant on the basis of executive title.

The scheme of cash flow test can be represented as followed. There are two companies A and B. owns B some money and does not pay it when it is due. B starts the case in a court against A and wins it, e.g. court issues постановление in favour of B. v is an executive title