Fonds vautours et dette souveraine : étude critique et jurisprudentielle

Lorsqu’un Etat devient incapable de rembourser ses dettes, il convient de trouver avec la masse de créanciers une solution mutuellement acceptable. Cet accord permet au pays débiteur de réintégrer les marchés internationaux et de poursuivre ses obligations financières, tout en limitant les conséquences engendrées par un défaut souverain. Cependant, le dernier arrêt rendu aux Etats-Unis à l’encontre de l’Argentine a démontré une nouvelle fois ce qui peut arriver en l’absence de mécanisme international. Ainsi, cette étude souhaite présenter les moyens de défense pouvant lutter contre les actions nocives des fonds vautours. La première partie fournit un aperçu des outils contractuels disponibles. Les clauses en question sont des dispositions régissant la renégociation des contrats de dettes souveraines tout en amoindrissant l’impact des fonds vautours. La seconde partie quant à elle, analyse les outils législatifs et les résolutions supranationales. Dans ce volet, les principes juridiques qui encadrent l’immunité souveraine, et leur évolution, sont tout d’abord recensés. Ensuite, nous évoquerons les mesures prises récemment par les gouvernements, de façon individuelle et au niveau multilatéral, pour pallier l’action des fonds vautours. Par ailleurs, ce mémoire résume la littérature empirique pertinente à ce sujet. Le travail conclut qu’il reste une place pour la conception d’institutions capables d’empêcher les fonds vautours d’interférer dans la restructuration de dettes souveraines. A cet égard, nous verrons que cette création n’est pas une tâche aisée. L’objectif principal de notre mémoire est d’apprécier l’efficacité des mécanismes mentionnés à travers les enseignements tirés de l’histoire récente des restructurations de dettes souveraines.Master [120] en droit, Université catholique de Louvain, 201

"La dissolution judiciaire pour justes motifs. Lorsque la continuité de l'entreprise est sérieusement compromise", note sous T.E. Hainaut, 11 octobre 2019, A/19/001262

En vertu de l'article 2:73 du Code des sociétés et des associations (« CSA »), le président du tribunal de l'entreprise, siégeant comme en référé, peut connaître des actions en dissolution pour justes motifs. En principe, l'exclusion ou le retrait sont préférés à la dissolution judiciaire pour justes motifs en vue de préserver la continuité de l'entreprise. Néanmoins, la dissolution judiciaire sera privilégiée lorsque la continuité de l'entreprise est en tout état de cause sérieusement compromise. Tel était le cas en l'espèce au vu de (i) la mésintelligence grave et irrémédiable entre les associés, (ii) l'absence d'affectio societatis dans leur chef, eu égard à leurs demandes de retrait croisées et (iii) la cession en cours des actifs et des activités opérationnelles, y compris le transfert du personnel et l'absence de perspective de développement d'activités nouvelles

Société anonyme

Le présent ouvrage, qui en est à sa deuxième édition, propose une analyse approfondie et critique des dispositions du Code des sociétés et des associations relatives à la société anonyme et il livre un examen de la jurisprudence à laquelle les dispositions légales applicables ont donné lieu. Sont, notamment, traités : – le concept de société anonyme et son évolution ; – sa constitution (conditions de fond, de forme et de publicité, nullité et responsabilité des fondateurs…) ; – ses titres et leur transfert (formes et catégories de titres, classes d’actions, détention et certification, limites statutaires et contractuelles de la libre cessibilité…) ; – ses assemblées générales (pouvoirs, préparation, convocation, organisation, tenue, exercice du droit de vote, nullité des décisions des organes…) ; – son administration et sa gestion (statut et responsabilité des administrateurs, organisation de l’organe d’administration, comités consultatifs/spécialisés, conflits d’intérêts…) ; – son capital (répartition bénéficiaire, acquisition d’actions propres, pertes du capital, variations du capital…) ; – la résolution des conflits entre actionnaires (exclusion et retrait judiciaires…). Agrémenté d’une bibliographie et d’un index alphabétique fouillés, cet ouvrage intéressera non seulement les praticiens du droit des sociétés mais également celles et ceux qui administrent et gèrent des sociétés anonymes. Cet ouvrage est l’œuvre collective de professeurs et assistants de droit des sociétés de l’Université catholique de Louvain

Droit des sociétés

Comme les précédentes éditions du Précis, cette cinquième édition – publiée chez Larcier dans une autre collection de la Faculté de droit et de criminologie de l’Université catholique de Louvain – analyse minutieusement le droit belge des sociétés ainsi que le droit européen et le droit financier qui leur sont applicables, en tenant compte de l’évolution la plus récente de ces matières. Si une longue période sépare les deux dernières éditions, c’est que les auteurs ont attendu la mise en œuvre d’une réforme très importante, annoncée de longue date, pour l’examiner et la présenter en profondeur et en détails. En effet, la loi du 23 mars 2019, publiée au Moniteur belge du 4 avril, a introduit, dans l’arsenal juridique belge le nouveau Code des sociétés & des associations (CS&A), qui – en gestation depuis 2015 – est entré en vigueur le 1er mai 2019 et s’appliquera aux sociétés existantes à partir du 1er janvier 2020. Le CS&A comporte des évolutions marquantes et des modifications a priori judicieuses afin que le droit belge des sociétés devienne plus flexible, fonctionnel, attractif et compétitif. Cette 5ème édition rend compte des changements intervenus, répond aux questions suscitées et traite de thèmes aussi variés qu’essentiels tels que la raison d’être des sociétés (intérêt de la société, distribution d’avantages patrimoniaux et responsabilité sociétale des entrepreneurs), leur « ubiquité » (critère du siège statutaire), la suppression du capital des SRL et SC et ses conséquences, notamment au regard de la protection des créanciers (valorisation des apports en industrie, tests de solvabilité et de liquidité, démissions & exclusions statutaires ou légales…), l’extension du domaine de la liberté (avec davantage de dispositions supplétives pour instaurer un équilibre entre « prêt à porter » et « sur-mesure »), la pluralité des titres et leur cessibilité à géométrie variable, les nouvelles structures de gouvernance de sociétés anonymes (administrateur unique, structure moniste ou structure dualiste), les procédures relatives aux conflits d’intérêts, l’indépendance, la révocabilité et la responsabilité des administrateurs ainsi que la loyauté, la fidélité et l’implication des actionnaires

Paediatric COVID-19 mortality: a database analysis of the impact of health resource disparity

Background The impact of the COVID-19 pandemic on paediatric populations varied between high-income countries (HICs) versus low-income to middle-income countries (LMICs). We sought to investigate differences in paediatric clinical outcomes and identify factors contributing to disparity between countries.Methods The International Severe Acute Respiratory and Emerging Infections Consortium (ISARIC) COVID-19 database was queried to include children under 19 years of age admitted to hospital from January 2020 to April 2021 with suspected or confirmed COVID-19 diagnosis. Univariate and multivariable analysis of contributing factors for mortality were assessed by country group (HICs vs LMICs) as defined by the World Bank criteria.Results A total of 12 860 children (3819 from 21 HICs and 9041 from 15 LMICs) participated in this study. Of these, 8961 were laboratory-confirmed and 3899 suspected COVID-19 cases. About 52% of LMICs children were black, and more than 40% were infants and adolescent. Overall in-hospital mortality rate (95% CI) was 3.3% [=(3.0% to 3.6%), higher in LMICs than HICs (4.0% (3.6% to 4.4%) and 1.7% (1.3% to 2.1%), respectively). There were significant differences between country income groups in intervention profile, with higher use of antibiotics, antivirals, corticosteroids, prone positioning, high flow nasal cannula, non-invasive and invasive mechanical ventilation in HICs. Out of the 439 mechanically ventilated children, mortality occurred in 106 (24.1%) subjects, which was higher in LMICs than HICs (89 (43.6%) vs 17 (7.2%) respectively). Pre-existing infectious comorbidities (tuberculosis and HIV) and some complications (bacterial pneumonia, acute respiratory distress syndrome and myocarditis) were significantly higher in LMICs compared with HICs. On multivariable analysis, LMIC as country income group was associated with increased risk of mortality (adjusted HR 4.73 (3.16 to 7.10)).Conclusion Mortality and morbidities were higher in LMICs than HICs, and it may be attributable to differences in patient demographics, complications and access to supportive and treatment modalities

Respiratory support in patients with severe COVID-19 in the International Severe Acute Respiratory and Emerging Infection (ISARIC) COVID-19 study: a prospective, multinational, observational study

Background: Up to 30% of hospitalised patients with COVID-19 require advanced respiratory support, including high-flow nasal cannulas (HFNC), non-invasive mechanical ventilation (NIV), or invasive mechanical ventilation (IMV). We aimed to describe the clinical characteristics, outcomes and risk factors for failing non-invasive respiratory support in patients treated with severe COVID-19 during the first two years of the pandemic in high-income countries (HICs) and low middle-income countries (LMICs). Methods: This is a multinational, multicentre, prospective cohort study embedded in the ISARIC-WHO COVID-19 Clinical Characterisation Protocol. Patients with laboratory-confirmed SARS-CoV-2 infection who required hospital admission were recruited prospectively. Patients treated with HFNC, NIV, or IMV within the first 24 h of hospital admission were included in this study. Descriptive statistics, random forest, and logistic regression analyses were used to describe clinical characteristics and compare clinical outcomes among patients treated with the different types of advanced respiratory support. Results: A total of 66,565 patients were included in this study. Overall, 82.6% of patients were treated in HIC, and 40.6% were admitted to the hospital during the first pandemic wave. During the first 24 h after hospital admission, patients in HICs were more frequently treated with HFNC (48.0%), followed by NIV (38.6%) and IMV (13.4%). In contrast, patients admitted in lower- and middle-income countries (LMICs) were less frequently treated with HFNC (16.1%) and the majority received IMV (59.1%). The failure rate of non-invasive respiratory support (i.e. HFNC or NIV) was 15.5%, of which 71.2% were from HIC and 28.8% from LMIC. The variables most strongly associated with non-invasive ventilation failure, defined as progression to IMV, were high leukocyte counts at hospital admission (OR [95%CI]; 5.86 [4.83-7.10]), treatment in an LMIC (OR [95%CI]; 2.04 [1.97-2.11]), and tachypnoea at hospital admission (OR [95%CI]; 1.16 [1.14-1.18]). Patients who failed HFNC/NIV had a higher 28-day fatality ratio (OR [95%CI]; 1.27 [1.25-1.30]). Conclusions: In the present international cohort, the most frequently used advanced respiratory support was the HFNC. However, IMV was used more often in LMIC. Higher leucocyte count, tachypnoea, and treatment in LMIC were risk factors for HFNC/NIV failure. HFNC/NIV failure was related to worse clinical outcomes, such as 28-day mortality. Trial registration This is a prospective observational study; therefore, no health care interventions were applied to participants, and trial registration is not applicable

Respiratory support in patients with severe COVID-19 in the International Severe Acute Respiratory and Emerging Infection (ISARIC) COVID-19 study: a prospective, multinational, observational study

Background: Up to 30% of hospitalised patients with COVID-19 require advanced respiratory support, including high-flow nasal cannulas (HFNC), non-invasive mechanical ventilation (NIV), or invasive mechanical ventilation (IMV). We aimed to describe the clinical characteristics, outcomes and risk factors for failing non-invasive respiratory support in patients treated with severe COVID-19 during the first two years of the pandemic in high-income countries (HICs) and low middle-income countries (LMICs). Methods: This is a multinational, multicentre, prospective cohort study embedded in the ISARIC-WHO COVID-19 Clinical Characterisation Protocol. Patients with laboratory-confirmed SARS-CoV-2 infection who required hospital admission were recruited prospectively. Patients treated with HFNC, NIV, or IMV within the first 24 h of hospital admission were included in this study. Descriptive statistics, random forest, and logistic regression analyses were used to describe clinical characteristics and compare clinical outcomes among patients treated with the different types of advanced respiratory support. Results: A total of 66,565 patients were included in this study. Overall, 82.6% of patients were treated in HIC, and 40.6% were admitted to the hospital during the first pandemic wave. During the first 24 h after hospital admission, patients in HICs were more frequently treated with HFNC (48.0%), followed by NIV (38.6%) and IMV (13.4%). In contrast, patients admitted in lower- and middle-income countries (LMICs) were less frequently treated with HFNC (16.1%) and the majority received IMV (59.1%). The failure rate of non-invasive respiratory support (i.e. HFNC or NIV) was 15.5%, of which 71.2% were from HIC and 28.8% from LMIC. The variables most strongly associated with non-invasive ventilation failure, defined as progression to IMV, were high leukocyte counts at hospital admission (OR [95%CI]; 5.86 [4.83–7.10]), treatment in an LMIC (OR [95%CI]; 2.04 [1.97–2.11]), and tachypnoea at hospital admission (OR [95%CI]; 1.16 [1.14–1.18]). Patients who failed HFNC/NIV had a higher 28-day fatality ratio (OR [95%CI]; 1.27 [1.25–1.30]). Conclusions: In the present international cohort, the most frequently used advanced respiratory support was the HFNC. However, IMV was used more often in LMIC. Higher leucocyte count, tachypnoea, and treatment in LMIC were risk factors for HFNC/NIV failure. HFNC/NIV failure was related to worse clinical outcomes, such as 28-day mortality. Trial registration This is a prospective observational study; therefore, no health care interventions were applied to participants, and trial registration is not applicable

Association of Country Income Level With the Characteristics and Outcomes of Critically Ill Patients Hospitalized With Acute Kidney Injury and COVID-19

Introduction: Acute kidney injury (AKI) has been identified as one of the most common and significant problems in hospitalized patients with COVID-19. However, studies examining the relationship between COVID-19 and AKI in low- and low-middle income countries (LLMIC) are lacking. Given that AKI is known to carry a higher mortality rate in these countries, it is important to understand differences in this population. Methods: This prospective, observational study examines the AKI incidence and characteristics of 32,210 patients with COVID-19 from 49 countries across all income levels who were admitted to an intensive care unit during their hospital stay. Results: Among patients with COVID-19 admitted to the intensive care unit, AKI incidence was highest in patients in LLMIC, followed by patients in upper-middle income countries (UMIC) and high-income countries (HIC) (53%, 38%, and 30%, respectively), whereas dialysis rates were lowest among patients with AKI from LLMIC and highest among those from HIC (27% vs. 45%). Patients with AKI in LLMIC had the largest proportion of community-acquired AKI (CA-AKI) and highest rate of in-hospital death (79% vs. 54% in HIC and 66% in UMIC). The association between AKI, being from LLMIC and in-hospital death persisted even after adjusting for disease severity. Conclusions: AKI is a particularly devastating complication of COVID-19 among patients from poorer nations where the gaps in accessibility and quality of healthcare delivery have a major impact on patient outcomes

Liver injury in hospitalized patients with COVID-19: An International observational cohort study

Background: Using a large dataset, we evaluated prevalence and severity of alterations in liver enzymes in COVID-19 and association with patient-centred outcomes.MethodsWe included hospitalized patients with confirmed or suspected SARS-CoV-2 infection from the International Severe Acute Respiratory and emerging Infection Consortium (ISARIC) database. Key exposure was baseline liver enzymes (AST, ALT, bilirubin). Patients were assigned Liver Injury Classification score based on 3 components of enzymes at admission: Normal; Stage I) Liver injury: any component between 1-3x upper limit of normal (ULN); Stage II) Severe liver injury: any component & GE;3x ULN. Outcomes were hospital mortality, utilization of selected resources, complications, and durations of hospital and ICU stay. Analyses used logistic regression with associations expressed as adjusted odds ratios (OR) with 95% confidence intervals (CI).ResultsOf 17,531 included patients, 46.2% (8099) and 8.2% (1430) of patients had stage 1 and 2 liver injury respectively. Compared to normal, stages 1 and 2 were associated with higher odds of mortality (OR 1.53 [1.37-1.71]; OR 2.50 [2.10-2.96]), ICU admission (OR 1.63 [1.48-1.79]; OR 1.90 [1.62-2.23]), and invasive mechanical ventilation (OR 1.43 [1.27-1.70]; OR 1.95 (1.55-2.45). Stages 1 and 2 were also associated with higher odds of developing sepsis (OR 1.38 [1.27-1.50]; OR 1.46 [1.25-1.70]), acute kidney injury (OR 1.13 [1.00-1.27]; OR 1.59 [1.32-1.91]), and acute respiratory distress syndrome (OR 1.38 [1.22-1.55]; OR 1.80 [1.49-2.17]).ConclusionsLiver enzyme abnormalities are common among COVID-19 patients and associated with worse outcomes