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Creditors of Lehman Brothers Australia to Receive Further Dividends
The Federal Court of Australia has approved a settlement, effectively resolving one of the most complex corporate insolvencies in Australian history. On 18 December 2015 the Federal Court of Australia...
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A rock and a hard place…
It is very much the nature of the job that appointed Office Holders are required to make difficult and challenging decisions on each and every case they take. On some occasions those decisions are well...
View ArticleWrongful Trading – IPs Need to Demonstrate an Increase in Net Deficiency for...
Directors of a company are subject to certain duties under the Companies Act 2006. These duties are of obvious importance throughout their service as a director but some of them become particularly...
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Interest Rate Mis-selling – Temporary Relief For Banks
The interest rate mis-selling scandal took another twist recently when a landmark legal case was dismissed by the High Court. Had the case been successful it would have challenged the banks’ £2.1bn...
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France Publishes Final List of 19 Specialised Insolvency Commercial Courts
The French government has made the assessment that certain small commercial courts were regularly finding themselves confronted with cases of great complexity, only because the company in difficulty...
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Are you a Person with Significant Control – and why does it matter?
From April 2016 companies and limited liability partnerships (“LLPs”) (except for publicly traded companies) will be required to create and maintain a register of persons with “significant control”...
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German Insolvency Law applies to Director of English Company operating in...
The statistics show that over 10,000 English limited companies operate in Germany. The company is registered in the Companies Register in the UK, but has a branch active in Germany, which is...
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Tick, Tick: MVLs- a ticking time bomb?
Due to the introduction of new tax legislation on 6th April 2016, distributions made to shareholders of companies undergoing Members’ Voluntary Liquidation (MVL) are now treated as income (rather than...
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The End of the Insolvency Shield for Insurers?
The Third Parties (Rights Against Insurers) Act 2010 (“TPR”) will finally come into force on 1 August 2016, making it easier for third parties to bring claims against insurers of insolvent companies....
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A Contradiction over Jurisdiction? English Contract Law v Foreign Insolvency Law
During contract negotiations parties usually agree what law and which courts will determine any disputes arising from that contract. This brings certainty for the parties. However that certainty can...
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Singapore –– Becoming the “Delaware” of the Asia Pacific Region?
Delaware has long established itself as a welcoming jurisdiction for various legal purposes. It began as a center for company incorporation by providing a corporate law framework that was flexible and...
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Russian Retailers Run into Trouble
There has been a significant increase in insolvencies in the construction, real estate, retail and wholesale sectors of the Russian economy, according to the statistics in the Competition Development...
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Spanish banks must refund homebuyers’ deposits on unfinished developments
A ruling by the Supreme Court in Spain says Spanish banks that held deposits for property that was never built are to be held to account. Around 100,000 people in the UK are thought to have paid big...
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When an Asset is not an Asset
The Court of Appeal has recently considered the status of contingent assets within the balance sheet test for insolvency in the context of a company’s inability to pay its debts. Under Section 123...
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US and English Courts welcome most- but not all- foreign debtors
TMA’s Journal for Corporate Renewal July/August 2016 published an article written by Nava Hazan, Mark Salzberg and Susan Kelly, which discusses how the US Bankruptcy Courts have been open to foreign...
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Is it possible to Restructure in Russia?
Theoretically, a Russian debtor is able to reorganize. In practice, the law currently does not encourage voluntary restructuring of debt in a way designed to preserve the continued operation of...
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Why financiers should consider taking security over short leases
When we review security for financiers, we always consider what enhancements they might implement to strengthen their security net. As part of this approach, we obtain a proprietor search from the Land...
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Reviewing the Ratings
Multiple class actions have been commenced in the Australian Federal Court in relation to losses suffered by investors in synthetic collateralised debt obligations and other financial products, some...
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Creditors v Private Pension Holders – has UK bankruptcy law gone too soft?
The recent Court of Appeal decision in Horton v Henry has highlighted the protection afforded to a bankrupt holding a private pension to the detriment of his bankruptcy creditors. Facts The bankrupt,...
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OKD a.s Insolvency Proceedings: New World Resources’ International Investors...
On September 9, 2016, Citibank’s London Branch filed a claim as collateral agent for the bondholders of New World Resources (NWR) with the High Court in Ostrava in the insolvency proceedings of OKD....
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