The special administrators of MFGUK have come up with a CVA proposal for its remaining ordinary creditors, which will enable the winding-up of the estate to the benefit of the creditors.

The administrators have made a number of material settlements and realisations during the administration, simplifying the estate and permitting distributions to ordinary unsecured creditors of 90p in the pound.

The High Court considered whether it would be appropriate to approve a scheme of arrangement for a company incorporated in Luxembourg where the company's COMI had been moved to England and there had been a change in the governing law and jurisdiction clause in favour of the English courts.

In Orexim Trading Ltd v Mahavir Port and Terminal Private Ltd and others [2017] EWHC 2663 (Comm), the High Court held that a claim under s.423 of the Insolvency Act 1986 ("IA 1986") where it was not brought by an insolvent company within the jursdiction did not fall within the jurisdictional gateways under paragraph 3.1 CPR PD 6B.

The Dutch government has published a new draft of the Dutch Continuity of Enterprises Act II (the "WCO II") which seeks to introduce pre-insolvency measures in the Netherlands.