In Secretary of State for Business, Energy and Industrial Strategy v PAG Asset Preservation Ltd [2019] EWHC 2890 the Secretary presented petitions under s 124A of the Insolvency Act 1986 to wind up two companies on public interest grounds. These companies were PAG Asset Preservation Limited and MB Vacant Property Solutions Limited (the Companies).

Another recent judgment in the Walker litigation concerns the validity of a litigation funding arrangement from SPF No. 10 Ltd (SPF). That arrangement is being used to fund proceedings that the liquidators of Property Ventures Ltd (in liquidation) (PVL) have brought against PwC and the directors of PVL. See our previous update on the related litigation.

An appeal by Christchurch property developer, David Henderson, against the High Court decision imposing conditions on his discharge from bankruptcy has been dismissed.

Last month the Insolvency Working Group released its second and final report, dealing with voidable transactions and Ponzi schemes.  The Group's first report was released in July 2016 and dealt with regulation of insolvency practitioners and voluntary liquidations.  In the second report, the Working Group make a number of recommendations on the voidable transaction regime and regarding protection from Ponzi schemes.  In relation to voidable transactions, the primary recommendations were repealing the "gave value" part of the defence available to creditors with a view to incre

The Supreme Court has recently dismissed an appeal against a Court of Appeal decision on the disclosure of trust documents to discretionary beneficiaries.

In Re Hin-Pro International Logistics Ltd the Hong Kong Court of Appeal had to consider whether it had jurisdiction to grant leave to amend a creditor's petition, and if so, whether it should do so.

For the first time in New Zealand, the High Court has considered whether a compromise under Part 14 of the Companies Act 1993 can release guarantors of a company's debts.  Silverfern proposed a Part 14 compromise to its creditors and, as part of that compromise, the guarantees given by Silverfern's directors and shareholders, Mr and Mrs O'Connor, of Silverfern's debts, would be unconditionally released.  The compromise was approved by the required majority but opposed by the plaintiffs. 

Rowmata Holdings Limited (in liquidation) (RHL) & Anor v Hildred & Ors [2013] NZHC 2435 involved a sale and purchase agreement whereby land was sold to two trusts, subject to finance. RHL (a company incorporated by the purchasing trusts) claimed and received a GST refund for the purchase. However, on settlement date, RHL defaulted on the purchase, went into liquidation, and the GST refund became repayable to the Inland Revenue Department (IRD).

Wentworth Metals Group Pty Ltd (Wentworth) applied under the Corporations Act 2001 (Cth) (Act), for a review by the Federal Court of Australia of a decision by the liquidators of Bonython Metals Group Pty Ltd to sell Bonython's interest in a joint venture mining project to Pure Metals Pty Ltd. 

In the case of Garwood v Bank of Scotland PLC, the English High Court found that a charge that had been mistakenly released should be re-registered over property in the estate of a bankrupt, although this meant that the estate available to unsecured creditors would decrease.