The English Court of Appeal dismissed an appeal that a claim could be pursued in the English courts whilst the defendant was also subject to winding-up proceedings under Icelandic insolvency law.
This case concerns a Court of Appeal hearing following the collapse of the large Icelandic bank, Kaupthing Bank HF ("Kaupthing"), in 2008. Kaupthing was subject to a moratorium order made by the Icelandic courts in 2008 and a winding-up order in November 2010.
The Scottish Court of Session considers the interaction of Indian insolvency proceedings for three Scottish Companies that had also been placed into Administration in Scotland.
Background
The Victoria Jute Company Limited ("Victoria"), The Samnuggur Jute Factory Limited ("Samnuggur") and Titaghur plc ("Titaghur") were all incorporated in Scotland, but had been carrying out their business in India.
English High Court places US company into Administration
On 7 October 2016 Ashfords' Restructuring and Insolvency Team, led by partner Alan Bennett, assisted the directors in securing an Administration order in respect of Ronin Development Corporation (the "Company").
The Company was incorporated in Princeton, New Jersey, in October 1986 under the New Jersey Business Corporation Act, and is a global marketing, consulting and research company.
The Knesset has aimed to update the law on insolvency by passing the Law of Insolvency and Economic Rehabilitation.
This has arisen as a result of the current insolvency laws being considered to be regulated under outdated legislation, being disorganised and having had a detrimental effect on debtors, creditors, and the economy. The incoming Law will take effect in 18 months' time and is designed to rectify the situation and provide the Israeli economy with modern legislation with respect to insolvency.
The Law has three primary objectives:
English Liquidators of a fraudulent investment company were able to navigate a complex web of defunct companies and trusts to realise assets in a Jersey company.
The partners of Arck LLP (in Liquidation), registered in England ("Arck"), an investment firm, were convicted of fraud and forgery. Richard Clay, thought to be the driving force of the scandal, is now serving a 10 years 10 months prison sentence and his deputy Kathryn Clark received a two year suspended sentence.
- Harbour Fund II LP v. (1) Orb a.r.l. (2) Litigation Capital Funding [2017]JRC171 ("the September judgment")
- Harbour Fund II LP v. (1) Orb a.r.l. (2) Dr Gail Cochrane [2017]JRC007 ("the January judgment")
- Representation of the Viscount re Cochrane and Orb a.r.l. [2017]JRC025 ("the February judgment")
The high profile cross border insolvency of Orb a.r.l. ("Orb") has been the subject of three linked judgments from the Royal Court in Jersey.
The Jersey Court exercised their discretion and consented to vary the terms of Recognition and Consent Orders to allow a Trustee in Bankruptcy to comply with an Information Notice served by HMRC in relation to the Bankrupt's tax affairs.
The Dutch Supreme Court has confirmed the decision of the Amsterdam Court of Appeal, which found that the bankruptcy of the Russian based oil company, Yukos, could not be recognised in the Netherlands because it violates Dutch public policy.
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.
The Swiss government presented a draft bill in May 2017 which was approved by the Swiss Council of States in December 2017 with very few amendments. The revised law could be effective as from 1 January 2019 if the Swiss National Council approves the revision this year.
Key changes include: