Application for a freezing order in support of foreign proceedings/appointment of a receiver and a power of attorney
http://www.bailii.org/ew/cases/EWHC/Ch/2015/3383.html
The applicants (based in the UAE and Georgia) sought freezing orders against the respondents in support of proceedings taking place overseas. The respondents are LLPs registered in England and Wales and owned by a Georgian national.
Whilst no further action has, as yet, been taken to implement the foreshadowed changes to insolvency law in England and Wales (see our comments on the same), the Business and Property Courts of England and Wales ("BPC") have moved quickly to release a temporary Practice Direction on insolvency proceedings ("TIPD").
An insolvent company obtained damages in a professional negligence claim against its solicitors. That claim had been pursued with the benefit of various insurance arrangements (including ATE insurance). The insurers sought recovery of unpaid premium but the bankruptcy trustee of the company argued that they were only unsecured creditors in respect of the proceeds.
The Briggs Report
The final report of Lord Justice Briggs' LJ's Civil Courts Structure Review was published on 27 July 2016. Lord Justice Briggs identifies five main weaknesses of the civil courts structure, namely:
This Court of Appeal decision in (1)TopBrandsLtd(2) LemioneServicesLtdv (1) Gagen Dulari Sharma (2) Barry John Ward (as former liquidators of Mama Milla Ltd) (2015) is noteworthy as it underlines that the “illegality defence” is still in a state of flux and in need of clarification by the Supreme Court.
As the prevalence of COVID-19 continues to grow worldwide, together with the resulting social and business restrictions, the inevitable fallout will be a failure to achieve business plans and an increase in business insolvencies.
The UK Chancellor, Rishi Sunak, stated whilst unveiling recent plans for a £330bn economic boost in light of the pandemic, “this is an economic emergency. Never in peacetime have we faced an economic fight like this one".
Case alert - [2017] EWHC 3004 (Ch)
Court holds insurers are not entitled to a lien for unpaid premium due from insolvent insured
An insolvent company obtained damages in a professional negligence claim against its solicitors. That claim had been pursued with the benefit of various insurance arrangements (including ATE insurance). The insurers sought recovery of unpaid premium but the bankruptcy trustee of the company argued that they were only unsecured creditors in respect of the proceeds.
Hanjin Shipping's financial collapse has been well publicised. As a consequence of its collapse one can anticipate that there will be displaced containers worldwide with Hanjin vessels being arrested short of or at destination, being moored up or remaining outside port limits to avoid arrest or being stuck at a port short of destination with the port authority unwilling to provide port services absent payment in advance. One press report we have seen suggests that in excess of 500,000 TEUs already loaded on Hanjin vessels may be subject to delay.
An order recognising South Korean insolvency proceedings involving a shipping company, which had the effect of staying the commencement of actions against the company, was varied so that parties who had contracted with a Korean ship operator could pursue claims against it in London arbitration1.
Background
The Secretary of State for Business, Energy and Industrial Strategy, Alok Sharma, has announced that the government will be introducing a number of changes to the insolvency regime in England & Wales as part of its response to the COVID-19 outbreak.