In the latest decision in the long running Pugachevdispute, the High Court considered the effect of five trusts set up by Mr Pugachev, and whether the trusts were shams. Birss J held that he would have been prepared to declare the five trusts shams, but on the true interpretation of the trust documents and considering the powers reserved to Mr Pugachev as protector, all five trusts were, in effect, bare trusts for the benefit of Mr Pugachev.

The decision of the English High Court in Willmont and Finch v Shlosberg clarifies how insolvency practitioners can use and disclose documents obtained under compulsion or litigation to related insolvency estates.

In Bailey v Angove's Pty Limited [2016] UKSC 47, the UK Supreme Court affirmed two principles of critical significance to insolvency practitioners.  The first is that even if the parties should agree that an agent's authority is irrevocable, it will not be treated as such unless such non-revocation is intended to secure the financial interest of the agent.  The second is that when money is paid to an agent for a consideration that the agent knows at the time of receipt must fail because of the agent's imminent insolvency, such receipt will not give rise to a rem

The New Zealand and UK Arbitration Acts generally require court proceedings to be stayed if the parties have agreed to resolve disputes through arbitration.

In a recent address to the Insolvency Lawyers Association, the new Chancellor of the High Court, Sir Geoffrey Vos, discussed briefly the effect of that statutory stay upon winding-up petitions.

The English High Court in Re Caledonian Ltd considered whether the business practices of two companies justified the winding up of these companies on a just and equitable basis.

Caledonian Ltd and Caledonian Commodities Ltd (Companies) in concert marketed and sold (among other products) carbon credits, rare earth metals and coloured diamonds (Products) to individual investors.

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 sums towards such properties in Spain but these were lost when several developers went bust in the wake of 2008’s financial crisis. Estimates for how much British buyers could claim are around £4bn.

The Convention on International Interests in Mobile Equipment (the “Convention”) and theProtocol to the Convention on International Interests in Mobile Equipment on Matters specific to Aircraft Equipment (the “Protocol” collectively with the Convention, the “Cape Town Convention”) signed on November 16, 2001 establish a special regime for the protection of certain interests in aircraft objects (within the meaning given to such term in the Cape Town Convention, an “Aircraft Object”), and

This ruling resolved an issue originating from a personal and joint and several guarantee granted by two companies to secure the obligations assumed by a Dutch company under a junior financing agreement. In light of the Dutch company's default on one of its payments under that agreement, the creditor companies sued the debtor, and the court issued a resolution ordering the debtor company to pay the amount claimed.

Key Points

• Court considers the impact of the Spanish Insolvency Act on guarantees governed by English law
• Court holds that the liability under the guarantee was not extinguished

The Facts

Global—On 26 October 2012, the U.S. Court of Appeals for the Second Circuit, in a ruling that may impact sovereign debt restructurings, upheld a lower court order enjoining Argentina from making payments on restructured defaulted debt without making comparable payments to bondholders who did not participate in the restructuring.