Introduction
Background
Facts
Decision

Introduction

A recent Court of Appeal decision held that receivers are statutorily obliged to discharge preferential costs from assets available after deducting costs and expenses of a receiverirst line

The issue

In Re Touradji Private Equity Master Fund Ltd, the Grand Court of the Cayman Islands made a supervision order in respect of three funds in voluntary liquidation, following applications by certain aggrieved investors and the joint voluntary liquidators, and over the objections of the investment manager.

Introduction

In the recent decision of Re Ascentra Holdings Inc.(in Official Liquidation), the Grand Court of the Cayman Islands has once again confirmed the significant scope of its sanction jurisdiction in the context of official liquidations under section 110(2) of the Companies Act.

Introduction
Facts
Background
Decision
Comment

Introduction

In a recent decision, the Court of Appeal upheld a High Court finding, which granted a declaration under section 819 of the Companies Act 2014 (CA 2014), restricting the appellant director (Appellant) from acting as a director or secretary of a company for a period of five years, unless the company meets the requirements set out in subsection (3) of section 819.

Under Irish and UK law, company directors owe fiduciary duties to act in good faith in the interests of the company. The company's interests in this context usually means the collective best interests of the members. However, UK and Irish authorities have developed directors' common law duties, such that in cases of insolvency, directors have a duty to consider the interests of the company's creditors.

Introduction
Facts
Background
Decision
Comment

Introduction

Introduction
Subject matter or participant?
Facts in Madera
Characterisation of petition
Comment

Introduction

In a William Fry article published earlier this year, we discussed the Irish government's approval to opt-in to a regulation amending Annexes A and B to the European Insolvency Regulation 2015/848 (EIR Recast) regarding the recognition of insolvency processes recently introduced in other EU Member States.