For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments.
Recent Developments
In the recent case of BTI 2014 LLC v Sequana SA & others [2016] EWHC 1686, the High Court has held for the first time that a dividend can be challenged as a transaction entered into at an undervalue within the meaning of section 423(1) of the Insolvency Act 1986 (the “IA”).
The Facts
The facts of the case are long and complex but for present purposes the pertinent facts are as follows.
Arjo Wiggins Appleton Limited (now Windward Prospects Limited) (“AWA”) was a wholly owned subsidiary of Sequana SA (“SSA”).
For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments.
Recent Developments
Recent Developments
Recent Developments
The trading environment for Britain’s pubs has never been tougher. According to the Campaign for Real Ale, 29 pubs close every week in the UK, with pubs selling approximately a third of the number of pints that they used to sell in the late 1970s.
Recent Developments
The English High Court has granted an injunction to trustees in bankruptcy and pierced the corporate veil of companies which were operated by a bankrupt as his agents and nominees and which held assets on his behalf (Wood and another v Baker and others [2015] EWHC 2536 (Ch)).
Background
Recent Developments
Background – As Things Currently Stand
The aim of EC Regulation on Insolvency Proceedings 2000 (the Regulation) is to improve the efficiency of insolvency proceedings with cross-border implications. It provides, within the EU, rules for determining: