In Berryman v Zurich Australia Ltd [2016] WASC 196 it was decided that a bankrupt's entitlement to claim a TPD benefit under a life insurance policy is not an entitlement that is divisible amongst the bankrupt's creditors, and therefore such an entitlement does not vest in the Official Trustee in bankruptcy. Tottle J of the Supreme Court of Western Australia ruled that the bankrupt insured could continue an action in his own name to recover the TPD benefit. Life insurers may need to adjust their claims' payment practices in light of the Berryman decision.

The BHS CVA is now in effect following a successful ‘yes’ vote on 23 March 2016 when 95% of creditors voted in favour of the proposals.

Complex multi-jurisdictional insolvencies are an inevitable consequence of the increasingly global nature of big business. The collapse of the likes of Barings, Enron and most recently Lehmans (the latter involving insolvency proceedings in some 16 jurisdictions) have highlighted the growing need for legislative action to promote cross-border co-operation and protect the interests of international creditors. Comprehensive reform is needed, not least to curtail the inequitable practice of forum shopping.

Latest Lehman judgment reassures end users on Close-out Rights

It is undeniable that the legal complexities, and unprecedented facts, of the long running Lehman Brothers saga have generated a wealth of legal principal, most notably through the Waterfall series of litigation.

The fortunes of agricultural businesses across the world have always been vulnerable to natural and economic forces such as climate change, world commodity pricing and exchange rate movement. Nowhere is this more evident today than in the current crisis facing the UK dairy farming industry where the unique political and environmental conditions of 2014 have driven milk prices down to some of the lowest levels seen in recent years testing the viability of many of the country’s dairy farmers.