Key Points
- COMI of Jersey companies held to be in England and Wales
- Argument of improper motive generally insignificant where purpose of administration can be achieved
The Facts
Key Points
- Costs incurred in preparing to comply with disclosure orders not payable by liquidators
- Protection for wasted costs should have been sought earlier in the proceedings
The Facts
With one exception, the Top 10 List of "public company" (defined as a company with publicly traded stock or debt) bankruptcies of 2016 consisted entirely of energy companies—solar, coal, and oil and gas producers—reflecting, as in 2015, the dire straits of those sectors caused by weakened worldwide demand and, until their December turnaround, plummeting oil prices. The exception came from the airline industry. Each company gracing the Top 10 List for 2016 entered bankruptcy with assets valued at more than $3 billion.
Puerto Rico Oversight, Management, and Economic Stability Act
The watchword for 2016 in much of the world was "upheaval." Two unanticipated events dominated the political, business, and financial headlines of 2016, at least in Europe and the Americas: the Brexit referendum result and the election of Donald J .Trump as the 45th President of the United States. The refugee crisis, the commodities meltdown, Brazil’s economic collapse, China’s growing pains, Russian belligerency and alleged cyber-meddling in the U.S. election, the war on terrorism, and the beginning of the end of the bloody Syrian civil war seemed to pale by comparison.
Key Points
- Provisions of the Civil Procedure Rules apply to applications for an extension of time to apply for rescission of winding up order
- Any such extensions of time should be exceptional and for a very short period
The Facts
Key Points
- A dividend is a ‘transaction’ and therefore can be challenged under s 423 IA 86
- A duty to act in the best interests of creditors does not arise simply because there is a risk of insolvency which is not ‘remote’
The Facts
Key Points
Having launched the original version three years ago, we have refreshed our Safeguarding Your Business guide as an eBook. The guide assists clients in protecting themselves either proactively or reactively in respect of a counterparty’s insolvency with new sections on trusts and examples of how we have helped, using some of the principles raised.
Key Points
- Interpretation of EU case law on protection of pension payments on employer insolvency not “entirely free from doubt”
The Facts
The claimant (C) was a member of the T&N defined benefit pension scheme from 1971 to 1998. In 2006, the scheme entered a PPF assessment period and C calculated that his pension under the PPF would, as a result of caps and limitations on indexation, be roughly 67% less than what he had previously expected.