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
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.
In today's low interest rate environment, the difference between a contractual interest rate and the federal judgment rate can be quite significant. It is not surprising, therefore, that this issue has become hotly litigated in cases involving solvent Chapter 11 debtors. Recently, the U.S. District Court for the Northern District of Illinois, in Colfin Bulls Funding A v. Paloian (In re Dvorkin Holdings), 547 B.R. 880 (N.D. Ill.
Key Points
- Trustees in bankruptcy entitled to more than return of shares wrongfully transferred by bankrupt
- Trustees also entitled to recover loss in the value of shares
- Appropriate basis of valuation was fair value (not market value)
The Facts
Key points
- Court does not have jurisdiction to direct detailed assessment of fees agreed by administrators on application of liquidator
- Administrators can agree solicitors’ fees for work carried out during the administration after they cease holding office
- The court has no inherent jurisdiction to direct a detailed assessment
The facts