Alan Bennett and Crispin Jones successfully acted for Mr Dowling in his application to set aside a Statutory Demand served on him by Promontoria (Arrow) Limited ("Promontoria") in the sum of €6,338,675.93. The decision has wide reaching implications for creditors seeking to rely on guarantees.

The German Bundestag has recently passed a new law as a result of a long running drive to reform how group insolvencies are to be dealt with in the jurisdiction. The reforms were suspended whilst the European Union formulated the Recast Insolvency Regulation, but, the German legislation has been finalised and the reforms effective from 21 April 2018.

It was ordered that the Administrators could distribute to unsecured creditors, 8 years after Nortel entered Administration, so long as a reserve was maintained in relation to potential expense claims.

Pearson v. Primeo Fund (Cayman Islands) [2017] UKPC 19

The Privy Council sitting as the final court of appeal for the Cayman Islands recently considered a case concerning prioritisation in a Liquidation between feeder hedge funds where the investment medium was redeemable shares.

Background

Changes to the Australian Insolvency regime continue to progress through the legislature as part of the Treasury Laws Amendment (2017 Enterprise Incentives No.2) Bill 2017. The amendments are intended to allow companies and directors protections whilst they informally restructure, rather than requiring potentially premature entry into formal insolvency proceedings. It is hoped this will increase the turn-around prospects of those companies.

Regulation (EU) 2015/848 (the "Recast Insolvency Regulation") has come into force for any insolvency proceedings commenced on or after 27 June 2017. In line with EU Insolvency Regulation 1346/2000 (the "Original Insolvency Regulation"), the Recast Insolvency Regulation focusses on cross border recognition of Insolvency proceedings and, as a Regulation, it applies without the need for specific implementing legislation in each state.

This case involved an application for security for costs against Mr Nogotkov who is, or claims to be, the Liquidator appointed by a Russian court of Dalnyaya Step LLC ("DSL").

Marex Financial Limited v. Carlos Sevilleja Garcia [2017] EWHC 918 (Comm)

This recent decision on a jurisdictional challenge has provided greater clarity and potentially created a tortious cause of action where a debtor dissipates assets prior to judgment and subsequent freezing order.

Background

In the matter of the désastres of Gail Alison Cochrane and Orb a.r.l.

1. Harbour Fund II LP v. (1) Orb a.r.l. (2) Litigation Capital Funding [2017]JRC171 ("the September judgment")

2. Harbour Fund II LP v. (1) Orb a.r.l. (2) Dr Gail Cochrane [2017]JRC007 ("the January judgment")

3. Representation of the Viscount re Cochrane and Orb a.r.l. [2017]JRC025 ("the February judgment")

The rules relating to income payment orders ("IPO") and income payment agreements ("IPA") are largely unchanged. The time periods dictated in the old rules for IPOs and IPAs remain the same, however there are some added requirements in the new rules, particularly in relation to the contents of notices and orders.

Rule 10.109 Application for income payments order (section 310)

[…]

(4) the notice to the bankrupt must be authenticated and dated by the trustee.

Rule 10.110 Order for income payments order