What are the proposed changes to rules on transfer of ownership?

The key takeaway

The Law Commission’s proposed changes are likely to improve consumers’ odds of owning goods bought online in the event of retailer insolvency, even before they have left the retailer’s possession.

The background

International guidelines on cross-border insolvency matters have recently been adopted by the BVI courts. The Judicial Insolvency Network guidelines – drafted in 2016 by ten insolvency judges from international jurisdictions, including a BVI Commercial Court Judge – aim to create co-operation and communication between courts on cross-jurisdiction proceedings, and to minimise the time and expense involved in litigation.

The adoption of new international guidelines on cross-border insolvency matters by the BVI courts has been welcomed by Ogier insolvency law specialist Nicholas Brookes.

The Judicial Insolvency Network guidelines – drafted in 2016 by ten insolvency judges from international jurisdictions, including a BVI Commercial Court Judge – aim to create co-operation and communication between courts on cross-jurisdiction proceedings, and to minimise the time and expense involved in litigation.

Two recent decisions of the UK courts concern UK liquidation and administration of foreign companies

Refusal to Wind-Up Foreign Companies: Re Buccament Bay Limited [2014] EWHC 3130 (Ch)

The High Court of England and Wales may refuse to exercise its discretion to wind up companies incorporated abroad where there would be little likelihood of the petitioners deriving benefit from the winding-up.