Rumours that a company is in the zone of insolvency may create a race to the assets, with potential creditors or interested parties commencing proceedings in an attempt to secure payment from the company before its assets are fully dissipated or tied up in the insolvency process. This can destroy the collective value in the enterprise or scupper a restructuring and result in significant duplicative costs.
What is an SPC?
Treatment in insolvency situations
ABC Company (SPC) v J & Co Ltd
Axiom
Additional case law
SPCs and litigation funding
Test for insolvency
Adopting the analysis of the United Kingdom Jurisdictional Task Force ('UKJT") on the proprietary status of crypto currencies, a recent decision of the English High Court, AA v Persons Unknown,[1] has found that crypto assets such as Bitcoin are "property" and therefore capable of being the subject of a proprietary injunction or freezing order.
You can read the infographic version of our guide here.
Scheme of Arrangement (Section 86)
A Court approved compromise entered into between a company and its creditors or members or any classes of them. "Arrangement" is construed extremely broadly making a scheme a very flexible restructuring tool.
Sentencia del Tribunal de Justicia (Sala Cuarta) de 9 de marzo de 2017 (petición de decisión prejudicial planteada por el tribunal administratif de Rennes — Francia) — Doux SA, en concurso de acreedores/Établissement national des produits de l’agriculture et de la mer (FranceAgriMer)
(Asunto C-141/15)
[Procedimiento prejudicial — Reglamento (CE) n.o 543/2008 — Artículo 15, apartado 1 — Artículo 16 — Pollos congelados y ultracongelados — Límite máximo del contenido de agua
— Obsolescencia de este límite — Modalidades prácticas de los controles — Segundo análisis
El objeto de la litis se centra en la legitimación activa de los socios de una sociedad agraria de transformación (SAT) para reclamar judicialmente los créditos que ostentan contra ella.
In the much anticipated decision of Belmont Park Investments PTY Limited v BNY Corporate Trustee Services Limited and Lehman Brothers Special Financing Inc [2011] UKSC 38 the Supreme Court has unanimously dismissed the appeal of Lehman Brothers Special Financing Inc (“LBSF”) and in so doing provided clarification as to the scope and application of the anti-deprivation rule (the “Rule”).