Key Points

• Court considers the impact of the Spanish Insolvency Act on guarantees governed by English law
• Court holds that the liability under the guarantee was not extinguished

The Facts

Key Points

• An administrator may be able appeal an order restoring a company following dissolution
• The court has jurisdiction to backdate a winding up order made following restoration to the date of dissolution
• The court must exercise its discretion to do so with extreme caution

The Facts

Client Connection Limited (“Company”) was placed into administration and Ms Sharma (“A”) was appointed as administrator. Following a pre-pack sale of the business of the Company, A moved the Company to dissolution.

Key Points

• Court considers the ownership of assets situated at premises owned by the bankrupt in the context of limited relevant evidence
• Court emphasises the importance of joining the correct parties to litigation

The Facts

Key points

• Section 236 (inquiry into company’s dealings) does not have extra-territorial effect
• Section 237(3) (examination) only has extra-territorial effect where appropriate machinery exists in the foreign jurisdiction
• Taking of Evidence Regulation not available where litigation not commenced or contemplated

The facts

Key Point

The mere fact that the law of the country in which an asset is situated does not recognise the trust concept does not necessarily invalidate the trust at least as far as English Courts are concerned.

The Facts

Key Points

• The principle of modified universalism (being the principle underlying the common law power to assist foreign insolvency proceedings) continues to exist
• There is a common law power to order production of information to assist foreign insolvency proceedings
• Common law assistance does not enable office holders to do something they would not be able to do under the insolvency laws by which they are appointed

The Facts

Key Points

• Court cannot grant relief under the UK Cross Border Insolvency Regulations 2006 (CBIR) where it could not provide such relief in a domestic insolvency.
• Even if such option were possible, court would not do so where a contract is governed by English law.
• Possibility of effectively applying provisions of foreign law under the CBIR restricted.

The Facts

Key Points

Where a sole director and shareholder of a company had breached fiduciary duties he could not ratify the breach if the company was insolvent;

Claims against the company in liquidation by dishonest assisting parties could not be set off under rule 4.90 Insolvency Rules against any liability they had in damages for that assistance.

The Facts

The latest Court judgment arising from the MF Global UK Ltd ("MF Global") insolvency provides further clarity on how client money entitlements under the FCA's client money rules ("CASS") should be assessed, but is potentially superseded by a key proposal in the FCA's July 2013 Consultation Paper.  In MF Global UK Ltd (No 4) (in special administration); Heis and others v Attestor Value Master Fund LP and another [2013] EWHC 2556 the Court was asked to determine to what extent, an

In the current economic climate, brokers will find the decision of the High Court in Euroption Strategic Fund Limited v Skandinaviska Enskilda Banker AB[2012] EWHC 584 (Comm) of considerable interest, since it considers the duties of a broker who is conducting a close out and liquidating the position of a client who is in a state of default, in this case for failure to meet margin requirements.   

The Court ruled that: