Registrar Baister overturned the adjudicator's decision in refusing to grant a Bankruptcy Order where the debtors COMI was an issue.

Mr Budniok, a German citizen who had recently moved to London, applied online for a Bankruptcy Order in England. After several requests for further information, the adjudicator was not satisfied Mr Budniok's centre of main interests ("COMI") was in England and as such refused the application. Mr Budniok appealed.

Key Points

• Reaffirms the importance of considering whether an applicant’s position would be improved by the making a vesting order

• Useful guidance on the extent of the court’s powers when granting a vesting order.

The Facts

The High Court considers questions relating to the location of three companies' COMIs and an alleged "improper motive" regarding the appointment of administrators

Summary

A bankrupt was found to be in contempt of court following years of failing to comply with the terms of multiple court orders compelling him to disclose information about his financial affairs with a view to entering into an IPOA.

The Facts

Following the collapse of Banco Espirito Santo, the Court of Appeal held that a $835m loan had not been transferred to Novo Banco.

This case concerns a Court of Appeal hearing following the 2014 collapse of substantial Portuguese bank Banco Espirito Santo ('BES').

In June 2014, Oak Finance Luxembourg SA ('Oak') entered a facility agreement with BES to lend approximately $835million. The agreement contained English law and jurisdiction clauses.

This article was originally published on The Gazette, and the original article can be found online here.

Substantive amendments to the existing insolvency rules come into force in April. Olivia Bridger, of Ashfords, explains the key changes.

Summary

The case provides guidance for liquidators as to the appropriate exercise to conduct when deciding whether the threshold of 25% in value of creditor claims has been reached in support of a request for a creditors’ meeting under s 171.

Key point

• A liquidator is not required to apply a ‘strict proof’ test to a creditor’s claim at the requisition stage of a creditors meeting.

The facts

In November 2014, the company entered into a creditor’s voluntary liquidation.

ECJ decides that rights in rem should be interpreted in accordance with German law, despite insolvency proceedings having been opened in France

In the recent case of SCI Senior Home (in Administration) v Gemeinde Wedemark, Hannoversche Volksbank eG, the Court of Justice of the European Union handed down judgment on the question of whether a right in rem created under national law should be considered a "right in rem" for the purposes of Article 5 of the Council Regulation (EC) 1346/2000 on insolvency proceedings (the "Insolvency Regulation").

PricewaterhouseCoopers sought to recover their costs in complying with disclosure orders obtained by the Liquidators of Saad Investments Co Ltd and Singularis Holdings Ltd. The disclosure orders were ultimately set aside but the costs appeal was rejected by the Court of Appeal of Bermuda.

It is an unfortunate reality that many farming businesses are operating at their limits and are struggling financially. There are several aspects of the insolvency law that should be borne in mind should you run your farm through a limited company that begins to face financial difficulty.

Directors' Duties

Directors' duties under the Companies Act: