This week’s TGIF considers a recent decision of the High Court of Australia, in which a 4:3 majority held that a former trustee is not owed any fiduciary obligation by a successor trustee.

Key takeaways

In this article, James Hyne and Nicola Jackson, Partners in Charles Russell Speechlys’ Corporate Restructuring and Insolvency team, based in the

The recent Privy Council decision in Sian Participation Corp (In Liquidation) v Halimeda International Ltd[2024] (SPC) has overturned a principle of English law relating to the interaction between a contractual agreement to arbitrate and traditional insolvency measures where a debt is said to be disputed without substantial grounds.

Another groundbreaking judgment from the ADGM Courts in the NMC matter 📢🇦🇪👨🏻⚖️ and another example of the ADGM Courts drawing important parallels between ADGM and English law.

English proceedings re NMC Health Plc are also ongoing. In his judgment at CFI on 8 July 2024, Sir Justice Andrew Smith found that:

1. The ADGM Courts can make an order in respect of the fraudulent carrying on of the business of a company prior to the time at which that company was continued in the ADGM.

In Davis-Jacenko v Roxy’s Bootcamp Pty Limited [2024] NSWSC 702, McGrath J delivered an extempore decision, appointing provisional liquidators in respect of Roxy’s Bootcamp Pty Limited (theCompany). His Honour stated that it was “a paradigm case” for the court to intervene to preserve the status quo.

Key Takeaways

When do amounts owed to a company constitute ‘circulating assets’ and how should they be distributed? This crucial question has not always been answered predictably in recent cases. The Court of Appeal’s decision in Resilient Investment Group Pty Ltd v Barnet and Hodgkinson as liquidators of Spitfire Corporation Limited (in liq) [2023] NSWCA 118 has provided a framework for navigating the relevant principles in the context of a priority dispute over R&D tax refunds.

Key takeaways

Over the past year or so, we have seen a number of examples of Dubai Courts taking an extremely cautious approach to handling debtor-led bankruptcy cases, particularly in relation to determining whether there is a legitimate distressed financial position and enquiring as to the conduct of managers leading to the bankruptcy of companies.

Wirecard's insolvency administrator has won a first victory before the Munich I Regional Court. On 5 May, the court declared the annual financial statements for 2017 and 2018, which show balance sheet profits totalling around EUR 600 million, null and void. Dividends of around EUR 47 million were distributed to Wirecard's shareholders from these profits, which probably never existed. As a consequence of the nullity of the annual accounts, the resolutions on the utilisation of the balance sheet profits are also null and void.

In the recent case of Stubbings v Jams 2 Pty Ltd [2022] HCA 6, the High Court has allowed an appeal relating to asset-based lending (ABL) and the enforceability of security associated with these loans. The High Court held that whilst asset-based lending itself is not unconscionable, certain conduct may render loans and security unenforceable. The decision is a reminder that lenders should ensure the circumstances of potential borrowers are fully scrutinised prior to lending.

Die anhaltenden Auswirkungen der Covid-19-Pandemie auf die Hotelbranche und eine mögliche Restrukturierungsoption

Über zwei Jahre nach Ausbruch der Covid-19-Pandemie sind deren Auswirkungen auf die deutsche Wirtschaft immer noch deutlich spürbar. Insbesondere die Hotelbranche ist von der sogenannten 4. Welle, den derzeitigen Rekordinzidenzen sowie den damit verbundenen staatlich angeordneten Einschränkungen wie 2G (Plus)- bzw. 3G-Regelungen weiterhin stark betroffen.