In a significant further application of the Court of Appeal’s reasoning in Adler, Thames Water and Petrofac, the High Court declined to sanction a cross-class cram down restructuring plan proposed by Waldorf Production UK Plc.
On 6 October 2023, Parker J handed down his reasons for dismissing an application to bring the voluntary liquidation of Port Link GP Ltd, General Partner (GP) of The Port Fund L.P. (TPF) under the supervision of the Grand Court pursuant to section 124 of the Companies Act. (Section 124)
In Lawrence, Ozifin Tech Pty Ltd (in liq) v AGM Markets Pty Ltd (in liq)[2022] FCA 1478, liquidators of multiple companies were successful in obtaining the declarations and directions they sought regarding the distribution of statutory trust funds, and obtaining payment of their fees from trust assets.
A new Act, which received Royal Assent on 15 December 2021, extends the existing directors’ disqualification regime to the directors of dissolved companies.
In the recent decision In the Matter of Padma Fund L.P. (unreported, 8 October 2021) (Padma), Justice Parker found that the Grand Court of the Cayman Islands (Court) has no jurisdiction to wind up a Cayman Islands exempted limited partnership (ELP) on the basis of a creditors' petition. Instead, the Court found that an unpaid creditor must present a petition against the general partner (GP) of the ELP.
This week’s TGIF considers a recent case where the Supreme Court of Queensland rejected a director’s application to access an executory contract of sale entered into by receivers and managers on the basis it was not a ‘financial record’
Key Takeaways
This week’s TGIF looks at the decision of the Federal Court of Australia in Donoghue v Russells (A Firm)[2021] FCA 798 in which Mr Donoghue appealed a decision to make a sequestration order which was premised on him ‘carrying on business in Australia' for the purpose of section 43(1)(b)(iii) of the Bankruptcy Act 1966 (Cth) (Act).
Key Takeaways
A new bill, which the UK Government introduced to Parliament on 12 May 2021, seeks to extend the existing directors’ disqualification regime to the directors of dissolved companies.
Last week was a busy week for the courts: we reported on the landlord-led challenges to the New Look CVA and the Virgin Active restructuring plan. Neither judgment made happy reading for landlords, with all challenges dismissed in New Look and the restructuring plan sanctioned despite their objections in Virgin Active. The story has slightly improved for landlords today with the court revoking the Regis CVA. There are important findings from Regis, but in itself the judgment will not be sufficient to turn the tide.