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Examinations by foreign representatives in cross border insolvency

The Federal Court decision of Crumpler (as liquidator and joint representative) of Global Tradewaves Ltd (a company registered in the British Virgin Islands) v Global Tradewaves (in liquidation), in the matter of Global Tradewaves Ltd (in liquidation)[2013] FCA 1127 provides an illustrative example of the way that cross border insolvency recognition can be used to aid a foreign administration.

Facts

Australia, British Virgin Islands, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Liquidation
Factors that will lead a court to grant an extension to a convening period

The recent Federal Court of Australia (Court) decision Hird, in the matter of Allmine Group Limited (Administrators Appointed) (Receivers and Managers Appointed) [2013] FCA 748 involved an application for an extension to the convening period.

Facts

Australia, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Holding company, Corporations Act 2001 (Australia), Federal Court of Australia
Cell companies: the segregation of assets and liabilities

Background

The concept of cell companies was first introduced to Jersey in February 2006. In addition to the widely recognised structure of a protected cell company, Jersey also introduced a completely new concept - the incorporated cell company.  

The key issue which differentiates both types of cell company from traditional (non-cellular) companies is that they provide a flexible corporate vehicle within which assets and liabilities can be ring-fenced, or segregated, so as only to be available to the creditors and shareholders of each particular cell.

Jersey, Company & Commercial, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Bedell Cristin, Legal personality, Shareholder, Liability (financial accounting), Articles of association