In the UK case of CFL Finance Limited v Rubin and Ors, a creditor had sought to make an individual bankrupt. A creditors' meeting was held.  At the meeting, a proposal for an Individual Voluntary Arrangement was approved by the creditor that held the largest portion of debt (and therefore 90.43% of the vote).  The other two creditors voted against the proposal.

In this English case, a secured lender (Nationwide) appointed administrators to three companies. However, before appointing, Nationwide had:

In Day v The Official Assignee as Liquidator of GN Networks Ltd (in Liq) [2016] NZHC 2400, the High Court rejected a claim that the funding arrangement at issue constituted maintenance or champerty.

The Court of Appeal has overturned a High Court ruling from 2015 that a former director of a car dealership was personally liable to a customer who paid the company for three vehicles in the weeks prior to the company's liquidation where the cars were ultimately not delivered to the customer due to the company's liquidation.

Background

A recent decision of the Court of Appeal has seemingly halted a trend towards leniency in the High Court in applications for the restriction and disqualification of directors of insolvent companies, particularly where the company has been struck off the register of companies for failing to file annual returns.

The Irish High Court recently, for the first time, recognised and gave effect to a Swiss law insolvency and restructuring process that had been commenced in Switzerland in respect of a Swiss company.

The High Court has found two former directors of a car dealership in Dublin, Appleyard Motors Limited (In Liquidation) (Appleyard), personally liable to a former customer who paid for but did not receive three vehicles in the weeks leading up to the company’s liquidation. This case is particularly noteworthy as it is only the second time a director has been held personally liable for a company’s debts for reckless trading.

The High Court and the Supreme Court recently confirmed a Scheme of Arrangement for SIAC Construction Limited (SCL) and certain related companies despite objections from a number of creditors. The creditors claimed that the exclusion of claims for penalties, interest and, in particular, damages not awarded by a certain date and the imposed waiver of subrogated claims was unfairly prejudicial.

Initial Confirmation Hearing

A former director of Custom House Capital Limited (CHC) was recently found by the High Court to have fraudulently misrepresented to an investor that her €145,000 investment in the company was “safe” a year before CHC's collapse.

In March 2010 Ms Tressan Scott entered into a Subordinated Loan Agreement with CHC pursuant to which she loaned the sum of €145,000 to CHC. At the time the agreement was signed, Ms Scott was recovering from treatment for Lymphoma.

The Foley’s/O’Reilly’s bar saga, which played out over a nine month period ending in July 2013, resulted in numerous court applications, three written judgments of the High Court and the appointment at various stages of receivers, interim examiners, examiners and liquidators to the companies involved.

Receivership