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Wrongful trading: Orders against directors of Jersey companies

key takeaways

Jersey, Company & Commercial, Insolvency & Restructuring, Litigation, Walkers
Insolvent trusts: pari passu indemnification of successive trustees & the importance of creditor expectations - A view from the Channel Islands, Bermuda, the BVI and Cayman

Introduction

Bermuda, British Virgin Islands, Cayman Islands, Jersey, United Kingdom, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Walkers
Insolvent trusts: pari passu indemnification of successive trustees & the importance of creditor expectations - A view from the Channel Islands, Bermuda, the BVI and Cayman

Introduction

Bermuda, British Virgin Islands, Cayman Islands, Jersey, United Kingdom, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Walkers
Creditor-Driven Winding Up Regime Introduced in Jersey

The right of a creditor who is owed a liquidated debt that is not subject to a bona fide and substantial dispute to have the debtor company wound up if that debt is not paid in accordance with its terms is fundamental to the proper functioning of any modern financial system.

Jersey, Insolvency & Restructuring, Litigation, Walkers
Key Trends for 2022 - Insolvency & Dispute Resolution

The impact of Covid-19 is clearly the big talking point for 2022, with several questions arising: will new variants emerge, what steps will governments take to limit the spread, and what impact will it have on industries? To date, enforcement actions, insolvencies and restructurings have been relatively light, but with new restructuring legislation reforms on the horizon, and creditors starting to ramp up speed to enforcement, it appears likely that there will be an increase in winding up and cross-border restructuring work.

Bermuda, British Virgin Islands, Cayman Islands, Guernsey, Ireland, Jersey, Insolvency & Restructuring, White Collar Crime, Walkers, Coronavirus, Anti-money laundering, Companies (Rescue Process for Small and Micro Companies) Act 2021 (Ireland)
CIGA, Brexit and the recognition of Part 26A Restructuring Plans in Guernsey and Jersey

The Channel Islands of Guernsey and Jersey did not introduce emergency insolvency legislation as a result of the Covid-19 pandemic and do not presently have measures equivalent to those found in the UK’s Corporate Insolvency and Governance Act, 2020 (“CIGA”).

European Union, Guernsey, Jersey, United Kingdom, Insolvency & Restructuring, Litigation, Public, Walkers, Brexit, Coronavirus
Whirlpool Corporation v. HHGreg, Inc. (In re HHGregg, Inc.)

(Bankr. S.D. Ind. Dec. 4, 2017)

The bankruptcy court grants the motion to dismiss, finding the defendant’s security interest in the debtor’s assets, including its inventory, has priority over the plaintiff’s reclamation rights. The plaintiff sold goods to the debtor up to the petition date and sought either return of the goods delivered within the reclamation period or recovery of the proceeds from the sale of such goods. Pursuant to 11 U.S.C. § 546(c), the Court finds the reclamation rights are subordinate and the complaint should be dismissed. Opinion below.

USA, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC, Debtor, United States bankruptcy court
In re Dickson

(Bankr. E.D. Ky. Nov. 22, 2017)

USA, Kentucky, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC
Bankruptcy opinions within a day or two of issuance from the Western and Eastern Districts of Kentucky, the Northern and Southern Districts of Indiana, the Sixth and Seventh Circuits, and the U.S. Supreme Court

(B.A.P. 6th Cir. Nov. 28, 2017)

The Sixth Circuit B.A.P. affirms the bankruptcy court’s dismissal of the Chapter 12 bankruptcy case. The court finds that the bankruptcy court failed to give the debtor proper notice and opportunity to be heard prior to the dismissal. However, the violation of due process was harmless error. The delay in filing a confirmable plan and continuing loss to the estate warranted the dismissal. Opinion below.

Judge: Preston

Attorney for Appellant: Heather McKeever

USA, Insolvency & Restructuring, Stoll Keenon Ogden PLLC, Bankruptcy, Supreme Court of the United States, United States bankruptcy court, Sixth Circuit, Seventh Circuit
Cox v. Specialty Vehicle Solutions, LLC

(6th Cir. Nov. 14, 2017)

USA, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC, Sixth Circuit