The Privy Council has recently upheld a BVI judgment refusing stay of a winding up petition in favour of arbitration. The recent Sian Participation Corp (In Liquidation) v Halimeda International Ltd¹ Privy Council decision provides much needed clarity on the exercise of the Court’s discretion to wind up a company where the debt is not disputed on genuine and substantial grounds and is subject to an arbitration clause.

Russell Crumpler & Christopher Farmer (as Joint Liquidators of Three Arrows Capital Ltd (in Liquidation)) v Three Arrows Capital Ltd (in Liquidation) and BVIHC (Com) 2022/0119 (unreported 26 July 2023)

In the recent decision of Greig William Alexander Mitchell & Ors v Sheikh Mohamed Bin Issa Al Jaber & Ors[2023] EWHC 364 (Ch), the English High Court was required to consider the question of what duties (if any) a director owes to a BVI company post-liquidation; in particular in light of section 175(1)(b) of the BVI Insolvency Act 2003 (hereinafter, the Act) which expressly provides that upon liquidation “the directors and other officers of the company remain in office, but they cease to have any powers, functions or duties

Inflationary pressures and increasing interest rates are expected to continue to have a negative impact on the global economy during 2023. In this article we consider restructuring options under BVI law available to companies in or approaching financial difficulties, when a BVI company will be considered to be insolvent, the duties of directors of financially distressed or insolvent BVI companies and practical steps and considerations for directors where a BVI company may be approaching insolvency.

Restructuring Options and Creditor Arrangements

On 5 October 2022 the UK Supreme Court (UKSC) handed down its “momentous” decision in BTI 2014 LLC v Sequana SA and others¹. The case addresses issues of ‘‘considerable practical importance to the management of companies’’, in particular directors’ duties during insolvency or the onset of insolvency.

In bankruptcy as in federal jurisprudence generally, to characterize something with the near-epithet of “federal common law” virtually dooms it to rejection.

In January 2020 we reported that, after the reconsideration suggested by two Supreme Court justices and revisions to account for the Supreme Court’s Merit Management decision,[1] the Court of Appeals for the Second Circuit stood by its origina

It seems to be a common misunderstanding, even among lawyers who are not bankruptcy lawyers, that litigation in federal bankruptcy court consists largely or even exclusively of disputes about the avoidance of transactions as preferential or fraudulent, the allowance of claims and the confirmation of plans of reorganization. However, with a jurisdictional reach that encompasses “all civil proceedings . . .

本文主要讨论公司型基金、合伙型基金自行清算的主要流程，并就基金自行清算出现僵局等情形时，如何申请法院启动基金强制清算程序的主要问题作初步探讨。

基金清算适用的法律

对于公司型基金的清算，其主要适用《公司法》以及《最高人民法院关于适用＜中华人民共和国公司法＞若干问题的规定（二）》（下称“《公司法司法解释二》”）《关于审理公司强制清算案件工作座谈会纪要》（下称“《强制清算纪要》”）以及部分高院出台的相关审判指导。

对于合伙型基金的清算，除适用《合伙企业法》外，可参照公司法律的有关规定。对此，《民法总则》第一百零八条规定，“非法人组织除适用本章规定外，参照适用本编第三章第一节的有关规定”；第三编第一节对法人清算作出了相关规定，其中第七十一条规定，“法人的清算程序和清算组职权，依照有关法律的规定；没有规定的，参照适用公司法律的有关规定”。例如，北京一中院在（2020）京01清申27号《民事裁定书》中基于上述规定，认定合伙型基金的清算应当参照《公司法》的相关规定进行。

除前述规定外，中国证监会、中基协的相关规定，以及其他行业自治组织的相关规定，亦可作为基金清算的依据。

I don’t know if Congress foresaw, when it enacted new Subchapter V of Chapter 11 of the Code[1] in the Small Business Reorganization Act of 2019 (“SBRA”), that debtors in pending cases would seek to convert or redesignate their cases as Subchapter V cases when SBRA became effective on February 19, 2020, but it was foreseeable.