On March 11, 2024, the Alberta Government released two Regulations: the Market Power Mitigation Regulation (MPM Regulation) and the Supply Cushion Regulation (the Supply Cushion Regulat

Many will have waited for a bus only for two to come along at once. So it is in the Cayman Islands, with the ongoing saga as to whether a shareholder can make a claim for misrepresentation in a liquidation and, if so, where such a claim ranks in the order of priority. The rule in Houldsworth barring such claims has been in existence for over 140 years. However, two liquidations have, within weeks of each other, sought to overturn this longstanding rule.

On March 11, 2024, the Minister of Affordability and Utilities (MUA)

FEBRUARY 2024 mourant.com 2021934/89586498/1 UPDATE 2023’s most significant legal developments and what to look out for in 2024 Update prepared by Saniyé Tipirdamaz, Adrian Dobbyn, Eléonore Galleron, Mathieu Gangloff and Romain Bordage (Luxembourg) In 2023, in Luxembourg, we witnessed a number of significant legal developments in the areas of Banking & Finance, Restructuring & Insolvency, Corporate, Investment Funds and Tax. In 2024, new legislation which will impact upon businesses and their investment strategies are expected to be introduced.

Court approval of a sale process in receivership or Bankruptcy and Insolvency Act (“BIA”) proposal proceedings is generally a procedural order and objectors do not have an appeal as of right; they must seek leave and meet a high test in order obtain it. However, in Peakhill Capital Inc. v.

In the Matter of Holt Fund SPC (Unreported, 26 January 2024) is the first occasion where an application has been made to appoint Restructuring Officers over portfolios of a segregated portfolio company. At first glance the judgment appears uncontroversial. However, it highlights a lacuna in the law which readers should be aware of.

Background

The Petitioner sought the appointment of Restructuring Officers (ROs) in respect of two segregated portfolios of the Holt Fund SPC.

Looking back at 2023, one of the more memorable judicial decisions emanating from Jersey was the decision of the Court of Appeal in HWA 555 Owners, LLC v Redox PLC S.A. and Thieltgen [2023] JCA 085. In this update we explore how this decision might impact upon the creditors’ winding-up regime provided for in the Companies (Jersey) Law 1991.

HWA 555 Owners, LLC v Redox PLC S.A. and Thieltgen

Introduction

In this article we explore the key trends which are currently shaping the landscape of private wealth disputes, including mental capacity as a central theme in private wealth disputes, trust insolvency and disputes relating to trustee investments.

Mental capacity

Mental capacity is increasingly a central theme on the landscape of private wealth disputes. Why? The starting point is that there is, more so than at any point previously, a wider recognition of the seismic consequences of establishing mental incapacity on the part of the relevant decision maker.

The Grand Court of the Cayman Islands has provided further guidance on the new restructuring officer (RO) regime under section 91B of the Companies Act (2023 Revision) (the Act), which came into force on 31 August 2022.

In Re Aubit International (Unreported, 4 October 2023), the Grand Court dismissed a petition to appoint restructuring officers and found that it did not have jurisdiction to grant the relief requested on the basis that there was no credible evidence of a rational restructuring proposal with reasonable prospects of success.

On October 18, 2023, the Québec Court of Appeal confirmed the Superior Court’s authority to declare that court-ordered charges under the Bankruptcy and Insolvency Act (BIA) rank before deemed trusts in favour of the Crown for deductions at source.