The Court of Appeal has struck out Quincecare duty and dishonest assistance claims brought by the liquidators of a company running a Ponzi scheme against a correspondent bank that operated various accounts for the company.

The Court of Appeal has struck out Quincecare duty and dishonest assistance claims brought by the liquidators of a company operating a Ponzi scheme against a correspondent bank that operated various accounts for the company.

Esta Resolución, tramitada con arreglo a lo previsto en el artículo 13 de la Circular 1/2021, de 20 de enero, de la CNMC, por la que se establece la metodología y condiciones del acceso y de la conexión a las redes de transporte y distribución de las instalaciones de producción de energía eléctrica, vendría a completar el marco normativo del acceso y conexión y daría cumplimiento a lo previsto en su Disposición Transitoria Única. De esta forma:

The appointment of joint liquidators can be a useful tool in cross-border insolvency proceedings, particularly when assets are located in a number of jurisdictions. However, courts must ensure that a joint liquidator appointment does not lead to conflicting duties based on the respective laws in each jurisdiction. This was the main issue for consideration in West Bromwich Commercial Ltd v Hatfield Property Ltd, where Jack J was satisfied that the appointment of joint liquidators was necessary.

A recent pair of decisions of the Hong Kong Companies Court (the “Court”) has immense potential significance for debtor companies listed on the Stock Exchange of Hong Kong (“HKEx”) and their Hong Kong creditors.

Facts

Re Lamtex Holdings Ltd [2021] HKCFI 622 and Re Ping An Securities Group (Holdings) Ltd [2021] HKCFI 651 both involved a familiar factual scenario:

A recent decision of the Judicial Committee of the Privy Council reaffirms its position that only in rare cases will it be appropriate to interfere with concurrent findings of fact of two lower tribunals.¹ The Privy Council found Byers and others v Chen Ningning to be one such case on the basis that an error in findings of fact as to the Respondent’s status as a director had been made by the first instance trial judge and upheld by the Court of Appeal.

Introduction

A recent decision illustrates the court’s approach to providing non-party access to documents referred to at a public hearing, in the context of a proposed scheme of arrangement: Re Port Finance Investment Ltd [2021] EWHC 454 (Ch).

Companies planning to resist a winding up petition and seek an adjournment on the ground of progressing a restructuring plan are reminded to produce timely and sufficient evidence in support of their application for an adjournment, in particular evidence of creditors’ support, provides the Hong Kong Companies Court (Court) in Re Founder Information (Hong Kong) Limited [2021] HKCFI 311.

A recent decision of the Eastern Caribbean Court of Appeal has confirmed that, whilst the courts of the British Virgin Islands (BVI) will recognise the appointment of foreign representatives (including liquidators and trustees in bankruptcy) as having status in the BVI in accordance with his or her appointment by a foreign court, they may only provide assistance to representatives from certain designated countries.