WHOA: Alle in het 1e kwartaal van 2021 gepubliceerde rechterlijke uitspraken gebundeld Op 1 januari 2021 is de Wet Homologatie Onderhands Akkoord (“WHOA”) in werking getreden. Het eerste kwartaal na inwerkingtreding zijn 17 rechterlijke uitspraken met betrekking tot de WHOA gepubliceerd. Het insolventieteam van Ploum bestaande uit Vincent Terlouw, Suzanne van Aalst en Boaz van Honk houdt de ontwikkelingen nauwlettend in de gaten. In deze door Suzanne van Aalst opgestelde bijdrage zal de essentie van deze uitspraken worden behandeld.

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 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 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.

What a creditor needs to know about liquidating GUIDE an insolvent Cayman company

Last reviewed: December 2020

Contents

Introduct ion When is a company insolvent? What is a statutory demand?

1. What is distressed M&A?

Introduction

Het zijn rare tijden. Thuiswerken is de norm geworden. Geen potjes tafeltennis met collega’s, geen gespreken bij het koffieapparaat en een virtuele kennissessie of virtuele vrijdagmiddagborrel is het toch net niet. Gelukkig zijn er ook dingen die wel hetzelfde zijn gebleven: de bestuurdersaansprakelijkheidsupdates van Ploum bij aanvang van een nieuw kwartaal.

On 26 May 2020, Dutch Parliament has adopted the proposal for the Financial Restructuring Act, known in Dutch as WHOA (which stands for Wet Homologatie Onderhands Akkoord). The WHOA allows businesses to seek a court-acpproved cram down which is comparable to Chapter 11 or Scheme of Arrangements.

The Grand Court of the Cayman Islands (the Court) recently ruled in favour of Primeo Fund (in official liquidation) (Primeo) in its ongoing representative proceedings with the Additional Liquidator of Herald Fund SPC (in official liquidation) (Herald).