The High Court has scrutinised the validity of a Declaration of Trust and the enforcement of charging orders. Wade v Singh sheds light on the intricate balance between property rights, trust law, and creditor protection in an insolvency. The case, centered around a property known as "the Oaks," involved the liquidators of MSD Cash & Carry Plc (in liquidation) seeking to enforce charging orders against properties owned by various family members involved in the business to satisfy a significant judgment debt.
Background of the Case
And so, we continue the tale with the TIBs now triumphantly holding both the hard-won exequatur which expressly recognised the bankruptcy order and Trustee in Bankruptcy (TIB) and confirmed that all rights and powers were enforceable in France and judgment of the French criminal court which restored the seized criminal assets to the TIBs under the vesting provisions of the Insolvency Act 1986. However, there were still clear and untested differences to obtaining automatic recognition under the EU Regulation on Insolvency proceedings (as Recast) (RIR).
2022年8月31日、ケイマン諸島のリストラクチャリング・オフィサー制度が施行されました[1]。この制度は、ケイマン諸島における支払不能状態会社の再建に関して、更に柔軟な再建方法を導入するものです。これは、リストラクチャリング請願の提出日から自動支払猶予期間が開始するというという特色もあります。
リストラクチャリング・オフィサー制度導入前において[2]、法定支払猶予の効果を有する再建方法は、ケイマン諸島における裁判所監督形式である再建手続において「ライトタッチ」（訳注：一時的な関与のみの想定）ベースの暫定清算人が選任される場合に限定されていました[3]。リストラクチャリング・オフィサー制度は、その手続面を見直し、さらにその利用に際して障害となるものを取り除いています。これには、(a)暫定清算人選任前に会社清算請願を提出しなければならない点（これは社会的信用を毀損する結果もたらします。）[4]、および、(b)暫定清算人が選任されるまでの間は支払猶予が認められない点[5]が含まれます。
2022年8月31日より前、ケイマン裁判所は、会社法（Companies Act）第104条(3)に基づく会社清算請願が提出された場合、以下の両要件を満たすときに、ライトタッチの暫定清算人を選任することができました。
The financial thresholds of the Small Companies Administrative Rescue Procedure (SCARP) have been increased, meaning that SCARP is now a potential option for a larger number of companies in Ireland.
SCARP, which was introduced in 2021, aims to provide a cost-effective restructuring option for viable but insolvent companies. It is available to small and micro companies as defined in the Companies Act and is not an option for larger companies, which must use other restructuring mechanisms.
On 11 June 2024, the judgment of Re BHS Group Limited (In Liquidation) (BHS) was handed down by Leech J in the English High Court, bringing in key developments and clarifications on directors duties in the zone of insolvency.
This is especially relevant in offshore jurisdictions such as Guernsey where English insolvency legislation is often replicated in local legislation. English common law remains highly persuasive in relation to directors duties and claims by liquidators against former directors are relatively common.
Summary of claims
On Wednesday 19 June 2024, the Irish Corporate Enforcement Authority ("CEA") published its first-ever annual report. The Annual Report covers the 18-month period from July 2022 (when it replaced and assumed the responsibilities of the Office of the Director of Corporate Enforcement) to 31 December 2023.
Supervision of corporate insolvency
The CEA has a statutory role in supervising the liquidation of insolvent companies and taking enforcement actions in respect of struck off insolvent companies.
The Small Company Administrative Rescue Process (SCARP) was first introduced on 7 December 2021, to provide a quicker and more affordable formal restructuring process to businesses in Ireland. SCARP allows businesses to restructure their debts by agreeing to a rescue plan with their creditors.
The Employment (Collective Redundancies and Miscellaneous Provisions) and Companies (Amendment) Act 2024 (the "Act") was signed into Irish law on 9 May 2024. The commencement date of the Act has yet to be confirmed. The drafting of the Act was initiated as part of the government's 2021 Action Plan which proposed to enhance the protections afforded to employees and ensure transparency in a collective redundancy situation where the company is insolvent.
Key employment law provisions of the Act