Summary

Case:Pantiles Investments Ltd & Anor v Winckler [2019] EWHC 1298 (Ch)(23 May 2019)

Hong Kong Court Addresses Interplay Between Arbitration and Insolvency

The High Court decision in Burnden Holdings clarifies the law on retrospective attacks on the declaration of dividends.

SUMMARY

Summary

Following the approach of the courts of England and Wales, the Supreme Court has stated unequivocally that it can no longer be said that the rules of equity are carved in stone, or are express immutable principles, unless changed by the Oireachtas.

In ACC Loan Management v Rickard, the defendant defaulted on a loan. ACC obtained judgment against him and then successfully applied to have a receiver appointed by way of equitable execution over payments which the defendant was due to receive from the Department of Agriculture under an EU farm payments scheme.

The Supreme Court’s recent decision in Mission Product Holdings, Inc., v. Tempnology, LLC  clarifies that a debtor-licensor’s rejection of a trademark license under § 365(a)  of the Bankruptcy Code is treated as a breach, and not as a rescission, of that license under § 365(g).  The Court held that if a licensee’s right to use the trademark would survive a breach outside of bankruptcy, that same right survives a rejection in bankruptcy.

A recent judgment by the UK High Court highlights the potential risks for directors in making a solvency statement about a company without having made a full inquiry into its affairs. This briefing looks at issues a director should consider before making the equivalent Irish-law declaration of solvency as part of the summary approval procedure.

The Case

SUMMARY

The Court of Appeal of England and Wales (“CA”) made a significant ruling on two matters affecting the powers and duties of directors of English companies.

Credit servicing firms, the Bankers' Book Evidence Acts 1879-1959 (“BBEA”), and the evidential requirements of an application for summary judgment were recently considered by the High Court in Promomtoria (Aran) Ltd v Burns. 1 The decision issued by Noonan J shows a practical use of Order 37 of the Rules of the Superior Courts in managing evidential requirements, where the BBEA cannot be utilised.

Background

The Irish Government is planning to take measures in the areas of settlement finality, insurance, and insurance distribution in the event of a 'no-deal Brexit'. The relevant measures are set out in Parts 7 and 8 of the Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Bill 2019 (the “Withdrawal Bill”), which was published on 22 February 2019. These measures are in addition to a number of measures already taken at EU level.

Settlement Finality