Redemption of shares and consideration
Discounted valuation
Restoration
Finality of foreign judgments

Redemption of shares and consideration

Patient care ombudsmen are sometimes appointed to monitor the care provided to patients of medical facilities that have filed for bankruptcy. Courts, however, weigh a number of factors in determining whether an ombudsman should be appointed, and whether the patients and the facility’s creditors would benefit from the appointment.

A recent New York bankruptcy case holds that shareholders, directors and officers who dissolve a corporation to avoid paying a judgment against the business may be jointly and severally liable for a non-dischargeable debt in their personal bankruptcies.

As we reported in a client mailshot earlier this week, the Eastern Caribbean Supreme Court has made important amendment to its rules. The amendments are immediately in force and deal with a number of areas including appeal procedure, costs capping and costs orders.

If there was such a contest, the 232-unit Spa at Sunset Isles would be in the running for "worst case scenario" condo-conversion.  Here is a summary of the development's situation as it existed in late 2010:  

In an application to wind up a BVI company the BVI Court re-stated the rules on when a foreign judgment creates an issue estoppel. Following The Sennar [1985] 1 WLR 490 the Court found that there would be an estoppel where a foreign judgment is (1) of a court of competent jurisdiction; (2) is final and conclusive; and (3) on the merits.

In a decision of interest in a number of jurisdictions where these types of claims have been made, the BVI Commercial Court handed down judgment today in the claim brought by the liquidators of Fairfield Sentry Limited, a BVI fund which invested in Bernard Madoff’s investment vehicle.

By virtue of his appointment, a liquidator steps into the shoes of the company and so the usual contractual, tortious and equitable remedies are actionable by the liquidator, acting in the name of the company.  Claims are most likely to be based on the following:

While 90 percent of life may be just showing up, showing up late may be just as bad as never showing up at all. Just ask two creditors who were told for the second time they cannot file claims in the Lehman Brothers bankruptcy case because they filed their claims too late.

First published in The Lawyer on July 18, 2011

Western economies, many With recoveries stalling in investors and creditors are ­considering carefully which jurisdictions will govern their interests in the event of insolvency and what, if anything, can be done to influence the process.

Many investment funds and other vehicles, attracted by tax-neutrality and stability, are incorporated in jurisdictions such as the ­Cayman Islands and the British Virgin Islands, but with their managers, operations, assets and investors often dispersed globally.