"The law on 'knowing receipt' has perplexed judges and academics alike for several decades" – Lord Burrows (paragraph 99).
In a significant recent judgment, the ADGM Court has clarified that it has jurisdiction to hear an action for fraudulent trading against the former directors of an onshore UAE company.
By way of background, NMC Healthcare LTD (NMC), and its various subsidiaries, were incorporated in onshore UAE. On 17 September 2020, NMC was redomiciled as an ADGM company. Shortly thereafter, on 27 September 2020, NMC was put into administration pursuant to the ADGM Insolvency Regulations 2015 and joint administrators (the Joint Administrators) appointed.
They say every man needs protection, they say that every man must fall.1
Harrington v. Purdue Pharma L.P., No. 23-124
Today, the Supreme Court held 5-4 that the Bankruptcy Code does not allow a bankruptcy court to discharge claims against a non-debtor without the consent of affected claimants.
A first in the UK – a restructuring plan under Part 26A to the Companies Act 2006 (Restructuring Plan) has been proposed by a project company in a private finance initiative (PFI) project after a convening hearing was held in the High Court in late May.
The Restructuring Plan seeks to compromise both current and future liabilities arising from a PFI project agreement with an NHS Trust. The hearing to sanction the plan will now be held in July.
The creditors in the bankruptcy case of insurtech Vesttoo have filed a request with the court to allow them to conduct legal discovery on China Construction Bank (CCB), the main bank named in the letter of credit (LOC) reinsurance collateral fraud.
Since the pandemic, during which insolvency rates were low due to Government measures, there has been a considerable rise in insolvencies in the UK and many other jurisdictions. High interest rates have significantly increased the cost of borrowing and many companies are saddled with mountains of debt that was taken out in better times and which are now difficult to repay. In addition, high inflation and energy costs, lower consumer confidence and volatile supply chains have all contributed to making the last few years very difficult for businesses.
The adage ‘there is no such thing as a free lunch’ rings true for the 831 company directors disqualified in 2023/24 for abusing the Covid financial support scheme.
Introduction
TO BE OR NOT TO BE (SOLVENT) - A COMPARATIVE ANALYSIS OF SINGAPORE, UK, US, AND AUSTRALIA ON RECOGNISING FOREIGN PROCEEDINGS UNDER THE UNCITRAL MODEL LAW PIERRE DZAKPASU, ANNE JESUDASON, FLORENCE LI The recent case of Ascentra Holdings, Inc v. SPGK Pte Ltd [2023] SGCA 32 (Ascentra) has drawn a line in the sand in the Singapore court's interpretation of the UNCITRAL Model Law on Cross-Border Insolvency (UNCITRAL Model Law), as incorporated in the Third Schedule of the Insolvency, Restructuring and Dissolution Act 2018 (IRDA) to create the Singapore Model Law.