The administrators of collapsed forex currency broker Alpari (UK) have announced that the creditors’ meeting will be held on 12 March. See the link below for further details.
The government has indicated that it will raise the financial threshold for creditors petitioning for an individual's bankruptcy through an amendment to the Insolvency Act 1986. From 1 October 2015 a creditor will need to be owed at least £5,000, rather than £750 as at present. This change, coming very shortly after the recent abolition of the remedy of distress, will inevitably serve to further limit landlords' armouries when attempting to recover arrears from tenants.
Re Christophorus 3 Limited [2014] EWHC 1162 (Ch)
An investigation is to be carried out into the causes of the bankruptcy of OW Bunker (“OWB”), the largest ship fuel supplier in the world. Investigators from two Danish law firms and Ernst & Young will try to establish the reasons for the failure of OWB less than a year after it was listed at a value of $1 billion. OWB has blamed its failure on hedging losses of $150 million, attributable to the falling price of oil and on a credit line estimated at between $120 and $130 million given by OWB’s subsidiary in Singapore, Dynamic Oil Trading (“DOT
The Fifth Circuit recently dealt with the interplay of bankruptcy and oil and gas liens in the case of In Re: T.S.C. Seiber Services, L.C., decided November 3, 2014.
The Supreme Court has recently declined to hear retailer Game’s appeal, ruling that there was no arguable point of law of general public importance which ought to be considered, particularly bearing in mind the case had already been the subject of judicial decision and reviewed on appeal.
“… permission to appeal be refused because the application does not raise an arguable point of law of general public importance which ought to be considered by the Supreme Court…”
D & D Wines was a leading distributor of wines, which went into administration. One of its clients was an Australian wine producer called Angove. Two of Angove’s customers, who dealt through D & D, paid the company shortly after it had gone into administration and after Angove had terminated the agency agreement. Despite this, the Court of Appeal ruled that the money belonged to the company in administration for the benefit of all its creditors and was not held on trust for Angove.
On 27 June 2014, the High Court of Justice of England and Wales sanctioned the solvent scheme of arrangement made by J.K. Buckenham Limited and its Scheme Creditors pursuant to Part 26 of the Companies Act 2006 which was voted on and approved by the Scheme Creditors during the meeting held on 4 June 2014. A copy of the Order sanctioning the Scheme was delivered to the Registrar of Companies on 30 June 2014, and the Scheme became effective on that date.
Re Christophorus 3 Limited [2014] EWHC 1162 (Ch)
On 16 April 2014 we assisted J.K. Buckenham Limited (JKB) in successfully obtaining the court’s leave to convene a meeting of its creditors, a meeting at which JKB will ask such creditors to consider and to vote on a scheme of arrangement under the Companies Act 2006 (the Scheme). JKB is promoting the Scheme as part of a wider solution to end its broking obligations, release trapped cash, relinquish its FCA permissions, and ultimately liquidate.
THE SCHEME