InDornoch Ltd & Ors v Westminster International & Ors [2009] EWHC 1782 (Admiralty) Mr Justice Tomlinson held that the sale by Westminster International (Westminster) of the wreck of a vessel, the Fariway for the sum of 1000 Euros to a related company was a transaction at an undervalue under s423 of the Insolvency Act 1986 (which, in basic terms, provides that certain disposals made to connected persons for a value less than a fair value may be set aside by the court).

The Employment Appeals Tribunal (EAT) has decided that the sale of a business by way of a pre-pack administration[1] did not result in a transfer of employees under the Transfer of Undertakings (Protection of Employment) Regulations 2006, (TUPE Regulations or TUPE).

TUPE Regulations

The Chapter 11 filings on April 16, 2009 by General Growth Properties, Inc. (“GGP”), GGP Limited Partnership (“GGP LP”) and 166 of their shopping center subsidiaries, many of which were formed as bankruptcy-remote, special purpose entities (“SPEs”), raised concerns for the commercial mortgage-backed securities (“CMBS”) industry.

Anglo Starlite Insurance Co. Ltd. (the "Company") was placed into provisional liquidation on 8 May 2009 following an investigation by the Hong Kong Insurance Authority ("IA"). Peter Whalley and Jan Blaauw of PricewaterhouseCoopers were appointed as joint and several provisional liquidators.

The Superior Court of Delaware recently held that a D&O insurer failed to timely respond to it insured’s reimbursement requests and must therefore provide reimbursement for prior legal defense costs and advance future defense costs within sixty days of receipt of invoices. HLTH Corp. v. Axis Reinsurance Co., et al., No. 07C-09-102, 2009 WL 756306 ( Del. Sup. Ct. Mar. 23, 2009).

In Wagner v. United National Insurance Co. et al. (click here to read the decision), the Supreme Court of Nebraska affirmed a district ruling that a regulatory exclusion in a D&O policy excluded coverage for the underlying action brought by the Director of Insurance of the State of Nebraska in his capacity as the bankruptcy liquidator of the insured, an insolvent insurance company.

In (1) James Robert Tucker (2) Jeremy Spratt (Joint Supervisors of Energy Holdings (No 3)(in liquidation) v Gold Fields Mining LLC [2009] EWCA Civ 173 the Joint Supervisors (JS) of a Company Voluntary Arrangement (CVA) appealed against a decision that they had wrongly excluded a claim form on the grounds that it had been out of time.

Introduction

This Note deals with the potential liabilities under English Law of the directors and officers (secretary and managers) of a UK company in the event of its (potential) insolvency.  

Summary  

Directors - and, to a lesser extent, other officers of a company - face a number of areas of potential personal liability. Of most relevance is the liability of the directors for ‘wrongful trading’.  

Fifth Circuit Court of Appeals: Insured Can Recover Damages for Mental Anguish under Louisiana Bad Faith Statute Where Insurer Acted in Bad Faith by Delaying Payments
January 9, 2009 | Print this page

The priorities of some pension claims on bankruptcy and receivership changed as a result of amendments effective July 8, 2008 to the Bankruptcy and Insolvency Act R.S.C. (Canada) (the “BIA”).  

Priority Before the Amendments