This article was first published on Lexis®PSL on 15 November 2018.
Crumpler and another (Joint liquidators of Peak Hotels and Resorts Ltd in liquidation) v Candey Ltd, [2018] EWCA Civ 2256, [2018] All ER (D) 78 (Oct).
What are the practical implications of this case for practitioners?
To no great surprise, the Global Corporate v Hale appeal decision has gone against the director. The Court of Appeal handed down the eagerly awaited judgment on 27 November 2018.
SINGAPORE INSOLVENCY, RESTRUCTURING AND DISSOLUTION BILL PASSED
On 1 October 2018, The Insolvency, Restructuring and Dissolution Bill was passed in Singapore.
This will consolidate personal and corporate insolvency laws into the Insolvency, Restructuring and Dissolution Act, with the Bankruptcy Act to be repealed and the relevant corporate insolvency provisions in the Companies Act being removed.
A discharged Bankrupt had intentionally misled the Court as to his COMI being in England and Wales in order to obtain a Bankruptcy Order. Four years after the making of the Bankruptcy Order, the Court annulled it on the grounds that the Court did not have jurisdiction to make the Order in the first place.
The joint liquidators of Peak Hotels & Resorts Limited ("Peak") brought an unsuccessful appeal that a legal charge held over funds paid into court ("Funds") was incapable of enforcement. The court dismissed the appeal on the basis that Peak did retain a proprietary interest over the funds.
China Medical Technologies (in liquidation) (CMED), whose executives have been charged in the United States for defrauding investors out of over US$400 million, has issued a claim against 91 partners at a Big 4 firm (as well as some former partners) in relation to their work on the auditing of the company. |
Following consultations on insolvency and corporate governance in 2017 and 2018, the Government recently published its response setting out some notable proposed changes to the existing insolvency and corporate governance legislation. Following the high profile failures of Carillion and BHS, the Government’s response is largely aimed at encouraging the recovery of viable companies, improving transparency and promoting responsible directorship. This article will primarily look at the proposed changes focused on facilitating a rescue culture.
Happy birthday, Aubrey Drake Graham. Most people know Mr. Graham strictly by his middle name. The Canadian rapper Drake has carved out a hugely successful career for himself. He sells lots and lots of records – or whatever it is that they sell in the music business these days. Surprise: Drake’s music isn’t exactly our thing. We still play the Beatles more than anything else, we sing along with Crosby, Stills, & Nash in the car, and we have difficulty naming songs post-dating Nirvana.
R&I Alert
Restructuring & Insolvency News
October 2018, Issue 3
In This Issue:
• What happens to committee claims when a
case is converted from a chapter 11 case to
a chapter 7 case? 1
• Equitable mootness: alive and well in the
third circuit 1
• Buyer beware: anti-assignment clauses
enforceable under delaware law 2
• Bankruptcy court finds substantive consolidation
of non-debtors not an available remedy in
seventh circuit 3
• A creditor is allowed to be “selfish” when
Ashfords successfully acted for the Joint Trustees in Bankruptcy of Vincent Mascarenhas (deceased) in their application to discharge Freezing Orders, an Interim Charging Order and an Interim Third Party Debt Order obtained by creditors of the late Bankrupt in 2014. The Joint Trustees were not a party to the original proceedings but had standing to make the applications.