In response to a certified question from a bankruptcy court, the Arizona Supreme Court held that a recorded judgment lien attaches to homestead property where the judgment debtor has equity in excess of the $150,000 exemption under Arizona law.

In addition, given the uncertainty of the law that prompted the certified question, the Court denied the bank’s request for attorney’s fees.

On 5 October 2022, the UK Supreme Court delivered its judgment in the case of BTI 2014 LLC v Sequana SA & Ors [2022] UKSC 25. This judgment arose from an appeal brought by BTI 2014 LLC against a decision of the English Court of Appeal in 2019.

This briefing note provides an outline of the different processes of voluntary winding up and striking off under the Companies (Guernsey) Law, 2008 (as amended) (the “Law”).

Voluntary Winding Up

Statutory demands in the British Virgin Islands have long been a useful option for creditors of defaulting companies. Properly utilised, they either secure payment of the outstanding debt or provide the creditor with the benefit of a statutory presumption of insolvency to assist in their application to appoint a liquidator over the company.

The U.S. Court of Appeals for the Fourth Circuit recently held that the “no fair ground of doubt” standard established by the Supreme Court of the United States in Taggart v. Lorenzen, a case involving alleged violation of a Chapter 7 discharge order, governed civil contempt proceedings for violation of a confirmed reorganization plan under Chapter 11.

This briefing note focuses on the solvent liquidation of non-regulated BVI companies.

The voluntary liquidation of a solvent BVI company is regulated by the BVI Business Companies Act, as amended (BCA). The BCA applies to all companies that have been incorporated, re-registered (whether voluntarily or automatically) or continued as BVI companies under the BCA.

Abstract

This Spring will see the introduction of a number of landmark developments in Jersey’s statutory insolvency regimes, which will further solidify Jersey’s reputation as a leading offshore location for businesses.

Following a consultation process by government, the Jersey legislature has now approved a number of important changes to the corporate insolvency regimes under the Companies (Jersey) Law 1991 (the “CJL”).

On 21 October 2021, the Cayman Islands' legislature gazetted the Companies (Amendment) Bill 2021 (Bill) which introduced a new corporate restructuring process in the Cayman Islands (Cayman). The Bill represents a welcome development to the restructuring regime in the Cayman Islands and once again fortifies the Cayman Islands' standing reputation as a leading offshore financial hub and a popular destination for foreign investment opportunities.

In its top consumer credit law decisions of 2021, the U.S. Court of Appeals for the Fifth Circuit determined that settlement of an FDCPA claim does not trigger an attorney fee award, examined third-party contact as a “communication” under the FDCPA, and ruled there was no “partial surrender” of collateral in a Chapter 13 plan.

Tejero v. Portfolio Recovery Assocs., LLC, 993 F.3d 393 (5th Cir. 2021)