An application was made for recognition in Great Britain under the Cross-Border Insolvency Regulations 2006 ("CBIR") of new legislation in Croatia known as "Extraordinary Administration Proceeding".

In deciding whether to afford administrative priority to claims arising from goods shipped shortly before a debtor’s bankruptcy filing, the Third Circuit, in In re World Imports Ltd., 862 F.3d 338 (3d Cir. July 10, 2017), interpreted the term “received” under section 503(b)(9) to mean “physical possession.” In effect, the Third Circuit’s decision provides additional protection to trade vendors that conduct business with distressed debtors.

The Facts

The Facts

This case is the first to really consider the practical impact of the recent Court of Appeal decision in Shlosberg v Avonwick [2016] EWCA Civ 1138, in which it was decided that legal professional privilege does not vest in a Trustee in Bankruptcy.

Following our previous article about farms facing insolvency as a limited company, we will now discuss the implications of insolvency on a sole trader or partnership.

Farmers running their business as a sole trader could face personal bankruptcy in the event the business faces financial difficulty.

Alan Bennett and Crispin Jones successfully acted for Mr Dowling in his application to set aside a Statutory Demand served on him by Promontoria (Arrow) Limited ("Promontoria") in the sum of €6,338,675.93. The decision has wide reaching implications for creditors seeking to rely on guarantees.

On September 22, 2017, the First Circuit issued a decision[1] holding that the Official Committee of Unsecured Creditors (the “UCC”) appointed in the Commonwealth of Puerto Rico’s Title III debt adjustment case[2] (the “Title III Case”) has an unrestricted right to i

The Facts

The Claimant purchased various rights to action from the Liquidator of a Company. The Deed of Assignment included the right to bring a claim for "alleged illegal dividends and/or transactions at an undervalue" arising out of payments to the Defendant, a director/shareholder, had received. It is important to note that the Deed of Assignment did not grant the right to bring a claim for Preference.

The Facts

The Dutch government has published a new draft of the Dutch Continuity of Enterprises Act II (the "WCO II") which seeks to introduce pre-insolvency measures in the Netherlands.