Introduction

Summary

• The farming and agricultural sector continues to experience financial pressures.

The perils of making a declaration of solvency by company directors, without reasonable grounds.

Summary

Hanjin Shipping's collapse

In order to protect its assets from creditors following its financial collapse, Hanjin obtained a rehabilitation order in Seoul on 1 September.

Different jurisdictions / approaches

One of the main difficulties arising out of the Hanjin collapse is that whilst those administering Hanjin's rehabilitation may have taken steps internationally to protect its assets, different jurisdictions have different approaches.

Het hof Amsterdam heeft in het voorjaar van 2016 een uitspraak gedaan over het ontstaansmoment van vorderingen van zorgaanbieders op patiënten en/of zorgverzekeraars. Het ontstaansmoment van een vordering is relevant om in geval van een faillissement van de pandgever te kunnen bepalen of een vordering (reeds) bestond – en dus geldig kan zijn verpand – of dat een vordering nog niet bestond – en dus niet geldig kan zijn verpand.

Feitencomplex

On 25 July 2016, Insurance Ireland published a statement opposing the Department of Finance's recent recommendation that liabilities of any insolvent motor insurer should be assumed by the Insurance Compensation Fund. Insurance Ireland states this would and pose a systemic risk to the Irish motor insurance market.

Vanquish Properties (UK) Ltd Partnership v Brook Street (UK) Ltd [2016] EWHC 1508 (Ch)

Vanquish, a developer, was a Limited Partnership under the Limited Partnerships Act 1907 with one General Partner, liable for all obligations of the business, and four Limited Partners.

It was granted an overriding lease by the City Corporation in the name of the Limited Partnership, “acting by” its General Partner. There was no mention of the four Limited Partners.

Introduction

The government has commenced a consultation exercise on its proposals to introduce procedures for further education and sixth-form colleges which become insolvent.

The proposed regime would include a Special Administration Regime, aimed at protecting learners from disruption to their courses, helping the rehabilitation of a college where this is possible or providing an orderly wind-up procedure.

The Office of the Director of Corporate Enforcement (ODCE) has published its Annual Report for 2015.

Key Developments from the Report: