This recent decision on a jurisdictional challenge has provided greater clarity and potentially created a tortious cause of action where a debtor dissipates assets prior to judgment and subsequent freezing order.
Background
Karhoo, a US incorporated company able to benefit from the Chapter 15 US bankruptcy code provision for foreign insolvency proceedings following UK Administration.
A continuación vamos a explorar diversos problemas que se plantean a propósito del apartado 9 de la disposición adicional 4.ª de la Ley Concursal, cuando existen garantes personales (o garantes reales por deuda ajena) en un proceso de refinanciación homologable por dicha disposición.
1. El crédito contingente contra el garante que refinancia por la disposición adicional 4.ª
Below we will explore several problems that arise in connection with para. 9 of the 4th Additional Provision ("AP") of the Insolvency Act ("LCon") when there are personal guarantors – or collateral-providers for third party debt – within refinancing arrangement ‘homologation’ (court-sanctioning) proceedings under said 4th AP.
1. Contingent claim against the guarantor who refinances under the 4th AP.
In the matter of the désastres of Gail Alison Cochrane and Orb a.r.l.
1. Harbour Fund II LP v. (1) Orb a.r.l. (2) Litigation Capital Funding [2017]JRC171 ("the September judgment")
2. Harbour Fund II LP v. (1) Orb a.r.l. (2) Dr Gail Cochrane [2017]JRC007 ("the January judgment")
3. Representation of the Viscount re Cochrane and Orb a.r.l. [2017]JRC025 ("the February judgment")
The procedure for an application to Court for the appointment of an Administrator pursuant to paragraph 12 of Schedule B1 IA 86 is covered by r3.3-3.15 of the 2016 rules.
Key points to note:
The procedure for Debt Relief Orders ("DRO") is unchanged, possibly because it is a comparatively new process having only come into force in 2009. However there has been some shuffling of rules numbers, in an effort to regularise and make the structure more logical.
Eligibility
To be granted a DRO, the debtor:
English Liquidators of a fraudulent investment company were able to navigate a complex web of defunct companies and trusts to realise assets in a Jersey company.
The partners of Arck LLP (in Liquidation), registered in England ("Arck"), an investment firm, were convicted of fraud and forgery. Richard Clay, thought to be the driving force of the scandal, is now serving a 10 years 10 months prison sentence and his deputy Kathryn Clark received a two year suspended sentence.
- Harbour Fund II LP v. (1) Orb a.r.l. (2) Litigation Capital Funding [2017]JRC171 ("the September judgment")
- Harbour Fund II LP v. (1) Orb a.r.l. (2) Dr Gail Cochrane [2017]JRC007 ("the January judgment")
- Representation of the Viscount re Cochrane and Orb a.r.l. [2017]JRC025 ("the February judgment")
The high profile cross border insolvency of Orb a.r.l. ("Orb") has been the subject of three linked judgments from the Royal Court in Jersey.
La Dirección General de Tributos analiza las reglas de valoración aplicables en supuestos de aportaciones de capital realizadas por compensación de créditos en aquellos casos en los que la capitalización se efectúa en diferentes plazos y de forma sucesiva.