The CJEU reviews the conflicts that arise in the defence provided under Article 13 Regulation No 1346/2000 when Liquidators of an Italian company attempt to set aside payments claimed to otherwise be permissible under English law.
It was ordered that the Administrators could distribute to unsecured creditors, 8 years after Nortel entered Administration, so long as a reserve was maintained in relation to potential expense claims.
In a recent judgment, the Supreme Court ruled that if a company acting in its capacity as director of another company is liable based on a wrongful act (onrechtmatige daad), Dutch law provides that the natural persons who were acting as directors of that director-company at the time the liability arose are jointly and severally liable.
Pearson v. Primeo Fund (Cayman Islands) [2017] UKPC 19
The Privy Council sitting as the final court of appeal for the Cayman Islands recently considered a case concerning prioritisation in a Liquidation between feeder hedge funds where the investment medium was redeemable shares.
Background
The Privy Council sitting as the final court of appeal for the Cayman Islands recently considered a case concerning prioritisation in a Liquidation between feeder hedge funds where the investment medium was redeemable shares.
Background
The appellant in this case was the Liquidator of Herald Fund SPC ("Herald"). Herald is a Cayman Islands registered hedge fund that invested heavily into Bernard L Madoff Investment Securities LLC, the historic Ponzi scheme run by Bernard Madoff that collapsed spectacularly in 2008.
De Wet civielrechtelijk bestuursverbod voorziet kort gezegd in de mogelijkheid voor de rechtbank om in geval van faillissement een (oud-)bestuurder of feitelijk beleidsbepaler van een rechtspersoon voor maximaal vijf jaar te verbieden een bestuursfunctie of een functie als commissaris te bekleden.
The acknowledgement of a claim interrupts the five years’ prescription period for claims for payment (art. 3:318 DCC). On 21 April 2017, the Dutch Supreme Court answered the question whether the conduct of one company can qualify as the acknowledgement of a claim by another company (ECLI:NL:HR:2017:755).
Regulation (EU) 2015/848 (the "Recast Insolvency Regulation") has come into force for any insolvency proceedings commenced on or after 27 June 2017. In line with EU Insolvency Regulation 1346/2000 (the "Original Insolvency Regulation"), the Recast Insolvency Regulation focusses on cross border recognition of Insolvency proceedings and, as a Regulation, it applies without the need for specific implementing legislation in each state.
Changes to the Australian Insolvency regime continue to progress through the legislature as part of the Treasury Laws Amendment (2017 Enterprise Incentives No.2) Bill 2017. The amendments are intended to allow companies and directors protections whilst they informally restructure, rather than requiring potentially premature entry into formal insolvency proceedings. It is hoped this will increase the turn-around prospects of those companies.
This case involved an application for security for costs against Mr Nogotkov who is, or claims to be, the Liquidator appointed by a Russian court of Dalnyaya Step LLC ("DSL").