Introduction
Restructuring & Insolvency analysis: The creditors of New Look Retailers Ltd (NLR) approved a company voluntary arrangement (CVA) that disproportionately impacted on a number of NLR’s landlords. The compromised landlords challenged the CVA on numerous grounds. In dismissing the application, Mr Justice Zacaroli held that the CVA was valid, notwithstanding that it sought to treat various creditors in different ways, and that challenges pursuant to section 6 of the Insolvency Act 1986 (IA 1986) failed.
These case summaries first appeared in LexisNexis’ Insolvency Case Alerter. They represent some of the more interesting insolvency decisions to have been published recently.
This summary covers:
In Meltzer and Lamacraft v Amstar New Zealand Ltd the High Court highlighted the interplay between insolvency and construction adjudication issues.
The High Court in Meltzer and Lamacraft v Amstar New Zealand Ltd [2020] NZHC 3510 has confirmed that a payee cannot enforce an adjudication determination and may not be able to maintain charging orders if the payer goes into administration.
These case summaries first appeared in LexisNexis’ Insolvency Case Alerter. They represent some of the more interesting insolvency decisions to have been published recently.
This summary covers:
At the end of last year judgment was handed down by Pat Treacy J in a matter notable for the unusual attitudes of a director towards the company’s director’s loan account. By the time the company entered into administration, the loan account was overdrawn to the tune of £1.35m, with the director having withdrawn funds to (amongst other things) finance the purchase and maintenance of a personal yacht.
In light of a number of recent High Court decisions, Andy Creer considers the approach of the Court when considering an application for a speedy trial.
In a recent High Court decision,[1] Hanlon Plumbing Limited (Hanlon) successfully obtained an interim injunction on a without notice basis requiring Downey Construction Limited (Downey) to pay retention funds into a separate trust account pending determination of Hanlon’s claim.
This note considers the way in which the practice directions governing insolvency proceedings have evolved during 2020.
On 24 September 2020, the Supreme Court released its long-awaited decision in the case of Debut Homes Ltd (In Liquidation) v Cooper [2020] NZSC 100.
The main issue was whether a director was in breach of his directors’ duties under the Companies Act 1993 (Act) by continuing to trade against the background of an insolvent or nearly insolvent company.