Summary

In the recent Court of Appeal decision Bacci v Green [2022] EWCA Civ 1393 the Court, upholding the decision of the High Court, held that a judgment debtor can be ordered to delegate authority to waive valuable tax protection and draw pension where doing so would enable creditors to extract what they were owed.

The Facts

In 2017, Matthew Green, son of established Mayfair art dealer Richard Green, committed fraud in obtaining loans from FundingSecure.

In an increasing number of restructuring cases of globally-operating companies, companies or funds outside Japan are becoming strong sponsor candidates, and even more foreign players are expected to be actively selected as sponsor candidates in the future.

In this article, we focus on the sponsor selection process in out-of-court restructurings and legal insolvency procedures in Japan, based on recent actual cases.

FTX Trading Ltd. ("FTX") and its affiliates (collectively, "FTX Group"), which operated one of the largest crypto-asset exchanges in the world through the FTX.com platform, filed for Chapter 11 in the United States on November 11 last year.

On 28 October 2022, the High Court handed down judgment in the case of Alma Property Management Ltd v Crompton And Another [2022] EWHC 2671 (Ch).

In this case, the (freeholder) Claimant sought an order for specific performance of the (leaseholder) Defendants' repairing obligations under a lease of the common parts of a block of flats called North Tower in Manchester.

The high-profile Chapter 11 case of the FTX Trading group involves its Japanese affiliates including FTX Japan, which operated a registered cryptocurrency exchange in Japan and has been ordered by the Financial Services Agency of Japan to suspend its business upon the filing for Chapter 11. Recently, a motion was made for entry of orders approving, among other things, the group to sell FTX Japan's business through so-called “363 sale”.

Restructuring & Insolvency Newsletter

December 2022 (Vol.1)

The first case in Japanese history where the debtor used simplified rehabilitation proceedings as a tool to "cram down"

minority lenders

I. Introduction II. Overview of the procedures used

- Turnaround ADR and simplified rehabilitation proceedings

III. Marelli case IV. Expected future developments

Mori Hamada & Matsumoto

The Supreme Court has been given its first opportunity to “address the existence, scope and engagement of an alleged duty of company directors to consider, or to act in accordance with, the interests of the company’s creditors when the company becomes insolvent, or when it approaches, or is at real risk of, insolvency”. The corporate restructuring and insolvency community has been waiting for this “momentous” judgment with anticipation for the last 17 months.

The facts of the case:

平素は格別のご高配を賜り、厚く御礼申し上げます。 このたび、森・濱田松本法律事務所では、各分野の近時のリーガルニュースを集めて、 Client Alert 2022 年 9 月号（Vol.105）を作成いたしました。実務における一助となれば 幸いに存じます。

Summary

On 21 March 2022, the High Court in Counsel General for Wales and others v Allen and others [2022] EWHC 647 (Ch) (Re Baglan Operations Ltd) modified the decision of the Official Receiver to allow the insolvent Baglan Operations Limited (in liquidation) (the 'Company') to continue trading for a period of time to prevent environmental harm to the locality.

We examine what impact the Court of Justice of the European Union decisions in Hampshire v PPF and PSV v Bauer will have on PPF compensation post-Brexit