Court dismisses challenge to pay to be paid clause in charterers’ liability insurance
MS Amlin Marine NV on behalf of MS Amlin Syndicate AML/2001 -v- King Trader Ltd & others (Solomon Trader) [2024] EWHC 1813 (Comm)
In a dispute over whether third parties were prevented by a “pay to be paid” clause from bringing a claim against insurers under a charterers’ liability insurance, the Court has confirmed that, in the context of marine insurance, such clauses are valid and will be upheld.
Hellard & others -v- OJSC Rossiysky Kredit Bank (in liquidation) & others [202] EWHC 1783 (Ch)
In dealing with whether trustees in bankruptcy might potentially be breaching UK sanctions legislation by allowing Russian creditors to participate in UK liquidation proceedings, the Court has considered recent authorities on whether a designated person can be said to directly or indirectly own or control an entity and has offered its own perspective on how the relevant wording in the legislation should be construed.
The background facts
China City Construction Holding Group Co Ltd -v- Patrick Cowley and Lui Yee Man, Joint and Several Liquidators of China City Construction (International) Co Ltd [2024] HKCFI 219
The Hong Kong Court of First Instance (the Court) has examined the issue of the scope of information required to be disclosed by liquidators to creditors and whether the Court should exercise its discretion to order discovery if it is just and beneficial to do so.
On 4 May 2023, the Court of Final Appeal (CFA) delivered a landmark judgment in Guy Kwok-Hung Lam (Respondent) -v- Tor Asia Credit Master Fund LP (Appellant) Final Appeal No.13 of 2022 (on appeal from CACV No. 393 of 2021 [2023 HKCFA 9) (“Re Guy Kwok-Hung Lam”).
Back on 4 May 2023, the Hong Kong Court of Final Appeal (the “CFA”) in Re Guy Kwok-Hung Lam [2023] HKCFA 9 delivered a ground breaking judgment in relation to whether a foreign exclusive jurisdiction clause (EJC) should be upheld in insolvency cases, upholding the Court of Appeal’s (the “CA”) judgment that, in an ordinary case where there is an EJC, absent any countervailing factors such as the risk of insolvency affecting third parties and a dispute that borders on the frivolous or abuse of process, the petitioner and the debtor ought to be held to their contract and to submit their disput
Introduction
Preventive measures
Out-of-court reorganisation
In-court reorganisation
Modernisation of bankruptcy
On 15 November 2023, the Temporary Transparency of Expedited Liquidation Act enters into force, initially for a period of two years. Expedited liquidation (also known as 'turboliquidation') concerns the dissolution of a legal entity with no assets, at its own initiative. The temporary Act aims to increase transparency in the case of an expedited liquidation and to improve the protection of creditors.
Hill Dickinson’s Hong Kong Commercial and Insolvency Disputes team acted for the successful respondent in Guy Kwok-Hung Lam (Respondent) -v- Tor Asia Credit Master Fund LP (Appellant) Final Appeal No.13 of 2022 (on appeal from CACV No. 393 of 2021 [2023] HKCFA 9).
Could a director of an insolvent company, who was held to be in breach of his directorial duties, be ordered to draw down his personal pension benefits to pay a judgment debt?
The Belgian legislator is preparing a legal framework on insolvency law to expand the restructuring toolbox. On 26 March 2023, a draft bill was published transposing EU Directive 2019/1023 on restructuring and insolvency. The Bill should be voted before the summer holidays. Our Restructuring & Insolvency team has identified five things you need to know about the upcoming changes.