In a recent decision Chandler -v- Wright [2022] EWHC 2205 (Ch) - Mr Justice Edwin Johnson in the High Court has found that myriad claims against the former directors of the retailer BHS fall to be struck out in the context of the high-value, complex litigation being brought by the joint liquidators of the BHS companies against the former directors of those companies.
New fees are soon to be introduced by The Insolvency Service in respect of the insolvency deposit required to commence a creditor’s bankruptcy petition and winding-up petition which will make it harder for many businesses to collect their debts.
The Hong Kong commercial and insolvency disputes team acted for the successful appellant in Guy Kwok-Hung Lam -v- Tor Asia Credit Master Fund LP CACV 393/2021 [2022] HKCA 1297.
The Hong Kong commercial and insolvency disputes team acted for the successful appellant in Guy Kwok-Hung Lam -v- Tor Asia Credit Master Fund LP CACV 393/2021 [2022] HKCA 1297.
The Luxembourg act of 28 October 2022 introducing the procedure of administrative dissolution without liquidation (procédure de dissolution administrative sans liquidation, the "Administrative Dissolution Procedure") (the "Act") has just been published and will enter into force on 1st February 2023.
Background and objective
The purpose of the Act is to dissolve empty shell companies within a short timeframe at reduced costs for the Luxembourg State.
Introduction
General obligation for creditors to file their claims
Nature of claims admissible in bankruptcy
Valuation of declared contingent claims
Introduction
The government has now announced that the remaining temporary restrictions created by the Corporate Insolvency and Governance Act 2020 are being lifted and that the insolvency regime will return to its pre-pandemic position with immediate effect from 1 April 2022. This includes removing the temporary restrictions placed on creditors when presenting winding-up petitions against debtors who are unable to pay debts they owe.