In its recent decision in the case of Perfect Pies Limited (in receivership) and Pearse Farrell v Chupn Limited [2015] 11 JIC 0607, the Commercial Court has considered the difficult question of the unreasonable withholding of consent to the assignment of a commercial lease. This case involved interesting issues, in particular around a landlord potentially seeking to use the opportunity of an application for consent to assignment to pursue "ulterior motives" – in this case, to obtain possession of the premises.

Background 

In this unusual case the High Court considered the enforceability of a contract for the sale of land to a construction company now in receivership, with much of the argument surrounding whether there was in fact a sufficient note or memorandum in writing for the purposes of the Statute of Frauds (Ireland) 1695.

Facts

INTRODUCTION

The Royal Court of Guernsey has taken the welcome step of dedicating specific court time to company and insolvency matters.

THE PRACTICE DIRECTION

Facts 

The EBA has launched a consultation on draft Guidelines on how confidential information collected under the Bank Recovery and Resolution Directive (BRRD) should be disclosed in summary or collective form without identifying individual institutions or relevant entities. The aim of the Guidelines is to promote symmetric information and convergence of supervisory and resolution practices regarding the disclosure of confidential information.

Facts 

In an important judgment published last week, the Royal Court of Jersey has provided guidance to trustees and other holders of fiduciary powers in relation to the exercise of powers when a trust is considered to be “insolvent”. Counsel in the case was unable to find any relevant authority on this subject in any other trusts jurisdiction, so this may well be one of the first cases to deal with this issue.

british virgin islands cayman islands guernsey jersey cape town london www.careyolsen.com 1 bvi litigation & insolvency client update - SEPTEMBER 2015 Dispute Resolution & Litigation | Restructuring & Insolvency British Virgin Islands Welcome to our September BVI litigation and insolvency bulletin, co-authored by Ben Mays, Andrew Chissick and Jevaughn Rhymer. This edition of the bulletin contains reports on four recent cases: • Privy Council authority concerning a contested, Court-run auction of a property arising in the liquidation of a well-known luxury Caribbean resort.

The English High Court in London Borough of Brent v Kane [2014] EWHC 4564 has held that legal advice taken in relation to various transactions which the claimant alleged had been made at an undervalue was not protected by privilege, as there was prima facie evidence that the purpose of the legal advice was to structure the transactions in order to allow the client to avoid or reduce the costs of a residential care home. 

Facts

The Royal Court of Guernsey has issued a Practice Direction pertaining to the information required when applying for the appointment of an administrator or liquidator in Guernsey.

The Practice Direction