Judgment by Cregan J of 6 October 2014
Overview
This case concerned an application by the official liquidator of RQB Limited (in liquidation) (the Company) pursuant to S280 of Companies Act 1963 to determine the legal status of a floating charge dated 10 September 2008 which entered into by the Company in favour of Danske Bank (the Bank) and which the liquidator believes to be unenforceable.
Background
The "2005 Facility"
Banking & Finance
Aktuelle Informationen des
Fachbereichs Banking & Finance
News from the Banking & Finance practice
Juli / July 2014
Kennen Sie
schon unseren Blog?
www.cmshs-bloggt.de
The Court of Appeal delivered judgment on Monday morning in the much anticipated appeal in Jervis & Others v Pillar Denton & Others on the treatment of rent payable under a lease held by a corporate tenant that enters administration. The case involved the Game Administration.
Last week the Court of Appeal finished hearing the long awaited and much anticipated appeal in Jervis and another v Pillar Denton Limited (Game Station) on the hotly contested issue of whether rent is payable as an administration expense. Depending on the decision of the appeal judges this case may trigger a dramatic shift in the way that rent arising during administration is currently treated.
Background
In the matter of Fuerta Limited, High Court, 22 January 2014
Judge: Mr. Justice Charleton
A recent decision of the High Court has highlighted the interesting area of law that applies when an application is made to wind up a company on the grounds that it is "just and equitable" to do so.
Government bonds were long considered a safe investment that offered the potential for high returns. However, after Argentina announced in 2002 that it would no longer service its bond debt and after Greece restructured its sovereign debt in March and December 2012, the question arises as to what investors can do to avoid the significant losses of capital (up to 70% in case of Argentina and over 80% in case of Greece) which almost always accompany sovereign debt restructurings.
The Federal Court of Justice (BGH) continued with its extensive interpretation of the rules for contesting transactions under insolvency law in a judgment dated 21 February 2013 (BGH IX ZR 32/12). In the case before the court, direct shareholder A in company T sold a claim under a loan to B at below par value. Following assignment, T repaid the loan to B at the nominal amount plus interest. Insolvency proceedings were opened around two months later in relation to T’s assets. The BGH’s decision covers three aspects:
A. Bill of the “Law on shielding credit institutions and financial groups against risks and planning their restructuring and winding-up”
In a recent case decided by the Federal Court of Justice (judgment of 15 November 2012 – IX ZR 169 / 11), an energy supplier had entered into a contract with a customer “which should also terminate without notice if the customer makes an application for insolvency or where preliminary insolvency proceedings are initiated or opened based on an application by a creditor”. When the customer was forced to declare insolvency, the energy supplier and the customer’s insolvency administrator entered into a new energy-supply contract at higher rates, subject to a review of the legal position.