This recent Court of Appeal decision has provided clarity on the justification for the rules against bringing claims for reflective loss and confirmed that both unsecured creditors and shareholders are similarly barred from bringing such claims.

Background

The Hong Kong Court have confirmed for the first time that a foreign voluntary liquidation is eligible for common law recognition and assistance in Hong Kong.

China Culture Media International Holdings Limited, incorporated in the BVI, was wound up on 9 May 2016. China Culture was the sole shareholder of Supreme Tycoon Limited, also incorporated in the BVI.

The Facts

The Facts

Following a statutory demand for unpaid council tax in the sum of £8,067, a bankruptcy petition was presented against Ms Harriet Lock. The council provided Ms Lock with evidence of the council tax liability orders confirming the debt. Ms Lock provided evidence in response, which explained that she was living in social housing and was financially dependent on her daughter. At a first hearing, the court adjourned and ordered that Ms Lock provide a skeleton argument to explain why a bankruptcy order should not be made.

It is common knowledge to many that parties to a construction contract have the right to adjudicate at any time. This is a right implied by statute and a right that cannot be fettered. However, it seems the limits of such a right are now somewhat more nuanced. In the recent case of Michael J. Lonsdale (Electrical) Limited v Bresco Electrical Services Limited (in Liquidation) [2018] EWHC 2043 Fraser J has considered how the Insolvency Rules and Adjudication work together and what this means for the right to adjudicate at any time.

In an urgent application, the Court of Appeal held that a CVA should be precluded from becoming effective where an unanticipated claim of €126.7m was submitted after the CVA was approved but before the statutory bar on new claims had lapsed.

The Judgment handed down by the Court of Appeal in Orexim Trading Ltd v Mahavir Port And Terminal Private Ltd (formerly known as Fourcee Port and Terminal Private Ltd) [2018] EWCA Civ 1660, [2018] All ER (D) 101 (Jul) on 13 July 2018 provided important clarification as to the service of claims under s.423 of the Insolvency Act 1986 ("IA 1986") out of the jurisdiction.

The Facts

The Facts

Following a bankruptcy petition on 23 January 2007, Mr Eaitisham Ahmed had entered an IVA which was approved as a result of votes of family members who claimed to be creditors. The IVA was challenged and a bankruptcy order was made on 21 April 2009. David Ingram and Michaela Hall were appointed as Joint Trustees on 14 April 2010, following a trustee in bankruptcy initially appointed on or around the time of the bankruptcy order.

The Facts

Mr Tailby and Mr Courtman were appointed Administrators over three connected companies: TPS Investments (UK) Ltd; ABC Prop Co Holdings Ltd and CP Investment Holdings Limited. TPS was a property developer and owned a number of properties; two of these were transferred to ABC and one to CP.

The Agricultural Credits Act 1928 ("ACA 1928") enables a farmer to grant an Agricultural Charge to a bank over all his farming stock and other agricultural assets, but not the land he farms.

An Agricultural Charge can be a fixed charge, a floating charge or both. However, any assets obtained by the farmer after the creation of the Charge will only be subject to a floating charge. Only a registered deposit taking bank or the Bank of England can take an Agricultural Charge.

A floating charge is automatically converted to a fixed charge if: