Following the High Court’s landmark case in 2023 where cryptocurrency was recognised by the Court as property and could form a subject matter of a trust, the High Court recently further clarified the trust relationship between exchanges and their customers. Non-Consenting Customers (NCCs) who did not accept the 2018 Terms and Conditions (T&C) were found to have a proprietary interest in their assets, giving them priority in the liquidation process. Conversely, customers who had agreed to the T&Cs were treated as unsecured creditors.
In this first of a series of articles looking at current issues and recent case law in the world of distressed PFI/PPP projects, we consider the recent outcome of the Tameside Hospital dispute, and what pointers can be taken from it which may help avoid or resolve disputes in future so that distressed projects can get back on track. This is a tale of disagreement, adjudication, threats of insolvency, Court proceedings and – ultimately – a settlement which may offer a useful benchmark to which other troubled projects can have regard.
Despite numerous obstacles and challenges faced along the way following Brexit (and its inevitable impact on tracing and recovering assets of UK based debtors overseas), we last left our brave cross-border recovery specialists triumphantly holding the hard-won exequatur judgment which expressly recognised the bankruptcy order and Trustee in Bankruptcy (TIB) and confirmed that all rights and powers were enforceable in France. Vive La France!
The Employment (Collective Redundancies and Miscellaneous Provisions) and Companies (Amendment) Act 2024 ("the 2024 Act") introduces some changes to the statutory insolvency regime in Ireland. The relevant provisions of the 2024 Act came into effect earlier this month on 1 July 2024.
In the July 2024 edition of the Restructuring Department Bulletin, we highlight recent decisions and developments impacting the restructuring arena and share the latest news on the Paul, Weiss Restructuring Department.
On June 20, 2024, the United States Bankruptcy Court for the Southern District of Texas (the “Court”) issued a memorandum decision and order in the adversary proceeding involving Robertshaw US Holding Corp.
The High Court has confirmed in the recent case of Hyde and another v Djurberg and others ([2024] EWHC 1188 (Ch)) that it won't tolerate the concealment of after-acquired property from trustees in bankruptcy, even when the property is the subject of a settlement agreement and paid onto various third parties. The judgment highlights the importance of monitoring a bankrupt's affairs as a trustee, acting quickly to preserve assets and serving a notice pursuant to section 307 of the Insolvency Act 1986 (Act) if there's a potential claim for after-acquired property.
The High Court has handed down judgment against two former directors of a number of BHS group companies. The Joint Liquidators, Anthony Wright and Geoffrey Rowley (both of FRP Advisory) brought claims against Lennart Henningson and Dominic Chandler for wrongful trading, misfeasance trading and individual misfeasance.
Wrongful trading
Alice Eaton and Sean Mitchell Discuss Paul, Weiss’s Restructuring
Practice in Vault Q&A
Alice and Sean describe the breadth of Paul, Weiss’s Restructuring
practice and what sets the practice apart in a Q&A in the 2024 edition
of “Practice Perspectives: Vault’s Guide to Legal Practice Areas.”
Elizabeth McColm and Sean Mitchell Publish “USA” Chapter in
ICLG – Restructuring & Insolvency 2024
In the latest ICLG – Restructuring & Insolvency Laws & Regulations,
Elizabeth and Sean discuss common issues in restructurings and
The New Bankruptcy Law (Federal Law Decree No 51 of 2023) came into effect in UAE on 1 May 2024, replacing the previous law (Federal Decree-Law No 9 of 2016). While maintaining much of the old law's structure, it introduces significant changes for creditors and debtors, including the recognition of both natural and legal persons as 'debtors'. The law retains emergency financial crisis provisions from the old law and is expected to impact restructuring and insolvency cases in the UAE.
Introduction