Successful outcomes for clients seeking to obtain winding up orders against foreign companies with local agents. The case summaries below, of Re Anagram International LLC (recs and mgrs apptd) [2025] VSC 267 and the earlier matter of W Capital Advisors Pty Ltd (in its capacity as trustee for the W Capital Advisors Fund) v Mawson Infrastructure Group, Inc (NSD1395/2024), provide guidance on how parties can best position themselves for success in these circumstances.
Relevant Law
The decision of the Federal Court inTrue North Copper Limited (Administrators Appointed) [2024] FCA 1329 demonstrates the exercise of the Court’s discretion in giving effect to the objects of Pt 5.3A of theCorporations Act 2001 (Cth), whilst offering protection to administrators against liabilities which may arise when making commercial decisions in the course of discharging their duties effectively.
Introduction
The landmark decision by the Judicial Committee of the Privy Council in Stevanovich v Richardson1provides authoritative guidance on the proper interpretation of “person aggrieved” under section 273 of the BVI Insolvency Act, which deals with standing to challenge a liquidator’s decision.
The much-anticipated UK Supreme Court decision in El-Husseiny and another v Invest Bank PSC [2025] UKSC 4 was released recently, providing much-needed clarity to creditors and officeholders about the application of section 423 Insolvency Act 1986 to transactions involving debtors and company structures. Creditors and officeholders alike will be pleased with this decision, as the Court determined that the language and purpose of section 423 are such that a ‘transaction’ is not confined to dealing with an asset owned by the debtor.
In the twelfth edition of the Going concerns, we cover set-offs and the net result of a creditor dealing with a company in liquidation; the first cross-border pre-pack scheme filed in the Singapore International Commercial Court ("SICC") by a foreign unregistered company that has been successfully sanctioned in Singapore: Re No Va Land Investment Group Corporation [2024] SGHC(I) 17 ("No Va Land"); and UAE's new bankruptcy law that came into effect on 1 May 2024, a relatively substantial overhaul of the onshore insolvency and restructuring regime in the UAE.
En 2023, le nombre de défaillances d’entreprises est en hausse par rapport à l’année précédente. À cela s’ajoutent le rallongement des délais de paiement, l’inflation, des taux d’intérêt toujours élevés...À la lumière dececlimat monétaire et financier instable se profile la gestion du risque crédit.
In this eleventh edition of the Going concerns, we touch upon the clarity provided by the Singapore Court of Appeal in the recognition of foreign solvent liquidations in Singapore, a potential new tool against debtors defrauding creditors, and an update on the sanction of an administrative convenience class in the Singapore High Court.
We hope you enjoyed this edition of the Going concerns and we look forward to your continued support in the coming editions of the same. As usual, please feel free to contact us should you like to learn more on any topic.
Content
Introduction
A recent Commercial Court decision has raised an intriguing question of private international law: can a foreign judgment be enforced in England and Wales if it is not enforceable in the country where it was given?
The Commercial Chamber of the French Supreme Court ("Cour de cassation") has recently handed down a decision of particular interest for distressed M&A transactions: Cass. com. 1er mars 2023, no. 21-14.787, FS-B.
Alexandre Koenig, partner and head of the firm's restructuring and insolvency practice in France analyses the legal and practical consequences of this decision for sellers of French distressed companies.
Context