In Vesnin v Queeld Ventures Ltd & Ors [2025] EWCA Civ 951, the English Court of Appeal has ruled that in an application for recognition at common law of a foreign insolvency, a respondent to that application may have standing to oppose the recognition even if they are not a creditor. The fact that other relief is sought against them, which is contingent on recognition of the foreign insolvency, can and usually will suffice to give them standing to oppose the recognition.
Background
In the recent high-profile decision of Re: Li Yonghong[2025] HKCFI 3307, the Honourable Madam Justice Linda Chan made a bankruptcy order against Mr. Li Yonghong — a businessman best known for his prior ownership of AC Milan. The judgment offers important takeaways for bankruptcy and insolvency practitioners on, inter alia, the resolution of inaccuracies or defects in statutory demands and petitions.
Background
A version of this article first appeared in the May 2023 edition of "ThoughtLeaders4 FIRE (Fraud Insolvency Recovery Enforcement) Magazine,” Issue 13.
Introduction
Introduction
The Cross-Border Insolvency Bill 2025 ("Bill") passed its first reading on 28 July 2025 in the Dewan Rakyat. The Bill has since passed its second and third reading in the Dewan Rakyat on 29 July 2025. The legislation aims to align Malaysia with the UNCITRAL Model Law on Cross-Border Insolvency ("Model Law"), establishing a clear legal framework for managing multi-jurisdictional corporate insolvency cases.
Background and Legislative Intent
After a bankruptcy is declared, the director does not disappear from the picture. Although the trustee takes over the liquidation, the former director may be personally liable for the deficit in the estate or for damages suffered by individual creditors. This article clearly explains when liability is imminent and what measures you can take in advance.
Trustee versus director
Na het uitspreken van een faillissement verdwijnt de bestuurder niet uit beeld. Hoewel de curator de afwikkeling overneemt, kan de voormalige bestuurder persoonlijk opdraaien voor het tekort in de boedel of voor schade van individuele schuldeisers. Dit artikel zet helder uiteen wanneer aansprakelijkheid dreigt en welke maatregelen u vooraf kunt nemen.
Curator versus bestuurder
A recent Federal Court decision has provided some useful insights on how related party loans will be considered in an insolvency context, particularly in relation to unreasonable director-related claims against directors and their relatives. For insolvency practitioners it also provides insight into how the assignment of claims might effectively be used to mitigate litigation risks.
Introduction
On 1 July, the Court of Appeal overturned the High Court’s decision1 to sanction the restructuring plans proposed by two Petrofac group companies as they did not consider that the benefits of the restructuring had been fairly allocated.
In the recent High Court decision of Ley and another v Suttle and another [2025] EWHC 796 (Ch), Joint Liquidators successfully obtained permission from the Court to amend pleadings in circumstances where the originating Insolvency Act application was issued on a protective basis to preserve limitation.