On 2 December 2021, the Court of Appeal handed down its judgment in Windhorst v Levy [2021] EWCA Civ 1802, which concerned a challenge against the registration of a German judgment and an application for a stay of execution. Notwithstanding Brexit, the decision is relevant to cases involving (i) judgments in proceedings instituted before 31 December 2020 and (ii) insolvency proceedings opened before 31 December 2020.
The sprawling and complex cross-border fraud litigation being pursued by the Joint Liquidators (Paul Atkinson and Glyn Mummery of FRP Advisory) of Grosvenor Property Developers Ltd (‘the Company’) has reached a significant milestone. The counsel team (instructed by Alyson Reilly and Séamas Gray of gunnercooke) led by Rory Brown (and including Martin Young, Nora Wannagat, and Andrew Shipley) has been involved in over 25 heavily contested hearings (in the High Court in London and in the CFI, DIFCC, Dubai) in the last 13 months.
Yuzu v Selvathiraviam [2020] EWHC 1209 (ChD)
Yuzu v Selvathiraviam [2020] EWHC 1539 (Ch) and Yuzu v Selvathiraviam [2020] EWHC 1694 (Ch)
Further to his findings in an earlier judgment that Mr Selvathiraviam (‘R’) had deliberately breached the asset disclosure provisions in a freezing injunction, Mann J imposed an 18 month sentence on R, unconditionally suspended for 21 days. He commented as follows:
Restructuring & Insolvency analysis: In Re C A & T Developments Ltd, the court found that the appointment of administrators had been motivated by an improper purpose and the purpose of the administration could not be achieved. In an application under Paragraph 81 of Schedule B1 to the Insolvency Act 1986 (IA 1986), the court therefore ordered the administration to end and the company to be wound up compulsorily.
Originally published on LexisLibrary and LexisPSL
Restructuring & Insolvency analysis: Thomas Cook is the third large company to be wound up by the courts in 18 months, following British Steel and Carillion in 2018. Professor Andrew Keay, barrister at Kings Chambers, 9 Stone Buildings and Lincoln’s Inn and Professor of corporate and commercial Law at the University of Leeds, discusses why it entered liquidation rather than administration and how it will impact employees and customers of Thomas Cook.
Original news
Originally published on LexisLibrary and LexisPSL
This article considers the cost consequences following service of a statutory demand in two scenarios:
In Bellis v Challinor [2015] EWCA Civ 59 and Gore v Mishcon de Reya [2015] EWHC 164 (Ch) the question arose whether monies transferred to a solicitors’ client account were held on trust for the solicitors’ client or on a Quistclose trust for the transferor. Both decisions have provided clarity as to when a Quistclose trust will be found to exist and the nature of the construction exercise the court will undertake.
Introduction
This article considers section 238 of the Insolvency Act 1986 ('IA 1986') within the context of what the courts consider to be a ‘transaction’ when applying for a declaration to do with antecedent transactions. Whilst this article is limited to the consideration of section 238, similar factors apply to applications made further to sections 339 and 423 IA 1986.