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    Personal liability for 'playing fast and loose' with the rules for wrongful trading in Jersey
    2025-01-23

    Published on 21 January 2025, In the matter of Restore Builders Limited [2024] JRC290 (“Restore Builders”), is the first time the Royal Court of Jersey (“Court”) has made a wrongful trading order.

    As discussed below, the Court held that Thomas McLaughlin (“Respondent”) be disqualified as a company director for 10 years, and be personally responsible for the debts of Restore Builders Limited (“Company”).

    Filed under:
    Jersey, Company & Commercial, Insolvency & Restructuring, Appleby
    Authors:
    Christophe Kalinauckas , Andrew Weaver , Lara von Wildenrath
    Location:
    Jersey
    Firm:
    Appleby
    Jersey’s insolvency regime continues to develop
    2024-09-26

    The legislative framework applicable to insolvency and restructuring in Jersey has seen significant developments in recent years, with the introduction of the Companies Regulations No 8 2022 (the Regulations).

    The Regulations provide additional powers to a company’s creditors – firstly, in relation to provisional liquidations (an emergency procedure designed to safeguard the assets of a failing company), and secondly in relation to creditors’ winding-ups.

    Filed under:
    USA, New Jersey, Insolvency & Restructuring, Appleby
    Authors:
    Simon Felton
    Location:
    USA
    Firm:
    Appleby
    A Year in Review - Top 5 Offshore Dispute Issues
    2024-09-23

    1.All eyes on redemption right

    Redemption rights have increasingly been under the spotlight in the past year, as more and more investors contemplate an exit from under-performing investments.

    As the redemption of shares involves a return of capital, it is prohibited under Cayman Islands law except to the extent permitted by statute. Section 37 of the Cayman Islands’ Companies Act (the Act) provides:

    Filed under:
    British Virgin Islands, Cayman Islands, Arbitration & ADR, Company & Commercial, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Appleby
    Authors:
    Eliot Simpson , Crystal Au-Yeung , Damon Booth , Denise Tse , Ray Leung
    Location:
    British Virgin Islands, Cayman Islands
    Firm:
    Appleby
    Cayman Court Approves Winding-Up Order For "Insolvency Proof" Sigma Finance Corporation After Complex 16-Year Administrative Receivership In The UK
    2024-08-21

    In an announcement to beneficiaries on 24 March 2024[1], the joint administrative receivers (JARs) of Sigma Finance Corporation (the Company), once thought to be “insolvency proof” 

    Filed under:
    Cayman Islands, Insolvency & Restructuring, Litigation, Appleby
    Authors:
    Alan Bercow , Charlotte Walker
    Location:
    Cayman Islands
    Firm:
    Appleby
    Balgobin M. L. V. Maubank Ltd & Anor 2024 SCJ 145 - Case Summary
    2024-04-08

    The Court of Civil Appeal (CCA) delivered an interesting judgment on the adequacy of affidavit evidence when making a bankruptcy order. The CCA, acting solely on the basis of affidavit evidence, upheld an order of the Bankruptcy Court adjudging the appellant (Mr Balgobin) bankrupt pursuant to Section 8 of the Insolvency Act. The issues raised on appeal by the Appellant and which the CCA had to determine on were:

    Filed under:
    Mauritius, Insolvency & Restructuring, Litigation, Appleby
    Authors:
    Yahia Nazroo , Dylan Mannikum , Fatema Mohidinkhan
    Location:
    Mauritius
    Firm:
    Appleby
    The UKJT Legal Statement On Digital Assets And English Insolvency Law: Implications For Cayman Islands Insolvency Practitioners
    2024-07-23

    The UK Jurisdiction Taskforce has published a comprehensive Legal Statement on Digital Assets and English Insolvency Law.

    In this article we review the key aspects relevant to Cayman Islands Insolvency Practitioners.

    Introduction

    Filed under:
    Cayman Islands, United Kingdom, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Appleby, Insolvency
    Authors:
    Alan Bercow , Charlotte Walker , Ross Mcleod
    Location:
    Cayman Islands, United Kingdom
    Firm:
    Appleby
    Restructuring Provisional Liquidators May Not Be Dead After All
    2024-04-24

    When the restructuring officer regime was introduced, it was assumed by many that joint provisional liquidators would no longer be appointed for restructuring purposes, having been overtaken by the new regime.  The recent decision of Re Kingkey Financial International (Holdings) Ltd suggests that this assumption may not be sound.  It also raises several interesting points regarding the restructuring officer regime that merit further consideration.  This article considers the Kingkey case, and the points arising from it

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Appleby
    Authors:
    David Lee , Will Porter , Lorinda Peasland
    Location:
    Hong Kong
    Firm:
    Appleby
    Statutory demands - a review of Recent Decisions
    2024-04-26

    INSOLVENCY – The bankruptcy division of Mauritian Supreme Court re-affirms the test to determine the existence of a substantial and genuine dispute when setting aside a statutory demand. In this article, we review the recent determinations of the Bankruptcy Division of the Supreme Court of Mauritius (Bankruptcy Division) in which it re-affirmed the tests to determine an application to set aside a statutory demand under section 181 of the Insolvency Act 2009 (‘Insolvency Act’).

    Filed under:
    Mauritius, Insolvency & Restructuring, Litigation, Appleby
    Authors:
    Sharmilla Bhima , Suhaylah Juman , Dylan Mannikum
    Location:
    Mauritius
    Firm:
    Appleby
    Directors' duties in the face of insolvency
    2024-04-26

    The duties of directors in relation to companies in Mauritius are laid out under the Companies Act 2001 (‘Companies Act’) and more specifically under Section 143 which sets out in detail that directors have a duty to act in good faith and in the best interests of the company on which they are appointed.

    Filed under:
    Mauritius, Company & Commercial, Insolvency & Restructuring, Litigation, Appleby
    Authors:
    Malcolm Moller , Melissa Virahsawmy Naik
    Location:
    Mauritius
    Firm:
    Appleby
    Receivership: an enforcement mechanism for lenders
    2024-04-29

    In a world of business, unforeseen circumstances can often arise that lead a company to financial distress or near insolvency. During such times, the appointment of a receiver is a common legal remedy that serves to protect the interests of lenders.

    Filed under:
    Mauritius, Insolvency & Restructuring, Litigation, Appleby, Insolvency, Receivership
    Authors:
    Muhammad Aadil Koomar , Suhaylah Juman
    Location:
    Mauritius
    Firm:
    Appleby
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