Disclaimer - Rules 19.1 - 19.11
The Rules relating to Disclaimer remain largely unchanged, except for bankruptcy and liquidation being included in the same section and some minor updates to the Act. The deadlines for all actions remain unchanged.
19.8 - Application for permission to disclaim in bankruptcy (section 315(4))
The notes in this section refer to changes within the Act as amended by the Deregulation Act 2015 and the Enterprise and Regulatory Reform Act 2013.
The English Court of Appeal dismissed an appeal that a claim could be pursued in the English courts whilst the defendant was also subject to winding-up proceedings under Icelandic insolvency law.
This case concerns a Court of Appeal hearing following the collapse of the large Icelandic bank, Kaupthing Bank HF ("Kaupthing"), in 2008. Kaupthing was subject to a moratorium order made by the Icelandic courts in 2008 and a winding-up order in November 2010.
Changes to the Insolvency Act 1986 ("Act")
SBEEA 2015 makes a host of supplemental amendments to the Act, the general effect of which is remove references to creditors' meetings and replace them with the alternative decision processes.
As a consequence:
The UK Commercial Court has dismissed the Claimant's application for a stay under Article 28 of the Judgments Regulation.
Saudi Arabia takes out $10 billion in bank loans
Brexit plays a part in an application by the Joint Administrators of Nortel Networks UK Limited and others to extend the Administrators' terms of office as uncertainty lies over what, if any recognition will be given to the Administrators by the courts of the EU Member States after 29 March 2019.
The High Court held that a moratorium in relation to restructuring proceedings in Azerbaijan could not be extended in breach of the Gibbs rule, allowing two significant creditors to proceed with their claims in the English Courts.
Alan Bennett and Crispin Jones successfully acted for Mr Dowling in his application to set aside a Statutory Demand served on him by Promontoria (Arrow) Limited ("Promontoria") in the sum of €6,338,675.93. The decision has wide reaching implications for creditors seeking to rely on guarantees.
Pearson v. Primeo Fund (Cayman Islands) [2017] UKPC 19
The Privy Council sitting as the final court of appeal for the Cayman Islands recently considered a case concerning prioritisation in a Liquidation between feeder hedge funds where the investment medium was redeemable shares.
Background
There are changes to the Act mainly designed to bring in the required changes following the abolition of physical meetings in the first instance.
Approval is now by a creditors decision making procedure namely -
- Correspondence;
- Electronic Voting; or
- Virtual Meeting.
Contents of the Proposal
Any proposal must comply with the general principles set out in rule 8.2I IR2016 -