In Raithatha v Williamson [2012] EWHC 090 Ch, the English High Court was asked to decide whether a bankrupt’s entitlement to a pension, which he had not yet elected to receive, should be subject to an order for income payment.
The UK Supreme Court has recently considered the role of commercial common sense in interpreting a contract. Rainy Sky v Kookmin Bank concerned the interpretation of bonds issued by Kookmin Bank to guarantee the return of advance payments made by six purchasers under separate shipbuilding contracts. The shipbuilder had suffered an insolvency event and the purchasers were claiming refunds of the advance payments made to the shipbuilder under the bonds. The Bank contended that the bonds did not guarantee repayment of the advances on insolvency.
InThe Commissioner of Inland Revenue v Blackmore Trust Ltd, Blackmore tried to stave off liquidation for the sum of $1.4 million owed to the IRD. After six or seven adjournments, Blackmore finally put evidence before the Court (albeit through its lawyer, rather than by affidavit) claiming that its liabilities totalled $15.6 million, and its sole asset, the James Smith building in the Wellington CBD, was valued at $21.5 million as a going concern, or $11 million - $13 million in a "fire sale".
Khan v Reid acts as a reminder to file applications and appeals promptly.
ACC had contracted OPC to provide services. OPC's directors later established the OPC Trust, with OPC as the trustee, and 3 residuary trusts as beneficiaries.
AML changes for court-appointed liquidators
Important changes for court-appointed liquidators to the regulations under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (Act) will come into force on 9 July 2021. These changes provide that, for a court-appointed liquidator:
Five years after it refused to pay rent and took the landlord to the High Court, and two years after it was placed into liquidation on account of unpaid rent, the final branch of litigation brought by the directors of Oceanic Palms Limited (in liq) has been cut down by the Supreme Court.
A recent decision of the High Court of New Zealand provides helpful guidance for insolvency practitioners on how aspects of the voluntary administration regime should operate in the context of the COVID-19 pandemic.
On 30 March 2020, the board of directors of EncoreFX (NZ) Limited resolved to appoint administrators to the company. By then, New Zealand was already at Level 4 on the four-level alert system for COVID-19.
The much anticipated Mainzeal judgment is released
Another recent judgment in the Walker litigation concerns the validity of a litigation funding arrangement from SPF No. 10 Ltd (SPF). That arrangement is being used to fund proceedings that the liquidators of Property Ventures Ltd (in liquidation) (PVL) have brought against PwC and the directors of PVL. See our previous update on the related litigation.