This appeal to the Supreme Court of the United Kingdom arose out of the insolvency and administration of the Lehman Brothers Group of companies.  Lehman Brothers International (Europe) (LBIE) was the principal European trading company in the group, and was authorised and regulated by the Financial Services Authority (FSA) prior to being put into administration in 2008.  This appeal (one of many involving the group) related to the provisions of the Clients' Assets Sourcebook issued by the FSA (CASS) that govern the basis on which client money is required to be held by regulated ent

In Stockco Ltd v Denize the applicants sought an order to set aside bankruptcy notices on the ground that the creditor had not complied with High Court Rule 24.8(3).  That Rule requires that a certified copy of the judgment or order on which the bankruptcy notice is based must be attached to the bankruptcy notice.  The applicants claimed that the notice was defective as it was served separately from copies of the judgment.

In our legal update on insolvency law issued in July 2010 we commented on the High Court decision of McKay v Toll Logistics (NZ) Limited. 

The administrators of St George’s Property Services (London) Ltd appealed from a decision granting the application of the 2 shareholders and directors of the company to remove the administrators and to appoint replacement insolvency practitioners who were willing to make an application under s 244 of the Insolvency Act 1986 (UK) in respect of an exorbitant credit transaction to which the company was a party.

The Supreme Court of NSW in Citadel Financial Corporation Pty Ltd [2020] NSWSC 886 has made orders (in accordance with section 447A(2(b) of the Corporations Act 2001 (Cth)) to terminate a deed of company arrangement (DOCA) on grounds that entry into such DOCA was an abuse of the voluntary administration process.

The Government has passed an omnibus bill which introduced amendments that will assist New Zealand to respond to the wide-ranging effects of COVID-19.

In brief the changes to insolvency legislation are:

The Privy Council has rejected an attempt to block a cross-border liquidation on procedural grounds in UBS AG New York v Fairfield Sentry [2019] UKPC 20.

Meem SL Limited was an unsuccessful start-up company in the United Kingdom.  The board resolved to put the company into administration and sell the business to a company owned by the directors.

In Re Willis, Eileen Willis (Anne) applied to annul a bankruptcy order made against her on the application of her former husband, Leslie Willis.

The case of Hollis & Somerville v Total Debt Solutions (2009) Limited concerned an application by the liquidators of a company for directions that the liquidators could have recourse to all trust monies received by the company to meet their fees and expenses incurred in the liquidation.