On 8 March 2023, the Grand Court of the Cayman Islands appointed Joint Provisional Liquidators (“JPLs”) over Atom Holdings (the “Company”), a Cayman incorporated holding company for the Atom Group, which operated a cryptocurrency exchange via an online platform known as AAX (Atom Asset Exchange).

Background

The Royal Court has recently handed down the final decision in the matter of Eagle Holdings Limited (in compulsory liquidation).[1] In this decision, the Royal Court of Guernsey provided guidance and assistance to the joint liquidators regarding a distribution of surplus funds.

On 30 May 2023, Mac-Interiors Limited (the “Company”), a private limited company incorporated and registered in Northern Ireland, but with its COMI in Ireland, presented a petition seeking the appointment of an examiner. On the same day, orders were made, amongst other things, appointing Kieran Wallace of Interpath Advisory as examiner on an interim basis pending the hearing of the Petition.

Jedem Anfang wohnt ein Zauber inne oder in jedem Ende liegt der Charme des Neuanfangs (sehr frei nach Hermann Hesse).

Entsprechend dem Grundgedanken in Hermann Hesses Ausspruch bedeuten die zahlreichen, durch die COVID-19-Pandemie verursachten Unternehmenskrisen nicht nur ein Ende, sondern bieten auch Chancen.

The Insolvency and Bankruptcy Board of India (IBBI) has released a discussion paper aimed at gathering feedback on specific challenges within the Corporate Insolvency Resolution Process (CIRP). In this discussion paper, IBBI has suggested amendments to the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) with a view to address the identified challenges and enhance the effectiveness and efficiency of the CIRP. Set out below is a summary of some of the proposed key amendments:

In two recent blog posts we discussed the challenge made to the Company Voluntary Arrangement (CVA) of Mizen Build/Design Ltd (the “Company”) by Peabody Construction Limited (“Peabody”) and the finding of (i) a material irregularity based on failure to disclose information to creditors in the CVA proposal, and (ii) unfair prejudice based on vote swamping.

Official Receiver v Kelly (Re Walmley Ash Ltd and Company Directors Disqualification Act 1986) [2023] EWHC 1181 (Ch) deals with an application for a disqualification order under s 6 Company Directors Disqualification Act 1986 against Andrew John Kelly arising out of his conduct as a director of Walmsley Ash Ltd which was wound up by the court on an HMRC petition in 2017. The conduct relied on was that:

In this quick guide we focus on working capital and consider ways a business can seek to preserve all important liquidity through challenging and unpredictable periods. Supply chain issues, the battle against inflationary price hikes and other external stressors mean businesses globally are being challenged. What can senior management do in order to manage and mitigate risk to a company's financial health and stay away from the edge?

Practical Tips

Managing the financial health of a business to ensure it continues to be viable and successful can be challenging, particularly in today’s economic environment.

June 2023

Contents