The Knesset has aimed to update the law on insolvency by passing the Law of Insolvency and Economic Rehabilitation.

This has arisen as a result of the current insolvency laws being considered to be regulated under outdated legislation, being disorganised and having had a detrimental effect on debtors, creditors, and the economy. The incoming Law will take effect in 18 months' time and is designed to rectify the situation and provide the Israeli economy with modern legislation with respect to insolvency.

The Law has three primary objectives:

Directors against whom claims for a misfeasance have been intimated often turn to limitation and set off in defence of a request for the repayment or restoration of the relevant sums or property.

Misfeasance and limitation

The Grand Court of the Cayman Islands granted common law recognition and assistance to the foreign Liquidators of a Cayman Islands company post Rubin v Eurofinance and Singularis Holdings Limited v PwC.

In Re China Agrotech Holdings Limited Ltd (FSD 157 of 2017 (NSJ)), the Grand Court of the Cayman Islands ("Cayman Court") granted Liquidators appointed by the High Court of Hong Kong leave to present and consent to a scheme of arrangement on behalf of China Agrotech Limited (the "Company") based on a common law discretion.

Capital Funding One Limited (the "Company") arranged short term bridging finance for borrowers who were unable to obtain loans from more conventional sources. The funding for these loans were obtained from King Street Bridging Limited ("King Street").

The Facts

PV Solar Solutions Ltd (the "Company") supplied and installed solar panels. When the government reduced preferential tariffs, the Company's profits were affected and it entered Administration in May 2013. The Company subsequently entered into voluntary Liquidation in November 2014.

The High Court considered whether it would be appropriate to approve a scheme of arrangement for a company incorporated in Luxembourg where the company's COMI had been moved to England and there had been a change in the governing law and jurisdiction clause in favour of the English courts.

Following our previous article about farms facing insolvency as a limited company, we will now discuss the implications of insolvency on a sole trader or partnership.

Farmers running their business as a sole trader could face personal bankruptcy in the event the business faces financial difficulty.

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.

The Dutch government has published a new draft of the Dutch Continuity of Enterprises Act II (the "WCO II") which seeks to introduce pre-insolvency measures in the Netherlands.

Any business owner will know the importance of consistent cash flow to the success of their business. On 1 October 2017, a new Pre-Action Protocol for Debt Claims will come into force. The new Protocol will make the process of claiming debts from unwilling debtors slower and more onerous for creditors as a new mandatory process before a claim can be issued is required, with longer timescales. It also aims to avoid court proceedings wherever possible, firmly encouraging parties to engage in alternative forms of dispute resolution.