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    Recognition of a receiver's right to assert privilege as against a mortgagor company
    2012-11-22

    Summary

    In Carey v Korda [2012] WASCA 228, the Western Australian Supreme Court of Appeal (Court) has provided a timely confirmation that legal advisers engaged by receivers to provide advice in relation to a receivership are properly viewed as advisers to the receivers as principal, and not the mortgagor company.

    The decision will no doubt be welcomed by insolvency practitioners, as it confirms that the legal advice, and the right to invoke the associated privilege, belongs to the receivers, not the mortgagor company.

    Filed under:
    Australia, Western Australia, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, South Africa Supreme Court of Appeal
    Authors:
    David John , Sam Dundas
    Location:
    Australia
    Firm:
    Herbert Smith Freehills LLP
    Pensions regulator withdraws threat of FSD
    2011-07-15

    The Pensions Regulator announced this week that it will not  pursue action to impose a Financial Support Direction against US company, Chemtura Corporation and members of its group after a funding settlement, involving the payment of expedited contributions to the pension scheme of its UK subsidiary, was reached with the scheme's trustees.

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Bond (finance), Bankruptcy, Defined benefit pension plan, Subsidiary, The Pensions Regulator, Trustee
    Authors:
    Ian Gault , Daniel Schaffer , Alison Brown , Roderick Morton , Naveed Soomro
    Location:
    United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    Corporate rescue regime one step closer
    2010-07-28

    The Hong Kong Government has recently released the conclusions to its public consultation on the proposed corporate rescue procedure and insolvent trading laws. The consistent theme throughout the conclusions paper is that the Government will propose practical compromises in order to overcome the contentious issues that have stalled previous efforts to introduce a statutory regime to facilitate corporate restructurings.

    Filed under:
    Hong Kong, Employment & Labor, Insolvency & Restructuring, Herbert Smith Freehills LLP, Public consultations, Option (finance), Swap (finance), Debt, Retirement, Moratorium (law), Law Commission (England and Wales)
    Authors:
    Shaun Langhorne
    Location:
    Hong Kong
    Firm:
    Herbert Smith Freehills LLP
    Review of 2009 and preview of 2010
    2010-01-15

    The transition from 2009 to 2010 sees some significant legislative chapters closing, notably the Companies Act 2006, Rome I and II, the Banking Act 2009 and the Lisbon Treaty.

    Filed under:
    European Union, United Kingdom, Arbitration & ADR, Banking, Capital Markets, Company & Commercial, Competition & Antitrust, Construction, Employment & Labor, Energy & Natural Resources, Environment & Climate Change, Insolvency & Restructuring, Insurance, IT & Data Protection, Litigation, Real Estate, Tax, Telecoms, White Collar Crime, Herbert Smith Freehills LLP, Companies Act 2006 (UK), Banking Act 2009 (UK)
    Location:
    European Union, United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    Application of the FSA’s client money rules in light of the Global Trader decision
    2009-06-04

    Implications of the recent decision of the High Court in Re Global Trader Europe Limited (In Liquidation) regarding the application of the FSA’s client money rules.

     

    Filed under:
    United Kingdom, Capital Markets, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Trader (finance), Liquidation, High Court of Justice
    Location:
    United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    Key PPSA decision: NSWSC confirms vesting of unperfected lessor's interest following insolvency of lessee
    2013-07-01

    In the matter of Maiden Civil (P&E) Pty Ltd; Richard Albarran and Blair Alexander Pleash as receivers and managers of Maiden Civil (P&E) Pty Ltd & Ors v Queensland Excavation Services Pty Ltd & Ors [2013] NSWSC 852

    Overview

    Filed under:
    Australia, New South Wales, Banking, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Collateral (finance), Interest
    Authors:
    David John
    Location:
    Australia
    Firm:
    Herbert Smith Freehills LLP
    Enforcement of orders made in foreign insolvency proceedings
    2012-11-07

    In Rubin v Eurofinance SA and New Cap Reinsurance Corporation (in liquidation) and another v AE Grant and others [2012] UKSC 46, the UK Supreme Court held that:  

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Common law, Liquidator (law), UK Supreme Court
    Authors:
    Gavin Lewis , Gareth Thomas , Shaun Langhorne
    Location:
    United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    Smoke in the hall of mirrors: good news for defendants in Sinclair v Versailles [2011] EWHC Civ 347
    2011-06-08

    The Sinclair v Versailles1 decision has extinguished any prospect that a victim of a fraud has a proprietary claim to a fraudster’s secret profits. It also offers significant comfort to banks, insolvency practitioners and other potential recipients of trust funds by setting a high bar for whether a recipient person is “on notice” of a proprietary claim to those funds.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, White Collar Crime, Herbert Smith Freehills LLP, Share (finance), Fraud, Fiduciary, Interest, Beneficiary, Consideration, High Court of Justice, Trustee
    Location:
    United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    Arbitrability
    2010-07-13

    In Petroprod Ltd (in official liquidation in the Cayman Islands and in compulsory liquidation in Singapore) v Larsen Oil and Gas Pte Ltd [2010] SGHC 186 the Singapore High Court considered whether an action brought to avoid transactions that allegedly violated insolvency laws should be stayed in favour of arbitration.

    Filed under:
    Singapore, Arbitration & ADR, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Fraud, Liquidation, Conveyancing, Companies Act, Singapore High Court
    Location:
    Singapore
    Firm:
    Herbert Smith Freehills LLP
    High Court confirms position in relation to the payment of rent by a company in administration
    2010-01-11

    The High Court has ruled in the case of Goldacre (Offices) Limited v Nortel Networks UK Limited (in administration) [2009] that rent for premises that continue to be used for the beneficial outcome of an administration must be paid as an expense of the administration. This decision confirms that the court has no discretion in these circumstances and that it does not matter if only part of the premises are being used. This contrasts with the position where a landlord wishes to take action against a tenant in administration such as bringing forfeiture or injunction proceedings.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Herbert Smith Freehills LLP, Unsecured debt, Injunction, Landlord, Leasehold estate, Asset forfeiture, Court of Appeal of England & Wales, High Court of Justice
    Authors:
    Matthew Bonye
    Location:
    United Kingdom
    Firm:
    Herbert Smith Freehills LLP

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