The High Court has ordered a liquidator’s firm to pay a proportion of the costs incurred by successful defendants following judgment in proceedings commenced by a claimant company in liquidation.
In a highly international cross-border restructuring, the High Court of Hong Kong has refused to assist the New York-based Chapter 11 trustee of a Singaporean subsidiary of the Cayman-incorporated Peruvian business China Fishery Group (“CFG”).
The decision in Davey v Money & Anor [2018] EWHC 766 (Ch) serves as a useful reminder for secured creditors (such as banks) of the potentially broad-ranging scope of liabilities that they may be exposed to in the course of dealings with administrators.
In Crowden and Crowden v QBE Insurance (Europe) Ltd[2017] EWHC 2597 (Comm) the Commercial Court found in favour of the Defendant insurer on the disputed construction of an "insolvency" exclusion in a professional indemnity insurance policy. The case is a useful reminder of the approach which the English Courts take to the construction of exclusions in insurance contracts.
1. Background
In the first instance decision of Fo Shan Shi Shun De Qu Consonancy Investment Co Ltd v Yat Kit Jong [2017] HKEC 557, the Court took a dim view of a party's conduct in respect of expert directions. It held that the party's failure to properly define the scope of the issues to be covered by the expert was a violation of procedural rules and prejudicial to the opposing party, and as such ordered that the party be penalised on costs.
Facts
For more information, please contact the relevant Herbert Smith Freehills partner referred to in the contact list or Simone Pearlman, head of legal knowledge on +44 (0) 20 7466 2021 or email simone. [email protected] This is a guide to key legal developments in the coming months and years ahead (UK perspective).
The German Federal Supreme Court (Bundesgerichtshof) recently held that creditors cannot bring claims against the Hellenic Republic before the German courts in the context of Greece's debt restructuring in 2012 , finding that Greece enjoys immunity from jurisdiction before the German courts (decision of 8 March 2016; docket number VI ZR 516/14).
Background and facts
On August 31, 2015, the U.S. Court of Appeals for the Second Circuit ruled in favour of Argentina’s Central Bank in one of the many proceedings initiated by Argentina’s unpaid bondholders.[1] The decision in EM Ltd. and NML Capital Ltd v. Banco Central De La Republica Argentina[2] reinforces the statutory presumption in favour of States’ instrumentalities sovereign immunity, and sets a very high threshold to rebut it.
Alstom v Insigma, the (in)famous SIAC arbitration administered under ICC rules, was recently up for yet another round of judicial sparring following years of proceedings in several fora, which left Alstom Technology Limited (“Alstom”) with a HK$261 million award but limited assets against which to execute.
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MADRID E-BULLETIN
RESTRUCTURING, TURNAROUND AND INSOLVENCY
REFORM OF SPANISH INSOLVENCY LEGISLATION
On Friday 7 March 2014 the Spanish Council of Ministers approved Royal Decree-Law 4/2014, of 7 March, which adopts urgent measures on the refinancing and restructuring of corporate debt. The above Royal Decree-Law introduces a series of significant reforms to the Spanish Insolvency Act 22/2003, of 9 July, (the "Insolvency Act"). The Royal Decree-Law has entered into force on 10 March 2014.