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    Sunset for the Sons of Gwalia? Proposed legislation to subordinate shareholder claims
    2010-05-14

    We have been sending Client Updates since 2007 concerning the decision of the Australian High (Supreme) Court in Sons of Gwalia Ltd v Margaretic. Specifically, the High Court held that the damages claims of shareholders of insolvent companies for fraud and misrepresentation should be treated pari passu with the claims of all other unsecured creditors, rather than being treated as subordinated to unsecured claims as is the case in the U.S.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, Bracewell LLP, Share (finance), Shareholder, Unsecured debt, Fraud, Misrepresentation, US Department of the Treasury, High Court of Justice (England & Wales)
    Location:
    Australia
    Firm:
    Bracewell LLP
    Summons for public examinations have extraterritorial effect
    2009-09-15

    The significant increase in the number of companies passing into liquidation in the current economic climate has focussed Courts on whether they can summons a non-resident. Dispute Resolution Associate, Justin Le Blond, examines the position.

    Filed under:
    Australia, Western Australia, Insolvency & Restructuring, Litigation, Piper Alderman, Statutory interpretation, Extraterritoriality, Corporations Act 2001 (Australia), High Court of Justice (England & Wales), Federal Court of Australia, New South Wales Supreme Court
    Location:
    Australia
    Firm:
    Piper Alderman
    Bruton Holdings – ATO has no power to garnishee debt after commencement of winding up
    2009-10-07

    Introduction

    By unanimous decision in Bruton Holdings Pty Limited (in liquidation) v Commissioner of Taxation1, five members of the High Court have reversed a controversial decision of the Full Federal Court to confirm that the Commissioner of Taxation (Commissioner) cannot ‘leap-frog’ other creditors in a liquidation.2

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Tax, Herbert Smith Freehills LLP, Debt, Liability (financial accounting), Liquidation, Liquidator (law), Australian Taxation Office, Commissioner of Taxation (Australia), Corporations Act 2001 (Australia), Income Tax Assessment Act 1936 (Australia), High Court of Justice (England & Wales), Federal Court of Australia, High Court of Australia
    Authors:
    Paul Wenk
    Location:
    Australia
    Firm:
    Herbert Smith Freehills LLP
    High Court decision on subrogation and a first mortgagee’s obligations to guarantors
    2009-11-30

    The High Court’s recent decision in Bofinger v Kingsway involves the law respecting sureties, their obligation to indemnify the creditor and right to indemnity by the principal debtor, and the operation of the doctrine of equity associated with the term “subrogation”.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Real Estate, Piper Alderman, Surety, Debtor, Solicitor, Debt, Mortgage loan, Liquidation, Default (finance), High Court of Justice (England & Wales)
    Authors:
    Tom Griffith
    Location:
    Australia
    Firm:
    Piper Alderman
    Transfer of reinsurance assets abroad
    2008-05-21

    MCGRATH AND ANOTHER v RIDDELL, House of Lords, 9 April 2008

    The liquidators of the HIH group of Australian insurance companies appealed against the decisions of the High Court and the Court of Appeal that certain assets of the HIH group, mostly reinsurance claims on policies taken out in the London market, should not be remitted to Australia. The courts instead ordered that the assets should remain in England and be distributed to creditors in accordance with English insolvency laws.

    Filed under:
    Australia, United Kingdom, Insolvency & Restructuring, Insurance, Litigation, Mills & Reeve LLP, Liability (financial accounting), Reinsurance, Liquidation, Remand (court procedure), Common law, Liquidator (law), Prejudice, House of Lords, Insolvency Act 1986 (UK), High Court of Justice (England & Wales)
    Location:
    Australia, United Kingdom
    Firm:
    Mills & Reeve LLP
    Sons of Gwalia and the CAMAC report – implications for shareholders and creditors
    2009-08-12

    Effectively, the High Court held that aggrieved shareholders (shareholders whose debt arises as a result of misrepresentation or improper disclosure by the company causing the shareholder to acquire shares) would be ranked equally with the debts of other unsecured creditors.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Piper Alderman, Shareholder, Unsecured debt, Dividends, Class action, Consideration, Debt, Misrepresentation, Liquidation, Subsidiary, Title retention clause, High Court of Justice (England & Wales)
    Location:
    Australia
    Firm:
    Piper Alderman
    Wealth and trusts quarterly digest February 2017
    2017-02-16

    Welcome to the February 2017 edition of our wealth and trusts quarterly digest. The digest provides up to date commentary and analysis on key sector developments. Our tax, wealth and trusts teams are able to provide a wide ranging service to assist you and your clients in responding to market trends and legal developments. We would welcome the opportunity to discuss any concerns you may have and always welcome feedback on the content of our publications. Feature When can trustees exercise their right of retention?

    Filed under:
    British Virgin Islands, United Kingdom, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Tax, RPC, Common Reporting Standard, HM Revenue and Customs (UK), Foreign Account Tax Compliance Act 2010 (USA), High Court of Justice (England & Wales)
    Location:
    British Virgin Islands, United Kingdom
    Firm:
    RPC
    Liquidators’ fees and the setting aside of a winding up order: who pays?
    2011-03-22

    The recent decision in Pacific China Holdings Limited v Grand Pacific Holdings Limited, BVIHCV 2009/389 sets out the view of the BVI Commercial Court as to who, if anyone, should be responsible for the remuneration of liquidators where a liquidation order is set aside on appeal.

    Filed under:
    British Virgin Islands, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Harneys, Costs in English law, Debt, Liquidation, Remand (court procedure), Liquidator (law), Prima facie, Court of Appeal of England & Wales, High Court of Justice (England & Wales)
    Location:
    British Virgin Islands
    Firm:
    Harneys
    BVI Commercial Court case notes - June 2011
    2011-06-23

    Trial on preliminary issues

    Filed under:
    British Virgin Islands, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Harneys, Shareholder, Injunction, Market liquidity, Voluntary association, Liquidation, Articles of association, Liquidator (law), Court of Appeal of England & Wales, High Court of Justice (England & Wales), Commercial Court (England and Wales)
    Authors:
    Phillip Kite
    Location:
    British Virgin Islands
    Firm:
    Harneys
    Finding the centre: COMI in a multi-jurisdictional world
    2009-09-30

    The facts behind Mr. Justice Lewison’s recent judgment in Stanford (STANFORD INTERNATIONAL BANK LIMITED [2009] EWHC 1441 (Ch)) have no direct connection with either the British Virgin or Cayman Islands but lawyers there do have particular reason to note the more general principles around the seemingly vexed but important issue of COMI in the context of multi-jurisdictional insolvency.

    Filed under:
    British Virgin Islands, Cayman Islands, United Kingdom, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Harneys, Debtor, Interest, Legal burden of proof, Uniform Act, High Court of Justice (England & Wales)
    Authors:
    Peter Tarn
    Location:
    British Virgin Islands, Cayman Islands, United Kingdom
    Firm:
    Harneys

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