The House of Lords has ruled that English assets of the HIH group of companies are to be remitted to the Australian liquidators for distribution under Australian law. This briefing discusses the background to McGrath and another and others v Riddell and others [2008] UKHL 21 and the implications of the ruling.
Background
The House of Lords recently had to consider whether the English court should remit assets when faced with a request to do so by a foreign court.
Summary
Background
he Corporate Insolvency and Governance Bill 2020 (the Bill) was published on 20 May 2020. Following completion of the Bill's third reading in the House of Commons, it is now proceeding through the House of Lords.
The Corporate Insolvency and Governance Bill 2020 (the Bill) was published on 20 May 2020. Following completion of the Bill's third reading in the House of Commons, it is now proceeding through the House of Lords.
The (the Bill) was published on 20 May 2020. Following completion of the Bill's third reading in the House of Commons, it is now proceeding through the House of Lords.
The Corporate Insolvency and Governance Act 2020 makes the most significant changes to UK insolvency law in a generation. It had a rapid passage through the UK parliamentary process, making its way from first publication on 20 May 2020 to Royal assent on 25 June 2020 in just over five weeks. This article provides a brief overview of the key measures introduced by the Act (both permanent and temporary) and summarises the amendments made to the Act during its progress through parliament. It also provides links to our further, more in-depth, analysis.
The Corporate Insolvency and Governance Act 2020 has introduced a new standalone moratorium procedure for companies.1 The moratorium is part of a package of significant legislative reforms contained in the Act, intended to enhance the UK’s restructuring rescue culture. These were originally consulted on between 2016 and 2018 and were fast-tracked to deal with the COVID-19 pandemic.
Overview
The rapidly changing impact of COVID-19 on companies and the wider economy presents directors with the unenviable task of balancing the immediate need to secure the survival of their company against the longer-term implications for their stakeholders. In March, the UK Government announced that wrongful trading measures would be temporarily suspended to ease this pressure. The suspension measures are included in the Corporate Insolvency and Governance Act 2020, which introduces both temporary measures, such as this, and permanent and significant changes to UK insolvency law.
The Corporate Insolvency and Governance Act 2020 makes the most significant changes to UK insolvency law in a generation. It had a rapid passage through the UK parliamentary process, making its way from first publication on 20 May 2020 to Royal assent on 25 June 2020 in just over five weeks. This article provides a brief overview of the key measures introduced by the Act (both permanent and temporary) and summarises the amendments made to the Act during its progress through parliament. It also provides links to our further, more in-depth, analysis.
The Corporate Insolvency and Governance Act 2020 has introduced a new standalone moratorium procedure for companies.1 The moratorium is part of a package of significant legislative reforms contained in the Act, intended to enhance the UK’s restructuring rescue culture. These were originally consulted on between 2016 and 2018 and were fast-tracked to deal with the COVID-19 pandemic.
Overview