In this article, we examine (1) the new regime for safeguarding of customer funds applying to UK payment and electronic money institutions, (2) the impact these reforms will have on those firms and (3) in particular, the indirect effect the reforms will have on banks holding safeguarded funds and insolvency practitioners who manage the insolvency of a failed payment or electronic money institution.
The Hon’ble Supreme Court of India (“Supreme Court”), in the case of IL&FS Financial Services Ltd. vs. Adhunik Meghalaya Steels Pvt. Ltd.1, held that entries in a company’s balance sheet acknowledging outstanding borrowings constitute a valid acknowledgment of debt under Section 18 of the Limitation Act, 1963 (“Limitation Act”), even if the creditor is not specifically named within the balance sheet.
Introduction
Voluntary liquidation is the mechanism available to solvent limited liability companies in the United Arab Emirates (“UAE”) where the shareholders decide to bring the company’s operations to an orderly end. Unlike compulsory liquidation, which is triggered by insolvency or court order, voluntary liquidation reflects a decision of the shareholders to dissolve the company while it remains able to discharge its obligations in full.
Standard Profil’s scheme of arrangement was sanctioned by the English High Court on 9 September 2025, notwithstanding a recent Frankfurt court decision casting doubt on whether English restructuring plans and schemes of arrangement proposed by German companies would be capable of sanction by the English courts going forward as a result of recognition issues (see ‘More on this topic’).
The Insolvency and Companies Court, in A Company -v- Visionary Future LLC & ors. (unreported), has dismissed an application by a company seeking to strike out, or alternatively restrain advertisement of, a winding-up petition brought by creditors. The judgment underlines the critical importance of providing proper and substantiated evidence in insolvency proceedings.
Lewis Silkin acted for the petitioners (the respondents in the application), who have since been successful in winding up the company in question.
Inthe matter of Trinco (NSW) Pty Ltd (in liq) [2025] NSWSC 993, the New South Wales Supreme Court found Mr Azizi to be a de facto director of Trinco (NSW) Pty Ltd (in liq) (Trinco) and liable for insolvent trading. Trinco’s liquidator was awarded compensation, payable by Mr Azizi.
Introduction
Introduction
Equity of Exoneration and Joint Liability: Insights from Armstrong & Anor v Harrow [2025] EWHC 1790 (Ch)
On 18 July 2025, ICC Judge Mullen handed down judgment in Armstrong & Anor v Harrow [2025] EWHC 1790 (Ch) denying Mrs Harrow’s claim for an equity of exoneration to keep the full proceeds from the sale of the matrimonial home.
Key Points:
- INTRODUCTION:
Madam Bernice was a well-known entrepreneur in Nigeria in the 1970s and 1980s. She had a big business dream to start a family fashion business that would outlive her and be a blessing to future generations. That dream did come to fruition, as “Bernice Fashion Enterprise” was established sometime in 1972 and became a registered company in 1978, acquiring a new name “Bernice Fashion Limited.” (real names withheld).