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    No use lashing out over unpaid debts - cosmetics distribution company avoids winding up order despite failing to establish bona fide defence
    2019-02-20

    In Swiss Cosmeceutics (Asia) Ltd [2019] HKCFI 336, Mr Justice Harris of the Hong Kong Court of First Instance declined to wind up a company despite it failing to establish a bona fide defence on substantial grounds. Mr Justice Harris commented on the difficulties presented by sporadic record keeping, and reiterated the principle that the burden of proof lies with the company to demonstrate a bona fide defence on substantial grounds, despite the existence of anomalies in the petitioner’s claim.

    Facts

    Filed under:
    Hong Kong, Company & Commercial, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Liquidation
    Authors:
    Gareth Thomas , Dominic Geiser , Alexander Aitken , Paul Apáthy , Philip Lis
    Location:
    Hong Kong
    Firm:
    Herbert Smith Freehills LLP
    Court of Appeal applies rigorous approach to assessing purpose element of claims to set aside transactions defrauding creditors
    2018-08-02

    Despite evidence that a defendant knew he was facing potential proceedings which could bankrupt him, at the time he transferred assets to his son, the Court of Appeal held that this was not sufficient to find that the transfer was made for the purpose of defrauding creditors. Consequently, the transfer could not be unwound under s423 Insolvency Act 1996: JSC BTA Bank v Mukhtar Ablyazov, Madiyar Ablyazov [2018] EWCA Civ 1176.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP
    Authors:
    Andrew Cooke
    Location:
    United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    Preview of 2018
    2018-01-15

    ENGLAND AND WALES PREVIEW OF 2018 January 2018 LEGAL GUIDE HERBERT SMITH FREEHILLS 01 page CONTENTS Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 02 Brexit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 03 Competition, Regulation and Trade . . . . . . . . . . . . . . . . . . 05 Construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 07 Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 08 Dispute Resolution . . . . . . . .

    Filed under:
    European Union, United Kingdom, Scotland, Arbitration & ADR, Banking, Company & Commercial, Competition & Antitrust, Construction, Derivatives, Employee Benefits & Pensions, Employment & Labor, Energy & Natural Resources, Insolvency & Restructuring, Insurance, Intellectual Property, IT & Data Protection, Planning, Real Estate, Securitization & Structured Finance, Tax, Herbert Smith Freehills LLP, Brexit, GDPR
    Location:
    European Union, United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    Queensland environmental laws trump Commonwealth Corporations Act, liquidators are ’executive officers’
    2017-04-13

    Today the Queensland Supreme Court confirmed that the liquidators of an insolvent company are ‘executive officers’ of that company under Queensland’s environmental laws, which means that the liquidators are required to use available funds to cause the company to comply with its environmental obligations under an environmental protection order issued to Linc.

    Filed under:
    Australia, Queensland, Environment & Climate Change, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Corporations Act 2001 (Australia), Queensland Supreme Court
    Location:
    Australia
    Firm:
    Herbert Smith Freehills LLP
    Corporate Crime Update - October 2016 - Middle East
    2016-10-27

    Former Emirati official arrested in Saudi Arabia over alleged fraud

    Filed under:
    United Arab Emirates, Insolvency & Restructuring, White Collar Crime, Herbert Smith Freehills LLP
    Location:
    United Arab Emirates
    Firm:
    Herbert Smith Freehills LLP
    Australia's Insolvency and Bankruptcy Law Reform: ipso facto clauses
    2016-05-19

    Major insolvency reform: Getting the (ipso) factos straight

    In brief

    Filed under:
    Australia, USA, Insolvency & Restructuring, Herbert Smith Freehills LLP, Bankruptcy
    Authors:
    Paul Apáthy
    Location:
    Australia, USA
    Firm:
    Herbert Smith Freehills LLP
    The English High Court pierces the corporate veil using the “evasion principle”
    2015-10-30

    In Paul David Wood & Anor v Timothy Darren Baker & Ors, the joint trustees in bankruptcy of the bankrupt's property successfully obtained injunctions freezing the assets and business of the respondents and restraining them from dealing with such assets and business.  This case is an illustration of how the court may apply the "evasion principle", a principle identified in the decision of the Supreme Court in the case of Prest v Petrodel Resources Ltd, in piercing the corporate veil.

    Background

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Bankruptcy, High Court of Justice
    Authors:
    Richard Norridge , Joanna Caen
    Location:
    United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    Fraud/iniquity exception applied to displace privilege where evidence of transaction defrauding creditors
    2015-02-11

    In a recent decision, the High Court held that legal advice taken in relation to certain transactions was not protected by privilege, as there was prima facie evidence that the purpose of the advice was to structure the transactions in a way that avoided the client’s liability to pay local authority care charges and/or as a transaction defrauding creditors: London Borough of Brent v Kane [2014] EWHC 4564 (Ch).

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Fraud, High Court of Justice
    Authors:
    Andrew Cooke , Maura McIntosh
    Location:
    United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    Experts nervous on independence and process post Billabong
    2014-05-29

    Independent experts have become increasingly nervous on independence and process points since the Australian Securities and Investments Commission (ASIC) required a replacement independent expert in Billabong, apparently based on independence concerns raised by ASIC in that case.

    Filed under:
    Australia, Capital Markets, Insolvency & Restructuring, Herbert Smith Freehills LLP, Shareholder
    Authors:
    Rebecca Maslen-Stannage
    Location:
    Australia
    Firm:
    Herbert Smith Freehills LLP
    The application of refinancing agreements to dissident creditors holding secured credits
    2013-07-08

    Act 38/2011, of 10 October, which reforms the former Spanish Insolvency Act, introduces a number of measures, including the possibility of obtaining court approval for refinancing agreements meeting certain requirements to extend the agreed debt rescheduling to certain creditors that have either opposed the refinancing agreement (i.e. dissident creditors), or that have not participated in it.

    Additional Provision 4 of the Insolvency Act establishes that court approval for refinancing agreements may be sought by the debtor if they meet the following conditions:

    Filed under:
    Spain, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Debtor, Debt, Refinancing
    Authors:
    Ignacio Echenagusia , Gonzalo Martín de Nicolás
    Location:
    Spain
    Firm:
    Herbert Smith Freehills LLP

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