Introduction
In Sun Electric Power Pte Ltd v RCMA Asia Pte Ltd [2021] SGCA 60, the Singapore Court of Appeal had the opportunity to consider some vital questions relating to insolvency proceedings. In the context of an appeal against a winding-up order, the Court considered whether the company's directors should be entitled to control the appeal, and who should be responsible for the costs of the appeal.
The Supreme Court of The Bahamas has recently provided guidance on the ability and extent to which the fees and expenses of the liquidator may be paid from trust property. Such guidance has emanated from Justice Winder and Justice McKay in two separate decisions relating to Pacifico Global Advisors Limited (in liquidation) (“Pacifico”) delivered within the period of six months[1].
Dutch football club ADO Den Haag has filed for WHOA proceedings after its major shareholder failed to pay €2 million due to the club, leaving it unable to meet its financial obligations.
The decision
Mr Justice Zacaroli has handed down his judgment in Hurricane Energy plc [2021] EWHC 1759 (Ch).
Summary
The Court declined to approve the cross-class cram down of Hurricane’s shareholders as part of the Part 26A restructuring plan because the available evidence did not demonstrate that the shareholders were “no worse off” as a result of the restructuring plan. On that basis the restructuring plan failed.
The past week has been frustrating for landlords, with the High Court rejecting a landlord challenge to New Look’s CVA (Lazari Properties 2 Ltd and others v New Look Retailers Ltd and others [2021] EWHC 1209 (Ch)) and days later sanctioning Virgin Active’s restructuring plan (Re Virgin Active Holdings Ltd and others [2021] EWHC 1246 (Ch)).
In the matter of Western Port holdings Pty Ltd (receivers and managers appointed)(in liq) [2021] NSWSC 232, Deed Administrators who were subsequently appointed Liquidators of Western Port Holdings Pty Ltd (the Company) clawed back over $2 million worth of payments made to the Australian Taxation Office (ATO) whilst the Company was subject to a Deed of Company Arrangement (DOCA).
Grand Court confirms that Section 48 of the Trusts Act (2021 Revision) provides a statutory gateway for the approval of former liquidators' fees as statutory trustee pursuant to Order 23, rule 5 of the CWR
The Federal Court’s recent decision in Kellendonk concerned a $350,000 loan made by the applicants, Mr and Mrs Kellendonk, to Ms Maria Jasienska-Dudek to help her buy a property in Midland, Western Australia (Property). Ms Jasienska-Dudek defaulted under the loan agreement and the parties subsequently entered an informal agreement which, after Ms Jasienska-Dudek became a bankrupt, led to some novel circumstances and a novel application of section 133 of the Bankruptcy Act 1966 (Cth) (the Bankruptcy Act).
Cross-border insolvency has ventured into new territory as a judgment is released from the first contemporaneous sitting of the Federal Court of Australia and the High Court of New Zealand.
The UK Government has published a Consultation1 which sets out its proposals for targeted (but significant) amendments to certain aspects of the existing UK insolvency arrangements for insurers.