How to adapt to shifting legislation on insolvency fraud
A total of more than £73 billion was provided to 1.6 million firms via the government’s support schemes, with the majority going to ‘micro businesses’ with nine employees or less.
With a marked increase in large-scale cross-border insolvency and restructuring proceedings in the Cayman Islands and elsewhere, there is a greater focus on principles of comity and co-operation between courts and collaboration between officeholders.
In one of the most important trust decisions of recent years, which was handed down on Thursday 13 October 2022, the Judicial Committee of the Privy Council (the JCPC) held that the rights of indemnity of successive trustees against the assets of an insolvent trust fund (ie a trust fund that is unable to meet those liabilities) rank pari passu and not on a first in time basis.
Three bills are being read in Parliament proposing new insolvency-related legislation and amendments:
In brief
Jersey law ruling will have far reaching ramifications for trust administration in common law jurisdictions
In brief
The UK Supreme Court has handed down its long-awaited judgment in relation to the case of BTI 2014 LLC (Appellant) v. Sequana SA and others (Respondents) [2022] UKSC 25, concerning the duty of directors of a company registered under the Companies Act 2006 to consider (and act in accordance with) the interests of the company’s creditors.
Contents
Commercial court powers have been amended to achieve the speed and efficiency required by EU regulations.
Object
Liquidation involves the collection of the company's assets, the realisation of those assets and the distribution of the proceeds of their sale to the company's creditors.
Process of appointing liquidator
Introduction
Informal workout agreements can renegotiate, delay, reduce or waive pre-existing debts owed by a company. For the debtor company, the main purpose of entering into an informal workout is to obtain agreements from its creditors to relinquish rights and refrain from enforcing certain debt covenants. The following are some commonly used informal workout mechanisms: