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.
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:
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
Oceanfill Ltd v Nuffield Health Wellbeing Ltd and Cannons Group Ltd. [2022] EWHC 2178 (Ch)
A recent decision of the High Court has given helpful clarity on the effects of the UK's restructuring plan procedure on lease agreements and the implications for lease guarantors.
The Virgin Active plan
As the tile suggests the state of recognition and assistance jurisprudence & practice in Hong Kong is less than clear. This follows the recent (mostly) conflicting 1st instance decisions of Up Energy and Global Brands. Here are my views about (i) what I believe is settled; (ii) the points of judicial difference; and (iii) what remains unclear.
Settled