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    Jersey companies and English administration
    2010-09-14

    There has been a considerable amount of interest from clients recently on putting Jersey companies holding UK real property and other assets into English administration. Where a Jersey company and its creditors intend to rescue the company as a going concern, or English administration would achieve a better realisation for creditors than a désastre or a winding up, it may be advantageous to commence English administration.

    Filed under:
    Jersey, United Kingdom, Insolvency & Restructuring, Ogier, Debtor, Interest, Liquidation, Comity, Insolvency Act 1986 (UK), Courts of Jersey
    Authors:
    Bruce MacNeil
    Location:
    Jersey, United Kingdom
    Firm:
    Ogier
    Corporate restructuring and employee benefit trusts
    2009-11-30

    In the current economic environment, there are a number of entities that are being restructured. Our current experience has been that such restructurings fall into two areas, namely a debt for equity swap or a release of “toxic” assets from a group structure in order to minimise exposure to this asset class.

    Debt for Equity Swap

    Filed under:
    Jersey, Employee Benefits & Pensions, Insolvency & Restructuring, Ogier, Share (finance), Shareholder, Debtor, Employee stock ownership plan, Dividends, Interest, Option (finance), Debt, Initial public offerings, Balance sheet, Preferred stock, Consolidation (business)
    Location:
    Jersey
    Firm:
    Ogier
    Administration: engaging legislation from the United Kingdom
    2009-12-14

    There is currently no administration process in Jersey. However, an interesting area of development is the gradual trend towards seeking English administration for Jersey incorporated companies with assets or businesses in England. This offers a possible alternative for a company to winding up on just and equitable grounds where it is desirable to keep the company as a going concern and certain pre-requisites, as a matter of English law, are met (primarily that administration offers a chance of a better realisation for creditors than winding up).

    Filed under:
    Jersey, Insolvency & Restructuring, Litigation, Bedell Cristin, Brand, Interest, Liquidation, Precondition, High Court of Justice (England & Wales)
    Location:
    Jersey
    Firm:
    Bedell Cristin
    Sanction of a compromise under Article 170 of the Companies (Jersey) Law 1991
    2009-09-21

    In the matter of the Representation of Gregory Branch and Lee Manning, Joint Liquidators of AAA Holdings Limited (in liquidation) [2009]JRC110

    This judgment is of interest as being the first occasion on which the Royal Court in Jersey was asked to sanction the compromise of a claim under Article 170 of the Companies (Jersey) Law 1991 (the "Companies Law").

    Filed under:
    Jersey, Insolvency & Restructuring, Litigation, Bedell Cristin, Interest, Ex parte, Liquidation, Liquidator (law)
    Location:
    Jersey
    Firm:
    Bedell Cristin
    Transactions at risk when entered into by a company in financial distress
    2009-05-20

    When doing business with a Luxembourg company in financial distress, the counterpart should be aware that certain transactions are at risk.

    Doing business with a bankrupt Luxembourg company

    A bankrupt Luxembourg company is automatically deprived from the administration of its assets. All transactions must be entered into by the receiver in bankruptcy acting in the name and on behalf of the bankrupt company.

    Filed under:
    Luxembourg, Insolvency & Restructuring, NautaDutilh, Bond (finance), Bankruptcy, Collateral (finance), Interest, Ex post facto law, Consideration, Debt, Due diligence, Commercial paper
    Authors:
    Thibaut Willems
    Location:
    Luxembourg
    Firm:
    NautaDutilh
    Interest accrued during a suspension of payments does count in bankruptcy
    2017-12-19

    On 24 November 2017, the Dutch Supreme Court ruled that in the event a suspension of payments is converted into a bankruptcy, interest that accrues after the suspension of payments was granted, but before the debtor was declared bankrupt, can be presented to the bankruptcy trustee for verification (HR 24 November 2017, ECLI:NL:HR:2017:2991).

    Filed under:
    Netherlands, Insolvency & Restructuring, Stibbe, Bankruptcy, Interest, Credit Suisse, Supreme Court of the Netherlands
    Authors:
    Marleen Jonckers
    Location:
    Netherlands
    Firm:
    Stibbe
    The Netherlands: providing financial support to related parties
    2009-07-15

    Summary

    Providing financial support to related parties that are in financial distress may be in the interest of the group as a whole, but is not necessarily in the direct interest of the individual group company providing such support. This client briefing discusses that issue from a Dutch corporate law and tax law perspective, including the potential consequences if there is a material difference between the financial risks assumed by the Dutch company and the benefits of entering into such a transaction.

    Introduction  

    Filed under:
    Netherlands, Insolvency & Restructuring, Freshfields Bruckhaus Deringer, Debtor, Collateral (finance), Interest, Articles of association
    Authors:
    Thijs Flokstra , Machiel Lambooij
    Location:
    Netherlands
    Firm:
    Freshfields Bruckhaus Deringer
    Dutch Supreme Court judgment: software contracts in disarray?
    2007-10-23

    A recent insolvency law case in the Dutch Supreme Court could have serious consequences for software licensees faced with a bankrupt supplier or licensor. The effect of the judgment may be to render traditional software escrow agreements insufficient and to require additional protective measures.

    Summary

    Filed under:
    Netherlands, Insolvency & Restructuring, IT & Data Protection, Litigation, Bird & Bird LLP, Bankruptcy, Debtor, Leasehold estate, Interest, Vacated judgment, Trustee, Supreme Court of the Netherlands
    Location:
    Netherlands
    Firm:
    Bird & Bird LLP
    Ebert Construction: Court provides Guidance on the Retentions Trust Regime
    2018-11-19

    Following our previous updates (Ebert Construction Receivership – What You Need to Know and Ebert Construction – Receivership and Liquidation), on 12 November 2018 the High Court ordered that the Receivers of Ebert Construction Ltd (in rec and liq) (Ebert) be appointed as the receivers

    Filed under:
    New Zealand, Construction, Insolvency & Restructuring, Hesketh Henry, Interest, Beneficiary, Subcontractor, Liquidation, Accrued interest
    Authors:
    Nick Gillies , Glen Holm-Hansen , Rob McStay
    Location:
    New Zealand
    Firm:
    Hesketh Henry
    Spanish Corporate-Real Estate Legal Update nº 31. July 2016: Determination of the Moment at Which Director Liability Arises for Corporate Debts in the Event of Company Insolvency
    2016-07-06

    Supreme Court Judgment dated 10 March 2016 (STS 151/2016)

    The judgment of the Supreme Court analyses the objective scope of extension of the liability for obligations and debts for which, as appropriate, the director of a company should be liable and, more specifically, the scope of "the corporate obligations subsequent to the occurrence of the legal ground for dissolution".

    Filed under:
    Spain, Company & Commercial, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Patent infringement, Interest, Consideration, Debt, Court costs, Joint and several liability, Capital punishment, Dissolution (law), Supreme Court of the United States, Court of Appeal of England & Wales, South Africa Supreme Court of Appeal
    Authors:
    Ramón Castilla
    Location:
    Spain
    Firm:
    Squire Patton Boggs

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