In a seminal judgment of the Court of Appeal of England & Wales in the case of In the Matter of AGPS Bondco plc (Adler), the Court of Appeal overturned the first instance judgment of the High Court of England and Wales sanctioning a restructuring plan between AGPS Bondco plc (Plan Company) and its creditors. In doing so, it restated and clarified the law in England & Wales insofar as it relates to restructuring plans. Post-Adler, the High Court has sanctioned a restructuring plan in the case of In the Matter of Project Lietzenburger Straße Holdco S.A.R.L.
A recent English law case has highlighted an issue relevant to those involved in Channel Islands-related insolvencies – and particularly to insolvency practitioners ("IPs") who take on appointments as administrators – about the interplay between insolvency legislation and employment law.
mourant.com 2021934/73079902/3 GUIDE Liquidating an insolvent Jersey company Last reviewed: February 2023 Contents When is a company insolvent? 2 Désastre proceedings under the Bankruptcy Law 2 Who may make an application?
mourant.com 2021934/73072975/2 GUIDE Challenging transactions in a Jersey insolvency Last reviewed: January 2023 Contents When is a company insolvent?
During the lifetime of a company some of the most difficult problems that a director faces are encountered if the company is in financial difficulty: not yet unable to pay its bills and insolvent but with a possibility that it may get to that position. At that stage the decisions made by a director may affect not only the survival and future of the company but also the director's own position.
Summary and comment
The Bankruptcy (Netting, Contractual Subordination and Non-petition Provisions) (Jersey) Law 2005 (the Netting Law) is a short law, expressed in seven articles, which gives statutory confirmation that netting, contractual subordination and non-petition provisions in agreements are enforceable in accordance with their terms before and after bankruptcy.
In the recent judgement of In the matter of SPARC Group Limited (en désastre) [2022] JRC 194 (SPARC Group), the Royal Court of Jersey considered the appropriate test for the making of a disqualification order against a director, with the stark nature of the facts justifying a lengthy term of disqualification.
Background
The application for a disqualification order was made by the Viscount, in respect of Andrew Jeremy Mills (Mr Mills), who was the sole director of SPARC Group Limited (the Company), a property development business.
A summary winding up is the procedure used to wind up a solvent Jersey company under the Companies (Jersey) Law 1991 (the 1991 Law).
This guide examines the procedure for carrying out a summary winding up.
Steps
The steps necessary to carry out a summary winding up are as follows:
The Irish Minister for Enterprise, Trade and Employment signed into law the European Union (Preventive Restructuring) Regulations 2022 on 29 July 2022. This is the first significant piece of legislation dealing with corporate rescue in Ireland since 1990, when the jurisdiction's examinership process was first codified.
Introduction