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Learning from Mistakes: Imposing Constructive Trusts over Mistaken Payments
2023-02-02

This article first appeared in Volume 20, Issue 1 of International Corporate Rescue and is reprinted with the permission of Chase Cambria Publishing - www.chasecambria.com.

Synopsis

Filed under:
Cayman Islands, United Kingdom, Insolvency & Restructuring, Litigation, Walkers, Liquidation, Cayman Islands Monetary Authority, High Court of Justice (England & Wales)
Authors:
Rupert Bell , Daisy Boulter
Location:
Cayman Islands, United Kingdom
Firm:
Walkers
View Original Article
Duties of Directors of Guernsey Companies
2023-01-25

In the current economic environment, directors will be fully focussed on avoiding any breach of their fiduciary duties, particularly if they are directors of companies experiencing or at risk of financial distress.

This client briefing provides a general overview of the duties of directors of Guernsey companies in these circumstances and is not comprehensive. We recommend that clients obtain specific legal advice in relation to any individual matter which may concern them.

Who are the Directors?

Filed under:
Guernsey, Company & Commercial, Insolvency & Restructuring, Litigation, Ogier, Liquidation, Insolvency, UK Supreme Court
Authors:
Paul Chanter
Location:
Guernsey
Firm:
Ogier
View Original Article
Bankruptcy Court Allows Service of a Subpoena Via Twitter
2023-01-17

When a court-appointed trustee or liquidator is tasked with liquidating an entity, they need to gain possession of all of the entity’s assets. In crypto cases, this task can prove difficult when trying to identify and control all of the entity’s different digital assets and obtain cooperation from the entity’s former operators. Unfortunately, in the case of Three Arrows Capital (“3AC”), the two founders have refused to cooperate with recovery efforts and have absconded to unknown foreign countries.

Filed under:
British Virgin Islands, USA, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Squire Patton Boggs, Hedge funds, Liquidation, Cryptocurrency, United States bankruptcy court
Authors:
Kyle F. Arendsen
Location:
British Virgin Islands, USA
Firm:
Squire Patton Boggs
View Original Article
Restoring companies in the BVI: recent case law and recent legislative changes
2023-01-16

Introduction

Where a British Virgin Islands company is struck off the register, its directors and members cannot carry on the company's affairs, commence or defend legal proceedings in the name of the company, or deal with the assets of the company.

Filed under:
British Virgin Islands, Company & Commercial, Insolvency & Restructuring, Litigation, Ogier, Liquidation, Dissolution (law)
Authors:
Justin Davis , Shane Quinn
Location:
British Virgin Islands
Firm:
Ogier
View Original Article
Brave new world: restructuring officers in the Cayman Islands
2023-01-11

The Grand Court of the Cayman Islands has issued its first judgment appointing Restructuring Officers under the new section 91B of the Cayman Islands Companies Act, which came into force on 31 August 2022.

Introduction

Filed under:
Cayman Islands, Insolvency & Restructuring, Litigation, Mourant, Liquidation, Winding-up
Authors:
Christopher Harlowe , Jonathan Moffatt , Justine Lau , Nicholas Fox , Peter Hayden , Simon Dickson
Location:
Cayman Islands
Firm:
Mourant
View Original Article
(UK) 2023: The Year of the Restructuring Plan?
2023-01-09

It is difficult to predict what 2023 might hold for businesses in the UK. Given the difficult economic environment, many will already be facing a challenging start to the year. Although the challenges of the pandemic (such as lock downs) have gone, others have materialised. Energy price hikes and inflation rises continue to make trading conditions tough.

Filed under:
United Kingdom, Company & Commercial, Insolvency & Restructuring, Squire Patton Boggs, Liquidation, HM Revenue and Customs (UK)
Authors:
Rachael Markham , Charlotte Møller
Location:
United Kingdom
Firm:
Squire Patton Boggs
View Original Article
Dubai courts: A stark warning for directors of companies in liquidation
2021-10-18

On 10 October, the Dubai Court of First Instance issued a potentially ground-breaking judgment in respect of directors’ liability in the context of corporate insolvency.

In particular, in the matter of the liquidation of the public company Marka PJSC (“Marka”), the Court held the company’s board of directors and managers personally and jointly liable for the company’s outstanding debts, totalling close to AED 450 million.

Filed under:
United Arab Emirates, Company & Commercial, Insolvency & Restructuring, Litigation, Public company, Bankruptcy, Board of directors, Liquidation, Corporate liability, Directors' duties, Companies Act, Dubai International Financial Centre, Abu Dhabi Global Market
Location:
United Arab Emirates
View Original Article
Liquidation of a LLC in the Emirate of Dubai, UAE
2018-10-31

Following the growing trend of companies participating in acquisitions and corporate restructurings, the rigorous procedure resulting from liquidation becomes incumbent to fully understand before a company’s directors and shareholders propose to walk through this route.

Introducing Liquidation

Filed under:
United Arab Emirates, Company & Commercial, Insolvency & Restructuring, Liquidation
Location:
United Arab Emirates
View Original Article
Set-off under the UAE Insolvency Law, May 2017
2017-05-24

The new United Arab Emirates (UAE) Insolvency Law (Federal Law No.9 of 2016) (Insolvency Law) was published in the UAE Gazette on 29 September 2016 and came in to force three months later on 29 December 2016. The Insolvency Law is a federal law that applies to all seven emirates comprising the UAE. The initial view from market participants is that by replacing the old insolvency law, which placed a greater emphasis on creditor protections and formal bankruptcy proceedings alongside criminal penalties, the Insolvency Law is an overdue but welcome development.

Filed under:
United Arab Emirates, Insolvency & Restructuring, HFW, Debt, Liquidation
Location:
United Arab Emirates
Firm:
HFW
View Original Article
Liquidation of Limited Liability Companies (LLC) in UAE
2017-04-30

Introduction:

Filed under:
United Arab Emirates, Company & Commercial, Insolvency & Restructuring, Legal personality, Shareholder, Limited liability company, Liability (financial accounting), Liquidation, Articles of association, Liquidator (law)
Location:
United Arab Emirates
View Original Article

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