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    Creditor Funding in Liquidation: A Viable Asset Recovery Tool?
    2025-02-21

    When a company goes into liquidation, creditors often wonder whether they will recover their debts. One available option to achieve this is funding legal action to help the liquidator recover assets.

    Singapore's insolvency legislation allows creditors who fund liquidators' recovery actions to have priority over other creditors in the distribution of recovered assets. This improves the viability of commencing insolvency proceedings as an asset recovery tool.

    Filed under:
    Singapore, Insolvency & Restructuring, Litigation, Withers LLP, Liquidation, Insolvency, Singapore High Court
    Authors:
    Zhen Yu Lam , Wong Sze Qi
    Location:
    Singapore
    Firm:
    Withers LLP
    Unrecognised Foreign Judgments and Awards and Liquidation Proceedings in the British Virgin Islands
    2025-02-12

    In Servis-Terminal LLC v Drelle [2025] EWCA Civ 62, the English Court of Appeal held that a bankruptcy petition cannot be presented based on an unsatisfied foreign judgment where the foreign judgment has not been recognised in that jurisdiction. This update considers the effect that decision may have on statutory demands and applications for the appointment of liquidators based on unrecognised foreign judgments in the British Virgin Islands.

    The Hierarchy of the Courts of the Eastern Caribbean

    Filed under:
    British Virgin Islands, Insolvency & Restructuring, Litigation, Mourant Ozannes, Liquidation, Insolvency
    Authors:
    Shane Donovan , Eleanor Morgan , Jennifer Jenkins , Justine Lau , Michael Popkin
    Location:
    British Virgin Islands
    Firm:
    Mourant Ozannes
    Legal update on cryptocurrency liquidation case
    2025-02-06

    Following the High Court’s landmark case in 2023 where cryptocurrency was recognised by the Court as property and could form a subject matter of a trust, the High Court recently further clarified the trust relationship between exchanges and their customers. Non-Consenting Customers (NCCs) who did not accept the 2018 Terms and Conditions (T&C) were found to have a proprietary interest in their assets, giving them priority in the liquidation process. Conversely, customers who had agreed to the T&Cs were treated as unsecured creditors.

    Filed under:
    Hong Kong, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, CMS Cameron McKenna Nabarro Olswang LLP, Liquidation, Due diligence, Cryptocurrency
    Authors:
    Jonathan Chu , Mengyi Chen , Eugene Wong
    Location:
    Hong Kong
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Does time stop running for limitation purposes when a company enters administration?
    2025-01-23

    Contract Natural Gas Limited v ZOG Energy Ltd [1] is the first post-Enterprise Act 2002 judgment on the effect of administration on limitation. After reviewing existing authority and statute, the Court confirmed that (among other things) time does not stop running for limitation purposes when a company enters a post-Enterprise Act administration. Fraser Ritson, Aziz Abdul and Brian Rostron acted for Joshua Dwyer and William Wright in their capacity as the joint liquidators of Contract Natural Gas Limited – in Liquidation.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Addleshaw Goddard LLP, Liquidation
    Authors:
    Fraser Ritson , Aziz Abdul , Brian Rostron
    Location:
    United Kingdom
    Firm:
    Addleshaw Goddard LLP
    Restructuring & Insolvency
    2025-01-14

    Key developments in 2024

    2024 has seen one of the most significant insolvency cases in recent years. In June, Justice Leech handed down his judgment on the claim brought by the liquidators of BHS against certain of its former directors for wrongful trading and misfeasance. This judgment is likely to have important consequences for the D&O market.

    It was particularly noteworthy as it was the first time that the directors of a company had been found guilty of the novel claim of 'misfeasant trading'.

    Filed under:
    United Kingdom, Insolvency & Restructuring, RPC, Supply chain, Liquidation, Insolvency
    Authors:
    Will Beck
    Location:
    United Kingdom
    Firm:
    RPC
    Top 10 Predictions for 2025 in Restructuring and Insolvency
    2025-01-08

    Restructuring Plans (RPs)

    2024 was a year of firsts for RPs, and as case law in this area continues to evolve, there is little doubt that this will carry through into 2025.

    It would be remiss not to expect to see more RPs in 2025. News of Thames Water's restructuring is "splashed" all over the press and Speciality Steel's plan might see the first "cram up" of creditors, but there seems a long way to go to get creditors onside.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Squire Patton Boggs, Liquidation, Insolvency, Financial Conduct Authority (UK), HM Revenue and Customs (UK), Insolvency Service (UK), National Security and Investment Act 2021 (UK)
    Authors:
    John Alderton , Devinder Singh , Russ Hill , Vanessa Stuart , Monika Lorenzo-Perez , Rachael Markham , Charlotte Møller
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Navigating Egyptian Bankruptcy Law: A Comprehensive Guide
    2025-01-06

    Egypt’s bankruptcy law has undergone significant reforms in recent years, reflecting a broader effort to modernize the country s economic framework and create a more business-friendly environment. This article explores the key aspects of Egyptian bankruptcy law, focusing on its purpose, procedures, and implications for businesses and creditors.

    The Evolution of Bankruptcy Law in Egypt

    Filed under:
    Egypt, Insolvency & Restructuring, Ehab Yehia Law Firm, Bankruptcy, Liquidation
    Authors:
    Ehab Yehia
    Location:
    Egypt
    Firm:
    Ehab Yehia Law Firm
    Liquidators' duties in investigations and asset recovery in Singapore
    2024-12-27

    When a company enters liquidation, the appointed liquidator steps into a pivotal role – one that requires navigating complex challenges to recover assets and maximize returns for creditors. This task entails conducting detailed investigations and pursuing legal actions, processes that demand a careful balance of inquiry, judgment, and responsibility.

    Filed under:
    Singapore, Insolvency & Restructuring, Litigation, Withers LLP, Liquidation, Singapore High Court
    Authors:
    Zhen Yu Lam , Hui Xuan Cheang
    Location:
    Singapore
    Firm:
    Withers LLP
    Decreto correttivo ter: la liquidazione giudiziale e il concordato di liquidazione
    2024-12-18

    Il 27 settembre 2024 è stato pubblicato in Gazzetta Ufficiale il D. Lgs. 13 settembre 2024, n. 136 (“Correttivo-ter”), terzo – e attualmente ultimo – Decreto Correttivo al Codice della Crisi d’Impresa e dell’Insolvenza.

    Il novello decreto correttivo ha apportato modifiche sostanziali a numerosi istituti del Codice della Crisi. Al netto di alcuni ritocchi di stile e di dettaglio, il Correttivo-ter,​ da un lato, recepisce talune prassi o risolve dubbi interpretativi e, dall’altro, introduce specifiche novità largamente attese dagli operatori.

    Filed under:
    Italy, Insolvency & Restructuring, LEXIA, Liquidation, Insolvency
    Authors:
    Cristian Fischetti , Matteo Stroppa
    Location:
    Italy
    Firm:
    LEXIA
    Not a wind up?! - Sheriff Court confirms proper basis for liquidation petitions against debtor companies
    2024-12-10

    A recent decision of the Commercial Sheriff Court at Perth in the case of Priority Construction UK Limited v Advanced Material Processing Limited, reported at [2024] SC PER 48, has confirmed the position in relation to the proper basis for liquidation petitions to be brought against debtor companies. The moral of this story is that liquidation petitions should not be used to try to recover a validly disputed debt - something that all creditors and practitioners should be alert to.

    The facts

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Morton Fraser MacRoberts LLP, Liquidation
    Location:
    United Kingdom
    Firm:
    Morton Fraser MacRoberts LLP

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