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    Cayman Islands’ Joint Provisional Liquidators Appointed Over Failed Cryptocurrency Exchange
    2023-06-17

    On 8 March 2023, the Grand Court of the Cayman Islands appointed Joint Provisional Liquidators (“JPLs”) over Atom Holdings (the “Company”), a Cayman incorporated holding company for the Atom Group, which operated a cryptocurrency exchange via an online platform known as AAX (Atom Asset Exchange).

    Filed under:
    Cayman Islands, Banking, Company & Commercial, Insolvency & Restructuring, IT & Data Protection, Litigation, Conyers, Liquidation, Cryptocurrency
    Authors:
    Jonathon Milne , Alecia Johns
    Location:
    Cayman Islands
    Firm:
    Conyers
    Landing the Eagle: Guernsey Royal Court confirms distribution of surplus funds to an indirect external creditor
    2023-06-16

    The Royal Court has recently handed down the final decision in the matter of Eagle Holdings Limited (in compulsory liquidation).[1] In this decision, the Royal Court of Guernsey provided guidance and assistance to the joint liquidators regarding a distribution of surplus funds.

    Filed under:
    Guernsey, Company & Commercial, Insolvency & Restructuring, Ogier, Liquidation, Barclays
    Authors:
    Sandie Lyne , Michael Rogers
    Location:
    Guernsey
    Firm:
    Ogier
    A new test for insolvency? Court of Appeal weighs in on the relevance of future payable debts
    2023-06-12

    Understanding whether a company is insolvent, and the date of insolvency, is essential for directors and accountants who advise companies, as well as liquidators and other parties bringing insolvency-based claims. In understanding these issues, the analysis may need to go beyond establishing present-day liquidity – for example, what impact do long term-debts have on a company’s solvency and how are they used to prove insolvency? Which debts are relevant to the cashflow test? Whether a company is ‘able to pay all its debts’ as and when they become ‘due and payable’?

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, Ironbridge Legal, Debtor, Liquidation, Creditors' rights, Disputes, Insolvency, Corporations Act 2001 (Australia), New South Wales Court of Appeal
    Authors:
    Trevor Withane
    Location:
    Australia
    Firm:
    Ironbridge Legal
    Doing Business in Israel: Insolvency Law
    2023-05-29

    The arrangements in Israel’s Insolvency and Economic Rehabilitation Law, enacted in 2018, include a series of special characteristics that must be taken into account when engaging with an Israeli corporation.

    The relatively new law incorporates various rulings from previous years, and the legal practice deriving from it is still evolving. Thus, some uncertainty still exists regarding how the courts are likely to implement some of the arrangements prescribed in the law.

    Filed under:
    Israel, Insolvency & Restructuring, Litigation, Barnea Jaffa Lande, Liquidation, Coronavirus, Insolvency
    Authors:
    Idan Miller
    Location:
    Israel
    Firm:
    Barnea Jaffa Lande
    City Gardens Ltd v DOK82 Ltd
    2023-05-25

    City Gardens Ltd v DOK82 Ltd [2023] EWHC 1149 (Ch) was a successful appeal against the decision of the district judge below to dismiss a winding up petition on several bases: first that the court had no jurisdiction to make an order because arrangements between the parties were subject to an exclusive jurisdiction clause, secondly because they provided for the application of Hong Kong law rather than English law, thirdly by reason of disputes regarding certain other contractual terms, and finally by reason of an issue as to whether the company had a viable cross claim.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Wedlake Bell, Liquidation
    Authors:
    Edward Saunders
    Location:
    United Kingdom
    Firm:
    Wedlake Bell
    Tweeting out justice: BVI Court permits service by Twitter in Three Arrows crypto dispute
    2023-05-15

    The continued fall-out of the high-profile collapse of the Three Arrows crypto fund has seen another development, with the BVI Court permitting alternative service by Twitter after the collapsed fund's directors failed to appear for examination before the BVI Court. [1]

    Filed under:
    British Virgin Islands, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Ogier, Liquidation, Cryptocurrency
    Location:
    British Virgin Islands
    Firm:
    Ogier
    Re James Court Ltd
    2023-05-15

    A claim under s 127 is restitutionary (see Hollicourt (Contracts) Ltd v Bank of Ireland and Ahmed v Ingram), and in a case involving the payment of money is for unjust enrichment (see Officeserve Technologies Ltd v Annabel’s (Berkeley Square) Ltd).

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Wedlake Bell, Liquidation
    Authors:
    Frances Coulson
    Location:
    United Kingdom
    Firm:
    Wedlake Bell
    Trading beyond the Twilight Zone? What are a directors’ duties and responsibilities after liquidators are appointed?
    2023-05-02

    Introduction

    In a recent article we considered the nature and extent of directors’ duties to take into account the interests of a company’s creditors when a company is in financial difficulty. A recent High Court decision (Mitchell & Krys v Al Jaber & ors [2023] EWHC 364 (Ch)) considered the issue of directors’ duties in the subsequent situation where a company has entered liquidation. Whilst the relevant company was based in the British Virgin Islands (BVI), the case includes analysis of the position in English law.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Beale & Co, Liquidation, Initial public offerings
    Authors:
    Ross Baker , Andrew Layton-Morris
    Location:
    United Kingdom
    Firm:
    Beale & Co
    Corporate Insolvency and Restructuring Legal Framework in Cyprus: A Shift Towards a Rescue Culture
    2023-04-24

    Artemis Amalia Metaxa, Chrysostomides Advocates & Legal Consultants

    This is an extract from the 2023 edition of GRR's Europe, Middle East and Africa Restructuring Review. The whole publication is available here.

    This is an Insight article, written by a selected partner as part of GRR's co-published content. Read more on Insight

    In summary

    Filed under:
    Cyprus, Insolvency & Restructuring, Litigation, Global Restructuring Review, Liquidation, Insolvency
    Location:
    Cyprus
    Firm:
    Global Restructuring Review
    Members Voluntary Winding Up
    2023-04-19

    A members voluntary winding up (MVWU) is implemented in circumstances where the company’s members no longer wish to retain the company’s structure because its existence is no longer required or useful. It is only available if the company in question is solvent.

    A MVWU is the only way to fully wind up the affairs of a solvent company. All outstanding creditors are paid in full, and any surplus assets are distributed to its members. A MVWU also ensures that the interests of the company’s members are protected while the company structure is dismantled.

    Filed under:
    Australia, Capital Markets, Insolvency & Restructuring, Chamberlains Law Firm, Liquidation, Australian Securities and Investments Commission, Corporations Act 2001 (Australia)
    Authors:
    Sayward McKeown
    Location:
    Australia
    Firm:
    Chamberlains Law Firm

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