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    Effect of liquidator’s disclaimer of a lease
    2012-09-07

    The recent decision of the Victorian Court of Appeal in Re Willmott Forests Limited (Receivers and Managers appointed) (in liquidation) [2012] VSCA 202 gives liquidators comfort when disclaiming leases (as the liquidator of a landlord) pursuant to s 568(1) of the Corporations Act 2001 (Cth) (‘the Act’).

    Filed under:
    Australia, Victoria, Insolvency & Restructuring, Litigation, Real Estate, King & Wood Mallesons, Leasehold estate, Liquidation, Liquidator (law), Corporations Act 2001 (Australia), Victoria Supreme Court
    Authors:
    Joanne Cameron , Patricia Matthews
    Location:
    Australia
    Firm:
    King & Wood Mallesons
    Winding up insurers - priority payment of reinsurance proceeds
    2011-06-27

    Amaca Pty Ltd v McGrath & Anor as liquidators of HIH Underwriting and Insurance (Australia) Pty Ltd [2011] NSWSC 90

    Filed under:
    Australia, Insolvency & Restructuring, Insurance, Litigation, King & Wood Mallesons, Share (finance), Debt, Liability (financial accounting), Reinsurance, Liquidation, Underwriting, Liquidator (law), Corporations Act 2001 (Australia)
    Location:
    Australia
    Firm:
    King & Wood Mallesons
    Consolidations and winding ups
    2011-06-27

    Over the past few months there have been a number of insurance portfolio transfers and a winding up of a general insurer.  Various judges of the Federal Court have considered aspects of the Insurance Act (Cth) 1973.

    Portfolio transfers

    There have been two scheme transfers of insurance portfolios from Australian branches of overseas insurers to Australian subsidiaries.  While objections to the transfers were raised, the Federal Court confirmed the schemes.

    Filed under:
    Australia, Insolvency & Restructuring, Insurance, King & Wood Mallesons, Reinsurance, Liquidation, Holding company, Constitutional amendment, Corporations Act 2001 (Australia), American International Group, Federal Court of Australia
    Location:
    Australia
    Firm:
    King & Wood Mallesons
    BVI court hands down preliminary issues decision in claims brought by liquidators of Bernard Madoff "feeder fund"
    2011-09-16

    On 16 September 2011 judgment was handed down by the BVI Commercial Court in a number of cases that have been brought by the liquidators of Fairfield Sentry Limited (“Fairfield”), a "feeder fund" into Bernard L Madoff Investment Securities Limited (“BLMIS”), against a number of investors that historically redeemed out of the fund (the "Fairfield judgment"). Subject to any appeal, the Fairfield judgment should put an end to the liquidators’ claims in the BVI.

    Filed under:
    British Virgin Islands, Insolvency & Restructuring, Litigation, Ogier, Share (finance), Consideration, Liquidation, Articles of association, Liquidator (law), Net asset value
    Location:
    British Virgin Islands
    Firm:
    Ogier
    Netting and subordination - British Virgin Islands
    2011-01-14

    The Insolvency Act 2003 of the British Virgin Islands (the “IA”) provides that the netting of financial contracts is legally enforceable notwithstanding any provisions of the IA or the Insolvency Rules. Significantly, this means that where an insolvent entity that is party to a financial contract goes into liquidation, what might otherwise be a voidable transaction will be upheld if carried out pursuant to a netting agreement.

    Filed under:
    British Virgin Islands, Insolvency & Restructuring, Ogier, Credit (finance), Option (finance), Swap (finance), Futures contract, Debt, Liquidation, Credit derivative
    Location:
    British Virgin Islands
    Firm:
    Ogier
    Chapter 15 recognition: Fairfield Sentry Limited (in liquidation)
    2010-10-29

    As well as issuing claims in mistake and restitution in the BVI Commercial Court and the US State Supreme Court, the liquidators of Fairfield Sentry Limited (“the Fund”) also petitioned for and, on 22 July 2010 obtained, Chapter 15 recognition in the United States Bankruptcy Court for the Southern District of New York.

    Filed under:
    British Virgin Islands, USA, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Ogier, Debtor, Asset management, Investment management, Liquidation, Liquidator (law), Derivative suit, UNCITRAL, United States bankruptcy court
    Location:
    British Virgin Islands, USA
    Firm:
    Ogier
    Fairfield funds
    2010-10-19

    Liquidators were appointed over Fairfield Sentry Limited, Fairfield Sigma Limited and Fairfield Lambda Limited (together “the Funds”) by orders of the BVI High Court dated 21 July 2009, 21 July 2009 and 23 April 2009 respectively. Fairfield Sentry Limited was the largest “feeder” fund to Bernard L Madoff Investment Securities LLC (“BLMIS”) and invested approximately 95% of its assets with BLMIS. BLMIS was placed into liquidation proceedings in the United States in December 2008, after it was revealed that Bernard Madoff operated BLMIS as a Ponzi scheme for many years.

    Filed under:
    British Virgin Islands, Capital Markets, Insolvency & Restructuring, Litigation, Ogier, Security (finance), Limited liability company, Liquidation, Investment funds, Liquidator (law), High Court (Ireland), Commercial Court (England and Wales)
    Location:
    British Virgin Islands
    Firm:
    Ogier
    The first creditor schemes of arrangement to be sanctioned in the BVI
    2010-10-19

    The First Creditor Driven Schemes

    The Commercial Court has very recently sanctioned four schemes of arrangement pursuant to section 179A of the BVI Business Companies Act 2004. These were the first two creditor-driven schemes to be proposed and sanctioned in the BVI. There has been one other scheme proposed and sanctioned in the BVI but this was a member’s scheme and was altogether more straightforward. Ogier BVI was instructed in relation to all four schemes.

    The First Scheme

    Filed under:
    British Virgin Islands, Insolvency & Restructuring, Litigation, Ogier, Debtor, Unsecured debt, Interest, Arbitration award, Debt, Liquidation, Holding company, Subsidiary, Commercial Court (England and Wales)
    Location:
    British Virgin Islands
    Firm:
    Ogier
    Insolvency of Guernsey Companies
    2020-04-07

    Introduction

    Filed under:
    European Union, Guernsey, Insolvency & Restructuring, Ogier, Liquidation
    Authors:
    Christopher Jones , Mathew Newman , Alex Horsbrugh-Porter , Paul Chanter
    Location:
    European Union, Guernsey
    Firm:
    Ogier
    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

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