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    (1) Russell Crumpler (2) Sarah Bower (Joint Liquidators of Peak Hotels & Resorts LTD in Liquidation) v Candey LTD (2018)
    2018-11-21

    The joint liquidators of Peak Hotels & Resorts Limited ("Peak") brought an unsuccessful appeal that a legal charge held over funds paid into court ("Funds") was incapable of enforcement. The court dismissed the appeal on the basis that Peak did retain a proprietary interest over the funds.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Ashfords LLP, Interest, Deed, Reinsurance, Liquidation
    Authors:
    Alan Bennett , Emma Hindon
    Location:
    United Kingdom
    Firm:
    Ashfords LLP
    Peak Hotels & Resorts Ltd (in Liquidation) sub nom (1) Russell Crumpler (2) Sarah Bower (Joint Liquidators of Peak Hotels & Resorts Ltd (In Liquidation)) v Candey Ltd (2017)
    2018-06-11

    The Facts

    The case concerned an application made by the Liquidators of a BVI incorporated company, Peak Hotels and Resorts Limited ("Peak"). The application was intended to determine the effectiveness of a charge granted by Peak to Candey Limited, Peak's former solicitor.

    Peak was the holding company of a joint venture vehicle that became the subject of lengthy international litigation proceedings following the breakdown of relations between the joint venture partners and shareholders. Candey acted for peak in the litigation.

    Filed under:
    British Virgin Islands, United Kingdom, Insolvency & Restructuring, Litigation, Ashfords LLP, Liquidation, Insolvency Act 1986 (UK)
    Authors:
    Mathilda Traill , Alan Bennett
    Location:
    British Virgin Islands, United Kingdom
    Firm:
    Ashfords LLP
    Toone v Robbins [2018] EWHC 569
    2018-06-01

    The Facts

    This was an appeal of a decision of Chief Registrar Baister.

    Dean and Richard Robbins were directors of a company which entered Creditors Voluntary Liquidation in February 2011. Dean Robbins was the sole shareholder. It appears that the Company had somewhat basic accounting practices and did not keep detailed books and records. It transpired that, prior to entering Liquidation, the Company had paid substantial sums to the Directors in various instalments, which the Liquidators sought to recover under three separate claims.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Ashfords LLP, Liquidation, High Court of Justice
    Authors:
    Connor Pierce
    Location:
    United Kingdom
    Firm:
    Ashfords LLP
    Public Sector Bulletin - 16 January 2018
    2018-01-16

    With the news of major government contractor Carillion's liquidation, we look at the practical steps public bodies should be taking if Carillion is one of their contractors or is part of their supply chains so as to ensure there is as little disruption as possible across their service areas.

    Contract review

    Filed under:
    United Kingdom, Insolvency & Restructuring, Projects & Procurement, Public, Ashfords LLP, Liquidation, Carillion
    Authors:
    Elizabeth Gibson
    Location:
    United Kingdom
    Firm:
    Ashfords LLP
    In Re Dalnyaya Step LLC (In Liquidation) [2017] EWHC 3153 (Ch)
    2017-12-18

    It has been held that full and frank disclosure was not provided to the Court by a Russian Liquidator in granting a Recognition Order in the UK, which resulted in the Recognition Order being set aside. The issue was determined despite the parties being in agreement that the Liquidator's claims should be withdrawn.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Ashfords LLP, Liquidation
    Authors:
    Alan Bennett , Olivia Bridger
    Location:
    United Kingdom
    Firm:
    Ashfords LLP
    Provider preparedness in the wake of CoOportunity health's liquidation
    2015-03-18

    On March 2, 2015, the Iowa District Court for Polk County entered a Final Order of Liquidation against CoOportunity Health, Inc. ("CoOportunity") after previously placing CoOportunity under a rehabilitation order. 

    Filed under:
    USA, Iowa, Insolvency & Restructuring, Litigation, Jones Day, Liquidation
    Location:
    USA
    Firm:
    Jones Day
    An amendment to the German insolvency grounds could give over-indebted businesses breathing space for restructurings
    2008-10-30

    In the wake of the recent turmoil in the financial markets the German government has agreed on a package of measures to stabilise the financial markets and to avoid adverse effects on the real economy. The draft bill as introduced on 15 October 2008 has been passed already and comes into force as from 18 October 2008.

    Filed under:
    Germany, Insolvency & Restructuring, White & Case LLP, Share (finance), Shareholder, Debt, Liability (financial accounting), Economy, Liquidation, Balance sheet, Refinancing, Default (finance), Valuation (finance), Constitutional amendment, Chief executive officer
    Location:
    Germany
    Firm:
    White & Case LLP
    Drafting error deprives creditors of benefit of bankruptcy estate assets
    2008-09-03

    The Fifth Circuit recently issued an opinion addressing an important issue with respect to the preservation of a debtor's causes of action in a Chapter 11 plan of reorganization. The Fifth Circuit held that a reorganized debtor lacked standing to pursue certain common-law claims that were based on the pre-confirmation management of the bankruptcy estate's assets.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, White & Case LLP, Bankruptcy, Debtor, Unsecured debt, Breach of contract, Fraud, Fiduciary, Limited liability company, Res judicata and issue estoppel, Standing (law), Negligence, Liquidation, Common law, Collateral estoppel, Title 11 of the US Code, United States bankruptcy court, Fifth Circuit
    Location:
    USA
    Firm:
    White & Case LLP
    Second Circuit: new Parmalat liable for old Parmalat "Frankenstein" suits
    2008-09-03

    On July 22, 2008, the US Court of Appeals for the Second Circuit affirmed denial of the motion of Parmalat S.p.A. ("New Parmalat") to extend an injunction provided to its predecessor, Parmalat Finanziaria, S.p.A., under Bankruptcy Code section 304, against securities fraud actions.1 Although the appeal addressed the issue of injunction in the context of superseded Bankruptcy Code section 304, this decision and the underlying lower court opinion signify other issues of broader import, including the need for careful plan drafting and the complexities inherent in cross-border cases.

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Litigation, White Collar Crime, White & Case LLP, Bankruptcy, Unsecured debt, Injunction, Fraud, Class action, Debt, Liquidation, Comity, Joint-stock company, Securities fraud, Second Circuit, United States bankruptcy court
    Location:
    USA
    Firm:
    White & Case LLP
    Hedge fund must disclose ID of investor allegedly involved in fraudulent conveyance, despite foreign secrecy law
    2008-07-29

    In a recent opinion,1 the U.S. District Court for the Southern District of New York emphasized that foreign confidentiality statutes do not deprive an American court of the power to order a party subject to its jurisdiction to produce evidence — even though the act of production may be considered a criminal offense in a foreign jurisdiction and subject the party to serious consequences, including imprisonment and fines.

    Background

    Filed under:
    USA, New York, Capital Markets, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, White & Case LLP, Confidentiality, Bankruptcy, Fraud, Privately held company, Discovery, Hedge funds, Liquidation, Holding company, Conveyancing
    Location:
    USA
    Firm:
    White & Case LLP

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