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    Second personal costs award against liquidator
    2016-12-13

    Liquidator Mark Norrie has been hit with a second order to pay costs this year in relation to liquidation proceedings. In Norrie v Time3 Global Ltd, the High Court addressed the issue of costs resulting from a quashed order to set aside a transaction made pursuant to s 295 of the Companies Act 1993.

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Buddle Findlay, Liquidation, Liquidator (law)
    Authors:
    Susan Rowe , Bridie McKinnon , Peter Niven , Scott Abel , David Perry , Scott Barker , Kelly Paterson , Jan Etwell , Myles O'Brien , Willie Palmer
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    Court will not easily side with debtors who are slow to defend bankruptcy proceedings
    2013-04-03

    In Hutchins v Edwards [2013] NZHC 336, the High Court declined an application for an adjournment by a debtor who sought further time to liquidate property in order to pay a judgment debt.

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Buddle Findlay, Bankruptcy, Debtor, Debt, Liquidation
    Authors:
    David Perry , Scott Barker , Willie Palmer
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    Mandatory set-off in bankruptcy or liquidation
    2011-04-04

    Finnigan v He underlines the obligatory nature of bankruptcy set-off whereby once the statutory requirements that exist in section 310 of the Companies Act 1993 are met (and no exclusion applies), such a set-off is mandatory. It also discusses when a transaction occurs and the operation of the exclusion in section 310(2) that preludes bankruptcy set-off.

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Buddle Findlay, Bankruptcy, Liquidation
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    Third party discharge of debt held to be voidable
    2017-09-26

    The High Court recently granted an application under s 292 Companies Act 1993 to set aside substantial payments made on behalf of Northern Crest Investment Limited (in liquidation) (NCI) to satisfy a debt owed to Robt. Jones Holdings Limited (RJH).

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Buddle Findlay, Liquidation
    Authors:
    Bridie McKinnon , Oliver Gascoigne , Matthew Triggs , Myles O'Brien , Susan Rowe , Peter Niven , David Perry , Scott Abel , Kelly Paterson , Scott Barker , Willie Palmer , Jan Etwell , David Broadmore
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    The dangers of playing fast and loose when trading carbon credits, rare earth metals and coloured diamonds
    2016-12-13

    The English High Court in Re Caledonian Ltd considered whether the business practices of two companies justified the winding up of these companies on a just and equitable basis.

    Caledonian Ltd and Caledonian Commodities Ltd (Companies) in concert marketed and sold (among other products) carbon credits, rare earth metals and coloured diamonds (Products) to individual investors.

    Filed under:
    New Zealand, United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Buddle Findlay, Liquidation, High Court of Justice
    Authors:
    Scott Abel , David Perry , Scott Barker , Bridie McKinnon , Myles O'Brien , Kelly Paterson , Susan Rowe , Peter Niven , Jan Etwell , Willie Palmer
    Location:
    New Zealand, United Kingdom
    Firm:
    Buddle Findlay
    No priority given to solicitors' fees in opposing winding up petitions
    2012-12-20

    In the recent English decision of Neumans LLP v Andronikou & Others, a company had unsuccessfully opposed a winding up petition and the question for the Court was whether the solicitors' costs in doing so were an expense of the administration. In considering this issue, the Court noted that there would have to be "some special reason, connected with the administration" to make the administrators pay fees in full as an expense when statutory provisions did not allow for solicitors to have priority over other creditors and those entitled to claim expenses.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Legal Practice, Litigation, Buddle Findlay, Costs in English law, Solicitor, Liquidation
    Authors:
    David Perry , Scott Barker , Willie Palmer
    Location:
    United Kingdom
    Firm:
    Buddle Findlay
    Liquidators can require certain secured creditors to provide information
    2011-04-04

    A recent decision confirms that liquidators can require creditors and other persons with relevant knowledge about the affairs of the company in liquidation to provide information.

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Buddle Findlay, Liquidation, Liquidator (law)
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    Special procedure for voluntary winding-up under section 228A, Companies Ordinance
    2014-02-14

    As we pointed out in our Legal Update of 30 January 2014 ("New Companies Ordinance – Old Winding Up and Insolvency Regime"), the new Companies Ordinance for Hong Kong (Chapter 622) is scheduled to take effect from 3 March 2014 but it will not cover the winding-up and insolvency regime.

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Mayer Brown, Liquidation
    Authors:
    Richard M. Tollan , Edmund M. S. Ma
    Location:
    Hong Kong
    Firm:
    Mayer Brown JSM
    The Thai perspective— effect of bankruptcy on arbitration
    2010-07-20

    Thailand introduced reforms to its bankruptcy laws in 1998 in the aftermath of the 1997 Asian financial crisis. Those reforms introduced business reorganisation provisions similar to the Chapter 11 provisions of the US Bankruptcy Code. Further amendments have been made to the Thai bankruptcy laws, which are now governed by the Bankruptcy Act BE 2483 (1940) as amended by the Bankruptcy Act (No. 7) BE 2547 (2004).

    Filed under:
    Thailand, Arbitration & ADR, Insolvency & Restructuring, Mayer Brown, Bankruptcy, Debtor, Arbitration clause, Statute of limitations, Debt, Liquidation, Balance sheet, Constitutional amendment, Title 11 of the US Code, United States bankruptcy court
    Authors:
    James Rix
    Location:
    Thailand
    Firm:
    Mayer Brown
    Petitioners beware: pleading winding-up as an alternative remedy to section 168A
    2014-02-07

    Did you know that in the recent matter of Chan Kam Cheung v. Sun Light Elastic Ltd & Another1 the petitioner's alternative remedy for winding-up was struck out by the court?

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Mayer Brown, Shareholder, Liquidation
    Authors:
    Richard M. Tollan , Justine T. K. Lau
    Location:
    Hong Kong
    Firm:
    Mayer Brown JSM

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