The Hong Kong court in Re The Joint Liquidators of Supreme Tycoon Limited (in liquidation in the British Virgin Islands) (08/02/2018, HCMP833/2017), [2018] HKCFI 277 (Re Supreme Tycoon) has, for the first time, granted recognition and assistance to foreign liquidators appointed in a creditors' voluntary winding-up.
Update on Liquidator remuneration post-Sakr1
Key points summary
Following the recent high-profile appeal decision2, the Supreme Court of New South Wales has now finalised the saga that was the review and approval of the remuneration of the Liquidator of Sakr Nominees.
From that decision emerge several key points for insolvency professionals when considering their remuneration:
Boart Longyear – the recent appeal decision
On 7 April 2017, the President of the Republic of Azerbaijan signed a decree (the Decree) approving significant amendments to the Law On Banks dated 16 January 2004 (the Amendments) and relating to local banks experiencing financial difficulties.
Financial Rehabilitation
The UAE has pioneered a new insolvency regime for individuals or natural persons with the issuance of the stand-alone Insolvency Law No. 19 of 2019 (Insolvency Law), which has come to effect as of 30 November 2019.
The Insolvency Law is intended to provide sufficient protections to natural or civil persons who are facing financial distress and are unable to settle their debts, unlike the UAE Bankruptcy Law which regulates commercial companies and individuals considered as traders under the Commercial Transactions Code.
The UAE has pioneered a new insolvency regime for individuals or natural persons with the issuance of the stand-alone Insolvency Law No. 19 of 2019 (Insolvency Law), which has come to effect as of 30 November 2019.
The Insolvency Law is intended to provide sufficient protections to natural or civil persons who are facing financial distress and are unable to settle their debts, unlike the UAE Bankruptcy Law which regulates commercial companies and individuals considered as traders under the Commercial Transactions Code.
This week’s TGIF considers the process that a liquidator may follow when a director fails to attend at an examination. It considers the appeal in Mensink v Parbery [2018] FCAFC 101, in which the Court set out the relevant differences between arrest warrants issued to require a director to attend an examination, and arrest warrants to answer charges for contempt.
What happened?
In Stewart v Atco Controls Pty Limited (in liquidation) [2014] HCA 15, the High Court confirmed the Universal Distributing principle that a liquidator is entitled to be paid his or her remuneration and expenses in realising assets in priority to a secured creditor.
BACKGROUND
How far do liquidators’ powers to demand documents for public examinations extend? Which documents can they request and from whom can they request them?
In this week’s TGIF, we consider these questions in the context of the recent case of Re Cathro [2018] FCA 1138.
BACKGROUND
In Willmott Growers Group Inc v Willmott Forests Limited (Receivers and Managers Appointed) (In Liquidation) [2013] HCA 51, the High Court has confirmed that a liquidator of a landlord company has the power to disclaim a lease. The effect of the disclaimer is to terminate the leasehold interest of the lessee.
FACTS