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    Zero Degrees Celsius: The Effects of a "Crypto Winter" and Celsius’ Bankruptcy on Crypto Customers
    2022-11-28

    Part 1 – Celsius Bankruptcy

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Sullivan & Worcester LLP, Bankruptcy, Bitcoin, Cryptocurrency, Non-fungible tokens, Uniform Commercial Code (USA)
    Authors:
    Alexander D. Fung , Ryan M. Rosenblatt , Amy A. Zuccarello
    Location:
    USA
    Firm:
    Sullivan & Worcester LLP
    When does directors’ duty to creditors arise?
    2022-11-28

    Introduction

    The UK Supreme Court has recently delivered a landmark decision in the case of BTI 2014 LLC v Sequana S.A. [2022] UKSC 25. The decision is of great importance as the Supreme Court considered in detail whether the trigger for the directors’ duty to consider creditors’ interest is merely a real risk, as opposed to a probability of or close proximity to, insolvency.

    Background

    Filed under:
    Hong Kong, United Kingdom, Insolvency & Restructuring, Litigation, ONC Lawyers, Insolvency, UK Supreme Court
    Authors:
    Ludwig Ng , Ivy Wang
    Location:
    Hong Kong, United Kingdom
    Firm:
    ONC Lawyers
    董事對債權人的責任在何時產生?
    2022-11-28

    簡介

    英國最高法院最近在BTI 2014 LLC v Sequana S.A. [2022] UKSC 25一案中頒下了重要裁決,其重要之處在於最高法院深入探討了董事考慮債權人權益的責任,是只需出現真正的無力償債風險便已觸發,還是在相當可能或瀕臨無力償債時才觸發。

    背景

    本案的第二及第三答辯人為AWA公司(「該公司」)的董事。於2009年5月,他們安排該公司向該公司唯一股東(「第一答辯人」)派發1.35億歐元的股息(「該股息」),以抵銷第一答辯人結欠該公司的債務。該公司在支付該股息時,其資產負債表及現金流均處於具償債能力的狀況。然而,該公司有一項與污染相關而金額未定的長期或然負債,導致該公司產生未來可能無力償債的真正風險。

    Filed under:
    Hong Kong, United Kingdom, Insolvency & Restructuring, Litigation, ONC Lawyers, Insolvency, UK Supreme Court
    Authors:
    Ludwig Ng , Ivy Wang
    Location:
    Hong Kong, United Kingdom
    Firm:
    ONC Lawyers
    Claims Agents Beware: Business Arrangement With Claims-Trading Platform Raises Court’s Concern
    2022-11-28

    Online claims-trading platform Xclaim Inc. came under scrutiny this past summer in the Madison Square Boys & Girls Club Inc. bankruptcy case pending in the United States Bankruptcy Court for the Southern District of New York. Since at least 2019, Xclaim has executed agreements with at least five notice and claims agent firms to synchronize their proofs of claim registers with Xclaim’s website where such claims are posted for sale.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Squire Patton Boggs
    Authors:
    Kyle F. Arendsen
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Third Parties (Rights against Insurers) Act 2010 - recent court decisions relating to limitation issues and declarations from the court in respect of coverage
    2022-11-24

    The Third Parties (Rights against Insurers) Act 2010 (the “2010 Act”) came into force on 1 August 2016 and replaced the Third Parties (Rights Against Insurers) Act 1930 (the “1930 Act”).

    The previous 1930 Act had enabled a third party to bring a claim directly against an insurer where the insured had become insolvent, however a claimant had to (i) restore a dissolved company to the register of companies and obtain the leave of the court to allow proceedings to be commenced; (ii) obtain judgment against the insured; and (iii) commence separate proceedings against the insurer.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Insurance, Litigation, DAC Beachcroft
    Authors:
    Gill Burnett , Paul Davison
    Location:
    United Kingdom
    Firm:
    DAC Beachcroft
    Dos, don’ts and duties to creditors on insolvency for directors following Supreme Court decision
    2022-11-24

    The Supreme Court decision in BTI v Sequana provided the first opportunity for the UK Supreme Court to address the duty of company directors to consider the interests of a company’s creditors when the company becomes insolvent or when it approaches or is at real risk of insolvency. Natalie Osafo and Francesca Bugg examine the decision and its implications for company directors.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Stewarts, Insolvency, Companies Act 2006 (UK), UK Supreme Court
    Authors:
    Natalie Osafo , Francesca Bugg
    Location:
    United Kingdom
    Firm:
    Stewarts
    Why liquidation isn’t the panacea to disputes with the VAT man
    2022-11-23

    Having experienced first-hand HMRC’s attempts to combat serious tax losses, one of the features of tax litigation over the last 15 years has been the prevalence of so-called ‘Kittel’ cases. These are cases in which HMRC seeks to deny repayments of VAT to companies buying goods in circumstances where HMRC has identified a fraud further up the supply chain, often many companies distant. They can involve significant amounts of VAT and form a substantial pillar of HMRC’s compliance strategy.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, Keystone Law, Supply chain, HM Revenue and Customs (UK)
    Authors:
    Martin O’Neill
    Location:
    United Kingdom
    Firm:
    Keystone Law
    Removing the façade: A look behind the Building Safety Act 2022
    2022-11-23

    It is five years since the tragic Grenfell disaster but defective cladding/dangerous living conditions and fire safety are still very much hot news. But, you may be asking, why is this relevant to insolvency practitioners?

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Kingsley Napley, Mediation, Cladding, Insolvency, Building Safety Act 2022 (UK)
    Authors:
    Daniel Staunton
    Location:
    United Kingdom
    Firm:
    Kingsley Napley
    Crossborder aspects in Swiss restructurings
    2022-11-24

    1.1 Are there international treaties and/or cross-border instruments applicable?

    Filed under:
    European Union, Switzerland, Company & Commercial, Insolvency & Restructuring, Litigation, Loyens & Loeff, ESG, Insolvency, Lugano Convention
    Authors:
    Judith Raijmakers , Robin Moser , Stéphanie Szedlák (née Hagmann) , Christine Hohl
    Location:
    European Union, Switzerland
    Firm:
    Loyens & Loeff
    NCLAT holds that taking benefit of supply of electricity during CIRP carries with it an obligation to pay for such supply.
    2022-11-24

    In its decision in Shailesh Verma, Resolution Professional of Lavasa Corporation Limited vs. Maharashtra State Electricity Distribution Company Limited, a 3 (three)member bench of the Hon’ble National Company Law Appellate Tribunal (“NCLAT”) has held that continuation of electricity supply to a corporate debtor during the subsistence of the corporate insolvency resolution process (“CIRP”) is subject to payment for such supply.

    Brief Facts

    Filed under:
    India, Insolvency & Restructuring, Litigation, JSA, Insolvency, Insolvency and Bankruptcy Code (India), National Company Law Tribunal
    Authors:
    Varghese Thomas , Yohaann Limathwalla
    Location:
    India
    Firm:
    JSA

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