Recording an assignment or other transactions, such as mergers, before the UAE Trade Mark Office (‘TMO’) shall involve specific legal requirements and formalities, including submitting a legalised Deed of Assignment (‘DOA’) signed by both the assignor and assignee and/or a merger certificate. However, many trade mark owners faced some complications in presenting such documents which could arise from companies restructuring, insolvency and/or voluntarily winding up of legal entities.
On 23 October 2024, Deputy High Court Judge Le Pichon of the Court of First Instance in the High Court of the Hong Kong SAR granted recognition and assistance to Chan Ho Yin (also known as Michael Chan) (“Mr Chan“) of Kroll (HK) Ltd and Elaine Hanrahan (“Ms Hanrahan“), the joint official liquidators of Bull’s-Eye Limited (“Bull’s-Eye”) following a letter of request issued by the British Virgin Islands (“BVI”) Eastern Caribbean Supreme Court.
Introduction & Key Takeaways
The year 2024 ended with some major legal fireworks, as two important courts issued contrasting New Year’s Eve decisions on the validity of “uptier” liability management transactions that have played a large role in corporate debt restructurings for the past several years.
On December 31, 2024, the United States Court of Appeals for the Fifth Circuit issued its long awaited opinion in the disputes arising from the controversial “uptier” transaction executed by Serta Simmons Bedding, L.L.C. (“Serta”) in 2020 and the confirmation of Serta’s chapter 11 plan by the Southern District of Texas Bankruptcy Court in 2023. The Fifth Circuit reversed former Bankruptcy Judge David Jones’ summary judgment ruling that the 2020 uptier transaction was permissible under Serta’s existing credit agreements.
The intersection of state escrow laws and federal bankruptcy laws can create confusion and surprise for contracting parties.
The Problem & Four Examples
The problem creating such confusion and surprise is this. State escrow laws:
- are, typically, defined by the common law;
- lack precise details; and
- are often applied in bankruptcy to the detriment of the party who believes a valid escrow exists.
Here are four examples of the escrow / bankruptcy problem.
Introduction
KEY TAKEAWAYS
- The application process and evidence required by the JFSC for a migration
- Consideration of a migration application by the JFSC
- Effects of granting a certificate of continuance and a migration overseas
The object of this guide is to provide clients of Walkers with information on the process involving the migration of companies to and from Jersey.
Migration to Jersey
DGJ v Ocean Tankers (Pte) Ltd (in liquidation)[2024] SGCA 57
The Court of Appeal ruled that assignments may be ineffective for offending public policy. Additionally, an assignment of a bare right to sue must not prejudice the administration of justice. Generally, non-assignment clauses would also prohibit the assignment of contractual and related rights.
Facts
Introduction
Before the landmark decision of the Hong Kong Court of Final Appeal in Guy Kwok-Hung Lam v Tor Asia Credit Master Fund LP [2023] HKCFA 9 (“ReGuy Lam”), there had been a long-standing debate over the impact, if any, of an exclusive jurisdiction clause in favour of a foreign court (“EJC”) on the presentation of bankruptcy / winding-up petitions.
At-a-glance cases provided by Gatehouse Chambers’ Insolvency Team, featuring: