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    Specific performance and receivers' liabilities
    2023-01-11

    On 28 October 2022, the High Court handed down judgment in the case of Alma Property Management Ltd v Crompton And Another [2022] EWHC 2671 (Ch).

    In this case, the (freeholder) Claimant sought an order for specific performance of the (leaseholder) Defendants' repairing obligations under a lease of the common parts of a block of flats called North Tower in Manchester.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Burges Salmon LLP, Leases, Insolvency, Insolvency Act 1986 (UK), High Court of Justice (England & Wales)
    Authors:
    Michael Duncan
    Location:
    United Kingdom
    Firm:
    Burges Salmon LLP
    Sanderson, in the matter of Jabaluka Pty Ltd (in liq) [2022] FCA 1012: Federal Court considers application for appointment of receiver of a corporate trust
    2023-01-12

    Jabaluka Pty Ltd (Jabaluka) was the Trustee of the Morgan Unit Trust, which operated an IGA Supermarket (the Supermarket) from 22 September 2010 to 13 March 2020. This case concerned an application by the Liquidator of Jabaluka (the Liquidator) under s 57 of the Federal Court of Australia Act 1976 (Cth) for an order that the Liquidator be appointed without security as receiver and manager of the assets and undertaking of the Morgan Unit Trust.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Gadens, Australian Taxation Office, Federal Court of Australia
    Authors:
    Scott Couper
    Location:
    Australia
    Firm:
    Gadens
    Cryptocurrency Update: Crypto in Celsius “Earn” Accounts Are Property of Bankruptcy Estate, Not Customer Assets
    2023-01-12

    Judge Martin Glenn of the United States Bankruptcy Court for the Southern District of New York issued a ruling last week in the Celsius Network bankruptcy case addressing whether customer deposits on a cryptocurrency exchange or platform are property of the debtor or property of the customer. The answer, not surprisingly, depends on the Terms of Use governing the account in question. In this case, the Court found that the terms clearly and unambiguously provided that ownership of cryptocurrency assets deposited into “Earn Accounts” resides with Celsius.

    Filed under:
    USA, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Schulte Roth & Zabel LLP, Cryptocurrency, United States bankruptcy court
    Authors:
    Douglas S. Mintz , Abbey Walsh , Peter J. Amend
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    BTI 2014 LLC v Sequana SA and Others: United Kingdom Supreme Court relies on Australian case law to settle question on Director’s duties
    2023-01-12

    In BTI 2014 LLC v Sequana SA and Others, the United Kingdom Supreme Court considered a case on appeal which asked the Court to expand the common law duty of directors in a significant way. The Appellant sought to argue that common law director duties should require directors to have regard to the interests of creditors even in circumstances where their company is solvent.

    Background

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, Gadens, New South Wales Court of Appeal
    Authors:
    Scott Couper
    Location:
    Australia
    Firm:
    Gadens
    BTI 2014 LLC v Sequana SA: unanswered questions from a British Virgin Islands perspective (Japenese) BTI 2014 LLC v Sequana SA:英領バージン諸島(BVI)から見る未決問題
    2023-01-10

    はじめに

    最近、イギリス(United Kingdom、以下同じ)最高裁判所のある判決では、破産した会社または破産に近い会社の取締役が債権者の利益を考慮に入れる義務が明確になりました。BTI 2014 LLC v Sequana SA [2022] UKSC 25はイギリスの会社法に関連していますが、英連邦全体、特にオフショア法域での破産における取締役義務についての解釈などに、広範囲にわたる影響を及ぼします。

    Sequana

    Filed under:
    British Virgin Islands, United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Ogier, Insolvency, Companies Act 2006 (UK), UK Supreme Court
    Authors:
    Oliver Payne , Shane Quinn , Joey Cheung , Andrea Ho アンドレア・ホー
    Location:
    British Virgin Islands, United Kingdom
    Firm:
    Ogier
    Distressed Hong Kong Airlines gets a second chance as Hong Kong and English courts approve USD6.2 billion restructuring
    2023-01-11

    On 9 December 2022, in the first restructuring to be implemented by way of a parallel and overlapping Hong Kong scheme and English restructuring plan, the English High Court approved a restructuring plan proposed by Hong Kong Airlines Limited (Hong Kong Airlines). The High Court of Hong Kong followed suit on 14 December 2022 and approved a scheme of arrangement on broadly the same terms.

    The approved restructuring has saved Hong Kong Airlines from imminent liquidation and aims to secure its continued existence as a going concern.

    Background

    Filed under:
    Hong Kong, Aviation, Insolvency & Restructuring, Litigation, Taylor Wessing, Coronavirus
    Authors:
    Mark Chan
    Location:
    Hong Kong
    Firm:
    Taylor Wessing
    Cayman Islands Restructuring: Getting Oriented With the New Regime - Part II
    2023-01-11

    On 11 November 2022, Mr Justice Kawaley ordered the first appointment of restructuring officers inRe Oriente Group Limited (FSD 231 of 2022) under the new Cayman Islands restructuring regime, with reserved written reasons to follow. On 15 November 2022, we provided a brief update on some of the key takeaways from the hearing, which can be found here.

    Filed under:
    Cayman Islands, Insolvency & Restructuring, Litigation, Conyers
    Authors:
    Jonathon Milne , Erik Bodden , Jordan McErlean
    Location:
    Cayman Islands
    Firm:
    Conyers
    Key takeaways on Poland's new electronic insolvency procedure one year on
    2023-01-11

    It has been just over a year since the introduction of Poland's new electronic insolvency procedure. The new procedure, introduced on 1 December 2021, is generally conducted via an online platform, the National Debtors’ Register, and has brought about a revolutionary change to Polish insolvency procedure.

    Positive developments

    • Faster access to the court - Documents filed on the online platform are instantly disclosed to the judge and to the other parties involved. The court’s decisions are also delivered quickly to the parties.

    Filed under:
    Poland, Insolvency & Restructuring, Internet & Social Media, Litigation, Taylor Wessing, Insolvency
    Authors:
    Ewelina Stobiecka , Sebastian Morgała
    Location:
    Poland
    Firm:
    Taylor Wessing
    English Court decision provides helpful clarity to insolvency practitioners appointed over energy companies, as well as their creditors
    2023-01-11

    On 11 November 2022, the English High Court handed down judgment in relation to a number of applications made by the insolvency officeholders of 10 UK energy suppliers, seeking clarification on issues arising in the insolvencies which had not previously been considered by the courts.

    Background

    The officeholders sought directions from the court on the following:

    • whether the claims in the insolvencies by UK energy regulator, Ofgem relating to outstanding renewables obligation payments (ROPs) were valid, and

    Filed under:
    United Kingdom, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Taylor Wessing, Insolvency
    Authors:
    Kirsten Fulton-Fleming
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    My Crypto's Gone: Cryptocurrency in Earn Accounts Belong to Celsius Not Customers
    2023-01-09

    Cryptocurrency in Celsius’ Earn Accounts belongs to the bankruptcy estate, and not to the depositors who placed it there, according to a January 4 memorandum opinion from Judge Martin Glenn of the U.S. Bankruptcy Court in the Southern District of New York.

    Filed under:
    USA, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Bracewell LLP, Bankruptcy, Cryptocurrency, United States bankruptcy court
    Authors:
    Robert Grattan , Mark E. Dendinger
    Location:
    USA
    Firm:
    Bracewell LLP

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