The Collapse Of Coal

Supreme Court of Gibraltar recognises United States Chapter 11 bankruptcy proceedings as a foreign main proceeding.

Canadian insolvency proceedings of Pacific Exploration & Production Corporation recognised as main proceedings by Colombia and US Bankruptcy Court

When a company is facing financial difficulties, the Directors of that company should be aware to the procedures that must be followed in relation to redundancies in order to avoid prosecution.

The Hong Kong Court have confirmed for the first time that a foreign voluntary liquidation is eligible for common law recognition and assistance in Hong Kong.

China Culture Media International Holdings Limited, incorporated in the BVI, was wound up on 9 May 2016. China Culture was the sole shareholder of Supreme Tycoon Limited, also incorporated in the BVI.

The German Federal Court of Justice (Bundesgerichtshof) has taken the opportunity to clarify its position on section 17(2) German Insolvency Act (Insolvenzordnung, InsO).  According to sec. 17(2) a debtor is deemed insolvent if he is unable to pay his debts as they fall due (Zahlungsunfähigkeit).

An application was made for recognition in Great Britain under the Cross-Border Insolvency Regulations 2006 ("CBIR") of new legislation in Croatia known as "Extraordinary Administration Proceeding".

Karhoo, a US incorporated company able to benefit from the Chapter 15 US bankruptcy code provision for foreign insolvency proceedings following UK Administration.

The Court of Justice of the European Union ("ECJ") has handed down a notable judgment in the case of ENEFI Energiahatékonysági Nyrt v Directia Generala Regionala a Finantelor Publice Brasov (DGRFP) [2016] All ER (D) 110 (Nov), ruling that domestic laws governing forfeiture of a claim in insolvency proceedings apply to foreign creditors too

Background

Supreme Court of Gibraltar recognises United States Chapter 11 bankruptcy proceedings as a foreign main proceeding.

Simona Kornhaas v Thomas Dithmar (Case C-594/14)

The ECJ have ruled that a director of an English company that had entered into insolvency proceedings in Germany is liable to reimburse the company under German law for payments made after the company became insolvent.

The Facts

Following a statutory demand for unpaid council tax in the sum of £8,067, a bankruptcy petition was presented against Ms Harriet Lock. The council provided Ms Lock with evidence of the council tax liability orders confirming the debt. Ms Lock provided evidence in response, which explained that she was living in social housing and was financially dependent on her daughter. At a first hearing, the court adjourned and ordered that Ms Lock provide a skeleton argument to explain why a bankruptcy order should not be made.