In Nederland is het, vergeleken met omringende landen, vrij eenvoudig om beslag te leggen. De Wet herziening beslag- en executierecht (de ‘Wet’) beoogt het beslag- en executierecht voor schuldeisers eenvoudiger te maken door de mogelijkheden tot digitaal beslag leggen te verruimen. Ook wordt het beslag- en executierecht efficiënter met als gevolg dat schuldeisers minder kosten hoeven te maken om vorderingen te incasseren. Enig tegenwicht biedt de Wet, uitgebreider dan voorheen, door waarborging van het bestaansminimum van natuurlijke personen met schulden.
The Supreme Court decision in Bresco made it clear that a company in liquidation does have the right to adjudicate its disputes under a construction contract. Any difficulties concerning potential repayment by an insolvent company to the paying party if the paying party later should overturn the adjudicator's decision should be taken into account at the summary judgment hearing to enforce an adjudicator's decision.
Now, with the case of John Doyle v. Erith Contractors, we have further guidance as to how the court will approach enforcement.
Background
The case concerned royalty payments, which a creditor had a contractual right to receive, arising from iron ore produced at a mine in Sierra Leone.
The parent company of the Sierra Leonean mining company went into administration and administrators from PwC were appointed. The creditor's director called the administrators to stress the importance of bringing the royalty payments to the attention of a third party purchaser.
The administrators subsequently sold the mine, but did not make the purchaser aware of the royalty issue.
Key points
The High Court struck out a claim by a liquidator who had already brought a claim arising from the same facts against the same defendants.
The court relied on the fact that the economic benefit of pursuing the claim would accrue only to the liquidator.
The Facts
Key Points
- Statutory powers are to be exercised in accordance with a company’s articles of association
- The Duomatic principle cannot simply be used as a bandage to cure a company’s procedural errors
The Facts
This appeal considered whether the sole director of a company, whose articles required two directors for its board meeting to be quorate, could validly appoint administrators under paragraph 22 Schedule B1 of the Insolvency Act 1986.
The UK High Court has excluded 'out of the money' creditors and shareholders from voting on Smile Telecoms Holdings Limited’s (Smile) restructuring plan because they did not have a genuine economic interest in the company.
Background
The German Code for Restructuring and Insolvency Law Development (SanInsFoG) came into force in early 2021, resulting in significant changes to the Insolvency Code. The changes impact both self-administration proceedings (where the debtor retains possession and control of its assets in insolvency proceedings, usually to implement a restructuring) and protective shield proceedings (where the debtor develops an insolvency plan). The requirements for self-administration proceedings have become stricter.
Liquidity forecast
New act overning attachments and executions
High Street Rooftop Holdings Limited (the Company) was part of a group of companies known as the High Street Group, which carried on real estate activities such as the development of residential apartments and construction, and the ownership of hotels, bars and restaurants.
On 13 June 2018, the Company entered into a secured term loan facility agreement with Strategic Advantage SPC as lender (the Lender) (the Facility Agreement). Under the Facility Agreement, the Applicant made funding of approximately £100 million available to the Company in tranches.
In a recent decision, the German courts clarified the circumstances under which repayments on a loan not granted by a direct shareholder of an insolvent borrower could qualify as repayments on a shareholder loan, and therefore avoid being contested in insolvency proceedings.
Background