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    How Should UK Officeholders Deal with Notices Where the Rules Require Information that is Irrelevant?
    2022-04-28

    In the case of Caversham Finance Limited (in administration) [2022] EWHC 789, the court considered whether errors in a notice to creditors seeking consent to extend an administration made the extension invalid. This case is important as it shows the court’s approach to omission of prescribed information in notices to creditors.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Squire Patton Boggs
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    英国法院以公司失去基础为由颁令将上市公司清盘
    2022-04-28

    简介

    最近在Re Klimvest plc [2022] EWHC 596 (Ch) 一案中,英国高等法院(「法院」)基于一个比较罕见的理由颁令将一家上市公司清盘——失去公司基础(loss of substratum),即公司放弃其主要宗旨和目的。

    背景

    Klimvest Plc(「该公司」)于2019年1月出售其业务及资产,其后其唯一重大资产为约800万英镑的现金储备。出售资产后,该公司的最大股东Klimt Invest SA(「第一答辩人」)要求该公司动用出售所得款项作出新投资,而非将在清盘中分派予股东。

    Eric Duneau先生(「呈请人」)要求根据英国《1986年无力偿债法》第122(1)(g) 条颁令该公司清盘,认为由于该公司已失去其目的或基础,将该公司清盘属公正公平。第一答辩人反对呈请,辩称(其中包括)该公司并无失去其目的或基础,因为该公司在出售资产前实质上已成为一间控股投资公司,公司的目的仍可透过该投资实现。

    失去公司基础的测试

    Filed under:
    Hong Kong, United Kingdom, Insolvency & Restructuring, Litigation, ONC Lawyers
    Authors:
    Ludwig Ng , Ivy Wang
    Location:
    Hong Kong, United Kingdom
    Firm:
    ONC Lawyers
    Cryptoassets and insolvency: a developing body of English law
    2022-04-28

    An increasing body of English case law has recognised cryptocurrencies as a form of property giving rise to the possibility of insolvency clawback claims involving cryptoassets.

    Recent developments

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing, Cryptocurrency
    Authors:
    Stephen O'Grady
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Bankruptcy - the importance of seeking timely advice
    2022-04-29

    I have received a bankruptcy notice, what is it?

    A bankruptcy notice is where a person or organisation (the creditor), is alleging by way of demand, that you (the debtor) owes them money. Effectively, the creditor is seeking to declare you bankrupt if you do not repay the debt or comply with the notice.

    A bankruptcy notice is usually issued where a creditor has obtained a court judgement or where the judgement made against a debtor is $10,000 or more.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Scanlan Carroll Lawyers, Bankruptcy
    Authors:
    Alexandra Vrdoljak , Rebecca Cameron
    Location:
    Australia
    Firm:
    Scanlan Carroll Lawyers
    4th Cir. Vacates Bankruptcy Civil Contempt Order Against Creditor, Holds Taggart Standard Applies
    2022-04-25

    The U.S. Court of Appeals for the Fourth Circuit recently held that the “no fair ground of doubt” standard established by the Supreme Court of the United States in Taggart v. Lorenzen, a case involving alleged violation of a Chapter 7 discharge order, governed civil contempt proceedings for violation of a confirmed reorganization plan under Chapter 11.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Maurice Wutscher LLP, Supreme Court of the United States, Fourth Circuit, U.S. Court of Appeals
    Location:
    USA
    Firm:
    Maurice Wutscher LLP
    A beginner’s guide to business rescue in South Africa
    2022-04-26

    The South African economy has been significantly impacted by the Covid-19 pandemic. It is estimated that during the 2021 financial year alone, approximately four hundred companies were placed in business rescue. But what is business rescue and why is it relevant to small business owners and entrepreneurs in South Africa?

    Filed under:
    South Africa, Insolvency & Restructuring, Litigation, Fasken, Coronavirus
    Authors:
    Daniel Hart , Lillian Mello
    Location:
    South Africa
    Firm:
    Fasken
    First letter of request from Hong Kong to Shanghai for recognition and assistance in cross-border insolvency
    2022-04-26

    Re Hong Kong Fresh Water International Group Ltd [2022] HKCFI 924

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Hill Dickinson, Coronavirus
    Authors:
    Bryan O'Hare , Pui Yip Leung , Andy Hong , Rachel Yeung
    Location:
    Hong Kong
    Firm:
    Hill Dickinson
    Do Trustees in Bankruptcy Owe an Implied Duty Towards a Major Creditor?
    2022-04-26

    Court of Final Appeal affirmed the Court of Appeal’s decision that the Trustees in Bankruptcy did not owe an implied duty to act with reasonable care and skill towards a major creditor.

    The Claim

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, ELLALAN
    Authors:
    Simon Wong
    Location:
    Hong Kong
    Firm:
    ELLALAN
    Accessing a bankrupt's pension in a case of fraud
    2022-04-26

    The High Court has allowed an application for an order to enable access to a bankrupt’s pension to satisfy debts arising from fraud. Prior to the bankruptcy, judgment was obtained against him for £3.2m plus costs.

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Hogan Lovells, Fraud, HM Revenue and Customs (UK)
    Authors:
    Katie Banks , Duncan Buchanan , Claire Southern , Edward Brown , Faye Jarvis
    Location:
    United Kingdom
    Firm:
    Hogan Lovells
    Junior Creditors Beware: Third Circuit Awards Damages for Breach of Turnover Provision
    2022-04-26

    1 The Third Circuit also affirmed a judgment that awarded the senior creditor damages for the misapplication of such collateral proceeds in violation of the intercreditor agreement’s turnover provision.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Third Circuit
    Authors:
    Ingrid Bagby , Michele C. Maman , Marc Veilleux , Thomas Curtin
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP

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