In brief:
The case we handled relates to:
- enforcement of a Dutch bankruptcy judgment in the UAE;
- application of principle of reciprocity; and
- requirements of competency, justice and public policy.
Background
Section 1930(a)(6) of Title 28 requires the payment of quarterly fees to the United States Trustee (the “UST”) for each quarter that a bankruptcy case is open. The amount of fees is calculated based on the amount of disbursements made by the debtor during each quarter. But, are these fees payable when a trust, established by a confirmed plan, makes distributions rather than a debtor?
The Government has extended the restrictions in place concerning winding-up petitions and forfeiture of business tenancies until 30 September 2021 and 25 March 2022 respectively.
The extensions will receive a mixed reception, with landlords likely to feel particularly aggrieved at the limitations imposed on their ability to pursue debt (by winding-up petition) in circumstances where the tenant can pay, but won’t pay.
Liquidators have wide-ranging powers under the Companies Act 1993 (Companies Act), including the power to request directors, shareholders or any other relevant person to assist in the liquidation of a company.
In Sarjanda Ltd (in liquidation) v Aluminium Eco Solutions Ltd and another [2021] EWHC 210 (Ch), an application to rescind a winding up order was refused where the application had been made over two years outside of the five-day time limit. That level of delay, allegedly caused by the company negotiating payment of its debts, was not a good enough reason for the breach of the time limit.
The recent case of Official Receiver v Deuss [2021] EWHC 1842 (Ch) provides legal and insolvency practitioners with guidance as to the test to be applied when considering whether a third-party costs order should be made against a liquidator who takes steps against an alleged de facto director of the company in liquidation. In this case, the step concerned was an application for public examination pursuant to section 133(2) of the Insolvency Act 1986 (the Section 133 Application).
Introduction
The UK Supreme Court has today handed down a significant and highly anticipated decision on the interpretation of liquidated damages clauses.
On May 24, 2021, the Second Circuit held that a 2017 increase to the quarterly fees paid by chapter 11 debtors was unconstitutional and awarded Clinton Nurseries, Inc., Clinton Nurseries of Maryland, Inc. and Clinton Nurseries of Florida, Inc.
In brief
On 14 May 2021, Hong Kong’s Secretary for Justice, Ms. Teresa Cheng, SC, and Mainland China’s Vice-President of the Supreme People’s Court (“SPC”), Mr. Yang Wanming, signed a record of meeting in Shenzhen concerning mutual recognition of and assistance in insolvency proceedings between the courts of the Mainland and the Hong Kong Special Administrative Region (“HKSAR”).