Following the liquidation order from the Hong Kong High Court on January 29, 2024, against China Evergrande Group Corporation, on September 12, 2024, China Evergrande Group filed a liquidation petition for its wholly owned subsidiary, CEG Holdings (BVI) Limited, which has been scheduled a hearing on February 17, 2025. In the liquidation process of a Hong Kong company, the maintenance and realisation of the company's assets and the return of the value to its creditors and other stakeholders are key concerns.

The Pauline Action is a legal mechanism that allows creditors to apply to the Royal Court of Jersey to set aside transactions undertaken by a debtor to defraud or otherwise prejudice them.

Emirates NBD Bank PJSC v Almakhawi and Others [2024] JRC 256 is the most recent case from the Royal Court to affirm that the Pauline Action, which has its origins in Roman law, remains an effective debt recovery tool for creditors in Jersey.

Purpose of the Pauline Action

Key points

KEY TAKEAWAYS

• “While the pre-petition Debtor may have consented to waiver of the automatic stay in favor of [secured creditor], . . . other creditors did not”; and
• “The automatic stay is designed to protect both debtors and creditors alike.”

In re DJK Enterprises, LLC, Case No. 24-60126, Doc. 196, at 13 (Bankr., S.D. Ill., February 13, 2025).

In re DJK Enterprises

Introduction

A trustee-manager, in the context of a business trust, actively runs the trust's operations while safeguarding the interests of investors. In the course of acting as a trustee-manager, the entity may incur liabilities in relation to activities of the business trust. How are these liabilities treated in a restructuring and insolvency? And can a trustee-manager propose a scheme of arrangement for debts incurred in its capacity as trustee-manager?  

Overview

It has been just over 6 years since the Bill for the Prescription (Scotland) Act 2018 ("the 2018 Act") received royal assent. Sections 5 and 13 of the 2018 Act came into force, perhaps earlier than most anticipated, on 1 June 2022. Since then, depending on who you speak to, you are likely to hear differing opinions on whether enough has been done to re-balance the 'defender friendly' discoverability test developed though cases such as Morrison and Gordon's Trustees.

The judgement of Hodge Malek KC, sitting as a deputy High Court judge, in Marko Ventures Ltd v London Antiaging Clinic Ltd [2025] EWHC 340 (Ch) deals with a contested application for an administration order under para 12(1)(c) Sch B1 Insolvency Act 1986. The order appointing joint administrators was sought in respect of London Antiaging Clinic Ltd by Marko Ventures Ltd, the majority shareholder in and principal funder of the company, which runs a health, beauty and wellbeing clinic in London.

Gulf Resident Declared Insolvent with Debts of 853,000 AED – Legal Implications and Procedures

Conditions for Filing an Insolvency Lawsuit in the UAE

Parkside’s Derek J Y Chan, instructed by Tanner De Witt, acted for the successful Plaintiffs, China City Construction (International) Co., Limited (In Creditors’ Voluntary Liquidation) and Dingway Investment Limited (In Compulsory Liquidation), both acting through their liquidators, in obtaining an anti-suit injunction (“ASI”) to restrain China City Construction & Development Co., (HK) Limited from continuing proceedings (“the Beijing proceedings”) it had commenced in the People