Financial Services Disputes and Investigations
ECHR finds double jeopardy: Crimes sanctioned by Consob and heard by the Court of Appeal cannot be tried again in court proceedings
Introduction
Cayman Islands Court of Appeal, Unreported judgment given 9 September 2009.
As a matter of English and Cayman law, does the court have jurisdiction to appoint a receiver, at the behest of a judgement creditor, by way of equitable execution over a settlor’s power of revocation of a trust?
Facts
The Issue
The court has a limited discretion not to make a bankruptcy order where the debt is the subject of a statutory demand which has not been paid and is outstanding at the time of the bankruptcy petition hearing.
In the case of Global Knafaim Leasing Ltd & Anor v The Civil Aviation Authority & Ors [2010] EWHC 1348 (Admin), the UK’s High Court held that the Civil Aviation Authority (CAA) and BAA Ltd. (BAA) were entitled to a statutory lien of a lessor’s aircraft, to ensure a lessor pays all the outstanding route and aircraft charges of an insolvent operator and its fleet of aircraft, and not just those related to the aircraft of the lessor.
R (on the application of Global Knafaim Leasing Ltd and another) v. Civil Aviation Authority and another
Where the Courts Service failed to notify the Land Registry of a bankruptcy petition with the effect that property was disposed of without a pending action having been registered, the trustee in bankruptcy had a right to claim damages.
In Dynamex Friction Ltd v Amicus an administrator had dismissed the entire workforce immediately on being appointed because the company had no money to pay its debts. At that time no transferee of the insolvent business had been identified and there was no prospect of a sale. However, the administrator did shortly afterwards agree a sale of the remaining company assets to a newly formed purchaser company that had links with the directors of the ‘old’ company.
In Midland Funding, LLC v. Johnson, the U.S. Supreme Court held that a debt collector does not run afoul of the FDCPA by filing a proof of claim in bankruptcy on a stale debt.