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    English Court of Appeal overturns Adler's restructuring plan
    2024-01-30

    On 23 January 2024, the Court of Appeal overturned the High Court's sanction of Adler Group's (Adler) restructuring plan (the Plan) (see our alert). This much anticipated judgment provides clarity on the court's discretion to sanction a plan where there are dissenting classes of creditors.

    Background

    The Plan envisaged:

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing
    Authors:
    Amy Patterson , Kirsten Fulton-Fleming , Louise Jennings
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    UK distressed restructuring: why are ESG issues important?
    2024-01-19

    Key points

    Filed under:
    United Kingdom, Company & Commercial, Environment & Climate Change, Insolvency & Restructuring, Taylor Wessing, ESG
    Authors:
    Kirsten Fulton-Fleming
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    English court's helpful guidance on injunction to restrain advertisement of winding up petition
    2024-01-16

    Background

    This case involved a winding up petition presented against Bridger & Co Ltd (the Company) on 15 June 2023. The petition debt arises out of a funding agreement between the parties. The Company applied for an injunction to restrain the advertisement of the petition on various grounds. The court declined to make an injunction.

    Decision

    The judgment helpfully confirms the position on three issues in these types of proceedings:

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing, Winding-up
    Authors:
    Luke Viner
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Exclusive jurisdiction clauses in English insolvency proceedings
    2024-01-16

    The English High Court has re-affirmed its jurisdiction where a disputed petition debt arises from a contract with an exclusive jurisdiction clause (EJC) in favour of a foreign court.

    Background

    Filed under:
    Hong Kong, United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing, Exclusive jurisdiction, Insolvency
    Authors:
    Nick Moser
    Location:
    Hong Kong, United Kingdom
    Firm:
    Taylor Wessing
    German insolvency administrator grossly negligent for breach of duty in investigating contestation claims
    2024-01-16

    In a recent case before the Federal Court of Justice, an insolvency administrator was found to have neglected his duties of investigation in a particularly serious and reproachable manner.

    Decision

    The insolvency administrator had contested the offsetting of an investment subsidy by the creditor bank to balance the debtor’s accounts.

    The focus of the decision was whether the insolvency administrator had made the contestation claim within the statutory limitation period. In Germany, this is usually three years and starts:

    Filed under:
    Germany, Insolvency & Restructuring, Litigation, Taylor Wessing, Insolvency, Federal Court of Justice
    Authors:
    Dr. Rembert T. Graf Kerssenbrock
    Location:
    Germany
    Firm:
    Taylor Wessing
    The UAE modernises its bankruptcy and financial restructuring legislation
    2024-02-06

    On 31 October 2023, the Federal Decree-Law No. 51 of 2023 on Financial Restructuring and Bankruptcy (the Bankruptcy Law) was published in the UAE Gazette. The Bankruptcy Law replaces the Federal Law No. 9 of 2016 on Bankruptcy (as amended) (the 2016 Law).

    The aim of the Bankruptcy law is to introduce a modern, streamlined and business-friendly approach to restructuring in the UAE (except for the DIFC and ADGM freezones, which have their own insolvency regimes).

    Key Changes

    Filed under:
    United Arab Emirates, Insolvency & Restructuring, Taylor Wessing
    Authors:
    Kirsten Fulton-Fleming , James Baldwin
    Location:
    United Arab Emirates
    Firm:
    Taylor Wessing
    English Court confirms 'substitution first, standing later' approach to winding up petitions
    2023-10-03

    The English court has (for the first time) given guidance on the long-established practice of substituting a creditor as petitioner in a winding up petition and hearing argument about the creditor’s standing later.

    Background

    In March 2021, Citibank petitioned to wind up Liberty Commodities (LCL). The petition was supported by two creditors, White Oak and NPS. Citibank settled with LCL and applied to dismiss the petition. The supporters applied to be substituted.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing
    Authors:
    Nick Moser
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    English court considers directors' "creditor duty" in context of failed tax avoidance scheme
    2023-09-06

    In Hunt v Singh, the Court referred to the Supreme Court's landmark decision in BTI v Sequana (see our alert) in deciding when the directors' duty to creditors arose.

    Background

    Marylebone Warwick Balfour Management Limited (the Company), entered a tax avoidance scheme between 2002 and 2010 which the directors, on professional advice, believed to be valid.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Tax, Taylor Wessing, Tax avoidance, Insolvency
    Authors:
    Louise Jennings , Isabelle Moisy
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Requirement to substantiate German debtor's illiquidity remains high
    2023-09-06

    Where a creditor believes that a debtor is insolvent, any “third-party application” that it makes for the insolvency of the debtor must be well substantiated.

    Decision

    The District Court of Hamburg recently considered an application for insolvency on grounds of illiquidity due to default in social security contributions.

    A landmark decision of the German Federal Court (13 June 2006 – IX ZB 238/05) held that the illiquidity of a company could be assumed where it was in default for more than six months of social security contributions.

    Filed under:
    Germany, Insolvency & Restructuring, Litigation, Taylor Wessing, Insolvency
    Authors:
    Dr. Rembert T. Graf Kerssenbrock
    Location:
    Germany
    Firm:
    Taylor Wessing
    English court considers directors' "creditor duty" in context of failed tax avoidance scheme
    2023-09-06

    In Hunt v Singh, the Court referred to the Supreme Court's landmark decision in BTI v Sequana (see our alert) in deciding when the directors' duty to creditors arose.

    Background

    Marylebone Warwick Balfour Management Limited (the Company), entered a tax avoidance scheme between 2002 and 2010 which the directors, on professional advice, believed to be valid.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Tax, Taylor Wessing, Tax avoidance, Insolvency
    Authors:
    Louise Jennings , Isabelle Moisy
    Location:
    United Kingdom
    Firm:
    Taylor Wessing

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