(1) Timothy Crowden and (2) Carol Crowden v. QBE Insurance (Europe) Limited [2017] EWHC 2597 (Comm)
Summary
This case involved a claim in respect of negligent investment advice brought directly against the insurer of an insolvent financial adviser, pursuant to the Third Parties (Rights against Insurers) Act 1930 (the “1930 Act”).
The insurer successfully relied on an insolvency exclusion clause contained within the insolvent adviser’s professional indemnity policy in order to deny liability to the claimants.
Case Facts
In Orexim Trading Ltd v Mahavir Port and Terminal Private Ltd and others [2017] EWHC 2663 (Comm), the High Court held that a claim under s.423 of the Insolvency Act 1986 ("IA 1986") where it was not brought by an insolvent company within the jursdiction did not fall within the jurisdictional gateways under paragraph 3.1 CPR PD 6B.
The Court of Appeal has recently overturned a High Court decision and limited the circumstances in which an After the Event (ATE) insurance policy can be used to defeat an application for security for costs. What should claimants and defendants consider when deciding whether to offer or accept such a policy?
An application was made for recognition in Great Britain under the Cross-Border Insolvency Regulations 2006 ("CBIR") of new legislation in Croatia known as "Extraordinary Administration Proceeding".
The recent decisions in Avonwick Holdings Ltd and others v Shlosberg and Leeds v Lemos have restricted the ability of trustees in bankruptcy to use privileged documents belonging to the bankrupt. What do these rulings mean for trustees?
The Trustee in Bankruptcy's purpose and powers
The judgement in BHL v Leumi ABL Limited [2017] EWHC 1871 (“BHL”) has been seen by many as another example of courts enquiring more readily into commercial terms agreed by large corporate entities and scrutinising the exercise of contractual powers.
A recent application made by the insolvency practitioner of Agrokor, a major Croatian conglomerate, resulted in recognition in England of a stay of civil proceedings against the group. The purpose of the application was to halt any proceedings in relation to Agrokor's securities and debt obligations containing English law and jurisdiction provisions, pending the restructuring in the Croatian insolvency proceedings of the group's affairs.
Global Corporate Limited v Dirk Stefan Hale [2017] EWHC 2277 (Ch)
Summary
A recent judgment re-iterates the importance of carefully drafting a deed of assignment when assigning claims.
In Global Corporate, the liquidators of a company assigned certain claims by way of a deed of assignment to Global Corporate Limited (the “Assignee”). The Assignee (the Applicant in this case) then brought several claims against the company’s former director and shareholder.
Court of Appeal sets out test for whether defendant has assets for a freezing order application and considers the impact of delay in applying
The Insolvency Act 1986 (“the Act”) provides Trustees in bankruptcy with a number of mechanisms to reverse transactions, entered into prior to a person being declared bankrupt by the court, which have the effect of diminishing a bankrupt’s estate to the detriment of his or her creditors. Antecedent transaction claims aim to recover assets back into the bankrupt’s estate for the benefit of creditors. Some commonly used provisions are transactions at an undervalue, preferences and transactions defrauding creditors.