On 4 December 2019, the UK Supreme Court issued its decision in MacDonald and another as joint liquidators of Grampian MacLennan's Distribution Services Ltd v. Carnbroe Estates Ltd [2019] UKSC 57, a Scottish case involving insolvency and "gratuitous alienations" (sales at undervalue).
The UK Jurisdiction Taskforce (“UKJT”) is one of six taskforces that make up the LawTech Delivery Panel established by the UK government, the judiciary and the Law Society of England and Wales as a collaborative discussion forum to promote the use of technology in the UK’s legal sector.
In May 2019 the UKJT issued a public consultation seeking to identify the principle issues over which there is perceived to be confusion regarding the status of cryptoassets and smart contracts under the law of England and Wales.
Background
High-profile use of company voluntary arrangements or CVAs, has led to widespread media coverage and controversies. Household names such as Jamie's Italian, Prezzo, Toys R Us, Mothercare, Gourmet Burger Kitchen and more recently Debenhams are amongst the growing list of companies who have followed this well-trodden path, with varying degrees of success. Those companies unable to turn their fortunes around face administration or liquidation.
This article first appeared in Volume 16, Issue 6 of International Corporate Rescue and is reprinted with the permission of Chase Cambria Publishing - www.chasecambria.com
Synopsis
The High Court has ordered a liquidator's firm to pay a proportion of the costs incurred by successful defendants following judgment in proceedings commenced by a claimant company in liquidation.
The High Court has ordered a liquidator’s firm to pay a proportion of the costs incurred by successful defendants following judgment in proceedings commenced by a claimant company in liquidation.
In Short
The Situation: Jones Day recently represented a group of secured term loan and revolver lenders in the global restructuring of syncreon Group B.V. ("syncreon")—a leading provider of logistics services with over 14,000 employees across more than 100 facilities located in 20 countries around the world.
E-filing a notice of appointment of administrators outside of court counter opening hours can impact the validity of an administrator’s appointment.
Background
The aim of the compensation order regime, to make directors financially account for the consequences of their unfit conduct, applies to directors’ conduct after 1 October 2015 and gives the Secretary of State (“SoS”) the power to apply for a compensation order against a director who is either subject to a disqualification order or who has given a disqualification undertaking and the conduct of that person has caused loss to one or more creditors of the insolvent company.