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    New Zealand liquidators recognised in Australia
    2011-08-22

    Introduction

    New Zealand liquidators have had their powers recognised in Australia in a series of recent ground-breaking judgments.

    These decisions in respect of Northern Crest Investments Limited, a New Zealand registered company listed on the ASX, demonstrate the broad powers which the courts are willing to provide to foreign representatives under the Cross-Border Insolvency Act 2008 (Cth) (the CBIA).

    Obtaining powers of Australian liquidators

    Filed under:
    Australia, New Zealand, Capital Markets, Insolvency & Restructuring, Litigation, Norton Rose Fulbright, Liability (financial accounting), Witness, Liquidator (law), Australian Securities Exchange, Corporations Act 2001 (Australia), Federal Court of Australia
    Authors:
    David Goldman , Michael Rose
    Location:
    Australia, New Zealand
    Firm:
    Norton Rose Fulbright
    Landmark decision on liquidators' powers to examine witnesses and obtain documents
    2012-12-05

    Justice Heath issued a sweeping judgment last month limiting the ability of liquidators to examine witnesses and seek documents. In the decision, ANZ National Bank Ltd v Sheahan and Lock [2012] NZHC 3037, the Court also:

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Bell Gully, Shareholder, Witness, Liquidator (law), Goods and Services Tax (New Zealand), Australia and New Zealand Banking Group
    Authors:
    Murray Tingey , David Friar
    Location:
    New Zealand
    Firm:
    Bell Gully
    Business rescue and insolvency: what are your rights should you receive a subpoena to attend an insolvency enquiry?
    2016-06-29

    In Roering & Another NNO v Mahlangu (581/2015) [2016] ZASCA 79 heard recently, the Supreme Court of Appeal (SCA) considered the circumstances that might justify a witness under subpoena applying for enquiry proceedings to be set aside or for the witness to be excused from attending those proceedings.

    The general rule is that a subpoenaed witness is compelled to attend, subject to procedural requirements being met, and the evidence sought being relevant to the insolvent company or entity.

    Filed under:
    South Africa, Insolvency & Restructuring, Litigation, Cliffe Dekker Hofmeyr, Abuse of process, Witness, Subpoena, South Africa Supreme Court of Appeal
    Authors:
    Grant Ford
    Location:
    South Africa
    Firm:
    Cliffe Dekker Hofmeyr
    Court makes it harder for fraudsters to hide behind bankruptcy
    2010-12-22

    One of the primary objectives of the Bankruptcy and Insolvency Act (“BIA”) is to provide the bankrupt with an opportunity to stay existing creditors and establish a financial “clean slate”. The stay imposed on existing creditors includes creditors with causes of action existing at the time the bankruptcy is initiated. As a result, bankrupts can cause a halt to any existing or potential litigation by assigning themselves into bankruptcy.

    Filed under:
    Canada, New Brunswick, Banking, Insolvency & Restructuring, Litigation, Cassels Brock & Blackwell LLP, Bankruptcy, Fraud, Debt, Witness, Prejudice, Royal Bank of Canada, Bankruptcy and Insolvency Act 1985 (Canada)
    Authors:
    Larry Ellis
    Location:
    Canada
    Firm:
    Cassels Brock & Blackwell LLP
    Court's jurisdiction to make orders under Section 221 of the Companies Ordinance confirmed
    2007-01-15

    Hong Kong's highest court has recently considered the extent of the court's sweeping jurisdiction under section 221 of the Companies Ordinance, which enables it (amongst other things) to compel companies in liquidation to produce documents and for individuals to be examined on oath. The case will be welcomed by liquidators given that the court unanimously confirmed that it has jurisdiction to make such orders under this "extraordinary" section.

    Filed under:
    Hong Kong, Company & Commercial, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Public consultations, Legal burden of proof, Witness, Liquidation, Involuntary dismissal, Subpoena, Liquidator (law), Subsidiary, Court of Final Appeal (Hong Kong)
    Location:
    Hong Kong
    Firm:
    Herbert Smith Freehills LLP
    Obtaining evidence and assistance from the Jersey court in foreign insolvency matters
    2011-05-10

    The role of Jersey as a financial centre means that on occasions there will be a requirement for a foreign liquidator or an office-holder under bankruptcy legislation to obtain information or documentation from persons or companies located in the Island. There have been a series of recent court decisions establishing the appropriate levels of co-operation with other jurisdictions.

    Filed under:
    Jersey, Insolvency & Restructuring, Litigation, Bedell Cristin, Bankruptcy, Conflict of laws, Debtor, Injunction, Ex parte, Witness, Comity, Common law, Legal professional privilege, UNCITRAL, Courts of Jersey
    Authors:
    Anthony Dessain , Robert Gardner , Anthony Robinson , Mark Taylor
    Location:
    Jersey
    Firm:
    Bedell Cristin
    Using insolvency processes to investigate fraud
    2011-08-12

    Payless Cash & Carry Limited v Patel and Others [2011]

    The decision of Mr Justice Mann in the High Court in Payless Cash & Carry Limited v Patel and Others [2011] exemplifies the detailed investigation which can be carried out by the appointment of a provisional liquidator or a liquidator in cases of suspected fraud. It also contains some useful comments on the extent of the liquidator’s evidential burden in such cases.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Kennedys Law LLP, Fraud, Value added tax, Legal burden of proof, Witness, Tax return (USA), Liquidator (law), Tobacco products, HM Revenue and Customs (UK), High Court of Justice (England & Wales)
    Authors:
    Steven Fennell
    Location:
    United Kingdom
    Firm:
    Kennedys Law LLP
    Finance litigation briefing October 2016: report and review on the latest cases and issues
    2016-10-31

    Gowling WLG's finance litigation experts bring you the latest on the cases and issues affecting the lending industry.

    Uncrystallised pension pot remains protected following bankruptcy

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, White Collar Crime, Gowling WLG, Bankruptcy, Fraud, Abuse of process, Solicitor, Res judicata and issue estoppel, Debt, Legal burden of proof, Witness, Initial public offerings, Insolvency Act 1986 (UK), Pensions Act 1995 (UK), Trustee, Court of Appeal of England & Wales
    Authors:
    Greg Standing , Ian Weatherall
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    New California debt settlement bill would limit fees to no more than 15% of consumer savings
    2011-03-18

    A new bill introduced in California would prohibit debt settlement providers from charging any fees in excess of 15% of the amount of consumers’ savings as a result of any settlement.

    The Debt Settlement Consumer Act (Senate Bill 708) was introduced in February 2011 by State Senator Ellen Corbett (R-San Mateo), who headed the California Senate Judiciary Committee that stopped a proposed regulation (Assembly Bill 350) last year that had drawn support from the debt settlement industry. The bill is supported by the Center For Responsible Lending and the Consumers Union.

    Filed under:
    USA, California, Banking, Insolvency & Restructuring, Loeb & Loeb LLP, Consumer protection, Fraud, Witness, Good faith, Subpoena, Annual report, Pro rata, US Senate Committee on the Judiciary, US Code, Title 11 of the US Code
    Location:
    USA
    Firm:
    Loeb & Loeb LLP
    Decision in NWL Holdings, Inc., limits the ability of defendants to transfer preference actions
    2011-03-29

    Summary

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Federal Reporter, Personal jurisdiction, Witness, Trustee, United States bankruptcy court, Third Circuit
    Authors:
    L. John Bird
    Location:
    USA
    Firm:
    Fox Rothschild LLP

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