The Court of Appeal (Singh, Males, and Popplewell LJJ) has delivered an important judgment on the interpretation of s.423 of the Insolvency Act 1986 in Invest Bank PSC v El-Husseini[2023] EWCA Civ 555.

Hugh Miall and James Fennemore acted for the successful claimant beneficiaries in an important decision concerning insolvent trusts and powers exercised for an improper purpose.

The Commercial Court (Andrew Baker J) has handed down judgment on a jurisdiction challenge inInvest Bank v El-Husseini[2022] EWHC 894 (Comm). Daniel Warents (whose oral submission to the Court were said to have been “very well presented”) and Emma Hughes acted for the first, third, and fourth defendants (instructed by Streathers Solicitors LLP).

Francis Tregear QC was instructed to act as an expert in English law for the successful party (“JPA”) in a dispute heard by Hon. David S Jones a judge in the Bankruptcy Court in the Southern District of New York.

The case turned on English law relating to mortgages and equitable principles which are applicable to mortgages. The relevant English law fell to be applied in the context of aircraft finance for the purchase of two Airbus 350-941 aircraft.

PRIVATE CLIENT UPDATE: Issue no. 11, July 2020

Introduction

04 December 2013
[2013] HCA 51
High Court of Australia (French CJ, Hayne J, Kiefel J and Gageler J; Keane J dissenting)

The High Court of Australia held that liquidators of an insolvent lessor could disclaim a lease, and that this would terminate the lessee’s proprietary interest.

16 January 2014
Case C-328/12
Court of Justice of the European Union (Judges Tizzano, Lenaerts, Borg Barthet, Levits, Berger (Rapporteur))

The Court of Justice extended the reach of the EU Insolvency Regulation to allow proceedings to set aside transactions to be brought against defendants resident in non-member states, confirming that it has universal effect.

27 November 2013

[2013] EWCA Civ 1493 

Court of Appeal (Longmore, Jackson, Vos LJJ)

Which law applies to applications to bring additional claims?

26 November 2013

[2013] EWHC 3689 (Comm)

Commercial Court, Queen's Bench Division (Burton J)

Foreign insolvency proceedings do not override arbitration agreements

The trustee of a large bankruptcy in Israel commenced proceedings in the Israeli insolvency court against Dr Bannai to recover assets (worth $150m) said to be due to the bankrupt under a 2002 agreement.  The 2002 agreement was governed by English law and contained a London arbitration clause which it was accepted covered the claims in question.

07 March 2014
[2014] EWCA Civ 215
Court of Appeal, Civil Division (Patten, Lewison and Sharp LJJ)

The Court of Appeal, reversing the first instance decision, held that moneys paid to an agent after the agent’s insolvency were available for agent’s creditors generally and were not held on trust for the principal.