Topic: Avoidance/clawback

A London partner with a focus on contentious insolvency has joined Appleby to assist its clients in Europe and the Middle East with disputes in the British Virgin Islands and elsewhere.

02 August 2023

In a case an English judge has described as generating “widespread interest”, a trio of managing directors at Quantuma have been re-appointed administrators of a pensions provider’s parent in the face of a competing winding-up application, and despite “strong grounds” for arguing the floating change under which they were appointed was invalid.

13 July 2023

Fried Frank Harris Shriver & Jacobson and Appleby have secured the first substantive creditor winding up order under a new law in Jersey – against a rental guarantor company that is already in insolvency proceedings in Luxembourg.

15 June 2023

A two-week trial is under way in London to consider the validity of the Galapagos group’s heavily contested 2019 restructuring, which left its private equity shareholder in place and high yield noteholders with nothing – and a German insolvency administrator has already asked the court not to make any findings of fact because they could result in inconsistent rulings across Europe.

10 March 2023

In two historic decisions concerning unfair preferences, the Australian High Court has found that a creditor cannot set-off a liquidator’s claim against it, and upheld the abolishment of the “peak indebtedness rule” while establishing when liquidators should start calculating preference payments in a running account.

21 February 2023

Lawyers have welcomed the European Commission’s latest proposal to harmonise insolvency laws across member states, which it says aims to encourage cross-border investment within the bloc.

08 December 2022

Crypto platform Celsius is facing a new adversary claim in Manhattan from holders of around US$22.5 million in so-called “custody wallets”, who say they retain title to their digital assets unlike other depositors and should be exempted from its pause on withdrawals – just as the debtor asked its Chapter 11 judge for permission to return US$50 million in such accounts.

05 September 2022

Bob Wessels, professor emeritus of international insolvency law at Leiden University and expert counsel on restructuring and insolvency to the European Commission, asks a complex question arising from a simple, everyday occurrence: is a payment to someone residing or located in another EU member state, who is already insolvent, legally valid?

22 August 2022

A court in Australia has made the first ruling invoking anti-phoenixing laws introduced two years ago, in a case where a translation company’s assets were sold to an entity controlled by its sole director’s sister, minutes before a resolution to wind it up.

27 May 2022

An English court has made an “exceptional” ruling that the Russian trustee overseeing the personal bankruptcy of former Vneshprombank owner Georgy Bedzhamov should pay a security to cover his costs of defending a recognition application, which has been remitted to the High Court after being set aside on appeal.

29 April 2022