Topic: Avoidance/clawback

EU proposes next step in harmonisation of insolvency laws

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

Celsius faces new adversary claim as Ch11 court prepares to decide which assets fall in estate

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

European column: Appeal to ignorance of insolvency

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

Australian court fires out first judgment under new anti-phoenixing law

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

Russian trustee ordered to pay security for bankrupt's legal fees in remitted recognition action

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

Singapore appeal court rules on fresh security as a transaction at an undervalue

Granting fresh security for an existing debt does not constitute a transaction at an undervalue in principle – but granting it for a third-party debt may do so, the Singapore Court of Appeal has found, addressing the issues in the jurisdiction for the first time.

29 March 2022

Galapagos jurisdictional battles reach EU Court of Justice

Jurisdictional battles surrounding the restructuring of the Galapagos group have reached the European Court of Justice, in a ruling on which courts have jurisdiction to open insolvency proceedings where there has been centre of main interests shift to the UK, then potentially to Germany, against the backdrop of Brexit.

25 March 2022

Cred Inc trust seeks crypto clawback

The liquidating trust of bankrupt cryptocurrency exchange Cred Inc is trying to clawback over US$21 million worth of bitcoin it says the company fraudulently transferred to a high-profile investor in exchange for a worthless bond.

21 February 2022

Irish bankrupt’s ex-wife told to pay US trustee US$23 million in security

The ex-wife of bankrupt Irish property developer Sean Dunne has been denied a new jury trial on a three-year-old US court ruling, which found them both liable for engaging in fraudulent transfers to put assets beyond the reach of his creditors.

14 February 2022

Jersey-based investor fails to block potential English preference claims

Days after the director of a Jersey-based investment vehicle lost his bid to restrain a creditor from presenting a winding up petition in the English courts, a London judge has ordered a hearing to take place as early as next month.

27 September 2021

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