Work Area: Liquidation

Care home group’s shareholders blocked from participating in Part 26A sanction hearings

Shareholders of a British care home group may not participate in the sanction hearings for seven restructuring plans it is pursuing because the plans neither affect their rights nor the economic value of those rights, an English judge has ruled.

23 January 2023

Spain’s new pre-pack law tested as nine bidders vie for Abengoa’s businesses

Rival bidders seeking to buy Spanish renewables conglomerate Abengoa’s operating assets are testing new powers to scrutinise pre-pack sales under Spain’s recently enacted transposition of the EU preventive frameworks directive.

13 January 2023

BVI appellate court confirms directors liable in Dutch-Chinese joint venture’s liquidation

The directors of a British Virgin Islands-incorporated company have failed to overturn a local court’s decision holding them personally liable for restoring the proceeds of a share transfer they executed without shareholder approval.

12 January 2023

Mike Jervis 1962 - 2023

PwC partner Mike Jervis, one of the original Lehman Brothers administrators in the UK and special manager of the collapsed public services contractor Carillion, died on 4 January after a long illness.

10 January 2023

Ch15 round-up: Estonian trustee seeks US recognition to pursue missing crypto

The trustee of an allegedly fraudulent Estonian crowdfunding platform has sought recognition of his appointment in Florida, where the decades-long Brazilian liquidation of a poultry business has been recognised – while two other new Chapter 15 actions are pending in Massachusetts and Colorado.

10 January 2023

3AC liquidators can subpoena co-founder through Twitter

The foreign representatives of crypto fund Three Arrows Capital have secured permission to subpoena one of its co-founders via Twitter, after allegedly failing in repeated attempts to establish his whereabouts and obtain company information.

04 January 2023

UK Supreme Court seals Candey fee priority dispute in Peak Hotels liquidation

London disputes boutique Candey has lost a years-long fight to recoup around £4 million in legal fees in priority to other creditors of an insolvent hotelier, after the UK Supreme Court found it waived an equitable lien when it entered into a new fee arrangement with the company pre-liquidation.

22 December 2022

UK Supreme Court rejects Stanford International’s Quincecare claim

Liquidators of Stanford International Bank have failed to convince the UK’s highest court they should be allowed to bring a damages claim against HSBC for paying out money to the company’s customers when it was allegedly on notice the payments were part of a fraud.

21 December 2022

Bahraini bank’s liquidators seek recognition in Cayman and England

Charles Russell Speechlys is seeking recognition of its appointment as liquidator of Bahraini investment bank Awal in the Cayman Islands and England, one month after a Bahraini court ordered the bank’s liquidation following a decade-long administration.

13 December 2022

Court clears Credit Suisse to bring Greensill-related claim against SoftBank

Credit Suisse has convinced an English judge to let it bring a claim against Japan’s SoftBank over its restructuring of a former Greensill client, which the Swiss bank alleges deprived it of receivables and left it holding unsecured notes for which a default was inevitable.

07 December 2022

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