Insolvency

High Court confirms that a winding up petition may be brought notwithstanding a foreign exclusive jurisdiction clause.

Read the full judgment here.

A key Privy Council decision of significance throughout the common law world, concerning the interplay between insolvency and trusts law. It has particular importance in circumstances where the trust fund is ‘insolvent’, in the sense that the trust assets are insufficient to meet the amounts due under the trustee’s right of indemnity.

To read a copy of the Equity Trust (Jersey) Ltd v Halabi judgment please click here.

The first occasion on which the courts have considered whether a liquidator’s power under s.167(1) and Sch.4, para.5 of the Insolvency Act 1986 to “to carry on the business of the company so far as may be necessary for its beneficial winding up” can include consideration of environmental and other public interest factors.

A copy of the judgment can be found here.

This was one of the last cases arising out of the high-profile collapse of Lehman Brothers. Heard in the Court of Appeal, it concerned the ranking of subordinated debt in the administrations of two Lehman companies.

To read a copy of the judgment please click here.

$1 billion fraud/insolvency claim in the Court of Appeal by liquidators against a former director for breach of fiduciary duty relating to various asset transfers made 2010-2017. A keenly awaited decision which considered the application of the doctrine of immunity from suit to statements given by a former director during an examination under section 236 Insolvency Act 1986.

Read the Al Jaber and others v Mitchell and others judgment here.

The longest and largest appeal ever heard by the Grand Court of the Cayman Islands including substantial issues of cross-border insolvency, tracing and asset recovery.

The case concerned an ongoing dispute between the world’s two largest steel families – Mittal v Ruia. The dispute initially pertained to the enforcement of a $1.5bn US arbitration award in England and Wales.

Representing a consortium of Indian banks, seeking Dr Mallya’s bankruptcy for a £1 billion debt. Dr Mallya, a famous and controversial public figure (and MP) in India, is the fallen Kingfisher Airways tycoon and is fighting extradition to India to face fraud charges. Enormously complex, involving Indian law, the concept of security in English and Indian law, cross-border issues (recognition and jurisdiction) and ulterior political motive.

To read the judgment please click here.

Highly publicised contested application to place a luxury care home / hotel group into administration.

To read a copy of the judgment click here.

A consortium led by Canadian billionaire Lawrence Stroll, father of F1 racing driver Lance Stroll acquired the business and assets of the Force India racing team (owned by Indian billionaire Vijay Mallya), which collapsed into administration mid-season.

Advising on various issues arising in connection with the Canadian arm of Carillion.

Advising landlords on rights in relation to CVA.

Representing AstraZeneca UK Limited in the High Court, Northern Ireland on application by administrators for directions re: data protection and medical research records.

Representing the liquidator and trustees in bankruptcy of the perpetrators of a Forex and teak Ponzi scheme resisting proceedings to discharge a WFO.

To read judgment please click here.

In this matter, Marcia Shekerdemian KC acted for the IPs, Michael Bowell and Dermot Coakley, who without their knowledge or consent, were purportedly appointed as administrators of the company. The Judge described the conduct of the would-be appointor, Clifden IOM (No.1) Ltd as “an unprincipled asset grab” and declared that the appointment was void, awarding Marcia’s clients their costs on an indemnity basis.

Acting for the petitioning creditor in the insolvency aspect of this long-running litigation.

To read the judgment please click here.

The Supreme Court’s decision on void transactions under s.127 of the Insolvency Act 1986.

To read judgment in Akers v Samba please click here.

The leading case on the right to assert privilege in insolvency

A case concerning COMI and removing administrators under para 81 of Sch B1 to the Insolvency Act 1986.

Acting for the secured creditor and litigation funder of this Jersey company in the framework of a multi-million pound litigation funding arrangement following the collapse of the Orb v Ruhan proceedings.

Chancery Division case on pensions restructuring.

Arbitration clauses and administration.

Receivership and provisional liquidation in the Bahamas.

Cayman Islands case (acting for the liquidator in relation to the collapse of a prime brokerage house).

Acting for creditors, office-holders and the Pensions Regulator in connection with pensions matters.

Bus L R 454: rule against “double-dipping”.

Representing the liquidators of Isis Ltd, an Isle of Man subsidiary of Kaupthing Bank, in in highly contentious insolvency proceedings in England and the Isle of Man involving GBP500 million of claims.