Optimise’s new monthly round-up of cases of interest to insolvency practitioners and solicitors.
Hellard & Ors v OJSC Rossiysky Kredit Bank & Ors [2024] EWHC 1783 (Ch)
The court provided further clarification on the meaning of ownership or control by a designated person under the UK sanctions’ regime.
Sian Participation Corp (in liquidation) v Halimeda International Ltd [2024] UKPC 16 (Sian)
Winding up companies where the underlying debt is subject to an arbitration agreement or the exclusive jurisdiction of a court outside England and Wales has now become easier following this Privy Council decision.
Consort Healthcare (Tameside) Plc v Tameside And Glossop Integrated Care NHS Foundation Trust [2024] EWHC 1702 (Ch)
The High Court has for the first time awarded security for costs in respect of a challenge to a proposed English restructuring plan.
Anthony John Wright and Geoffrey Paul Rowley & Ors v Dominic Joseph Andrew Chappell & Ors (Re BHS Group Ltd & Ors (in liquidation))
In a rare example of insolvency practitioners successfully holding directors liable for “insolvency-deepening activity” claims, the High Court granted the largest-ever UK wrongful trading award and the first-ever award for “misfeasant trading”.
While this is undoubtedly a landmark judgment, will the misfeasance trading claim withstand any appeal and can the directors meet their liabilities?
Sian Participation Corp (In Liquidation) v Halimeda International Ltd (on appeal from the BVI)
Privy Council found that Salford Estates (No.2) Limited v Altomart Limited was incorrectly decided - this decision in respect of Salford Estates now represents the law of England and Wales.
Re UKCloud Ltd (in liquidation) [2024] EWHC 1259 (Ch)
The High Court determined that a debenture created a floating charge rather than a fixed charge over certain internet protocol (IP) addresses.
Re Butler-Do Limited [2024] EWHC 1291 (Ch)
Where it would be beneficial for the creditors, a Court will allow for the retrospective appointment of liquidators as well as administrators.
Re a Company [2024] EWHC 1070 (Ch)
The High Court confirmed that a foreign judgment that has not been registered under the statutory schemes or received recognition in the English courts, is a debt for the purposes of a winding up petition and no limitation restrictions apply.
Mitchell and others v Al Jaber; Al Jaber and others v JJW Ltd [2024] EWCA Civ 423
The Court of Appeal confirmed that a director remained subject to a continuing fiduciary duty post liquidation when purporting to transfer assets owned by that company, on the basis he was an “intermeddler”.
Crescent Gas Corporation Ltd v National Iranian Oil Company & Anor [2024] EWHC 385 (Comm)
This decision demonstrates the potential value of the Insolvency Act as a supporting mechanism for efforts to enforce award and judgment debts.