Insolvency: Cayman Islands. Avoidance of Antecedent Transactions
|
|
- Delilah Hall
- 8 years ago
- Views:
Transcription
1 Insolvency: Cayman Islands Avoidance of Antecedent Transactions Updated 2 February 2015 Introduction This short guide addresses the issue of whether, and in what circumstances, pre-insolvency transactions of an insolvent debtor can be set aside by the court. The guide is divided into two parts: 1. Voidable preferences, and 2. Transactions at an undervalue. Voidable preferences A transaction can be set aside if it amounts to a voidable preference. Every transfer of property (or charge thereon) and every payment obligation and judicial proceeding, made, incurred, taken or suffered by any company in favour of any creditor at a time when the company is unable to pay its debts with a view to giving such creditor a preference over the other creditors shall be invalid if made, incurred, taken or suffered within six months immediately preceding the commencement of a liquidation. Unable to pay debts A company is insolvent when it can no longer pay its debts. A company shall be deemed to be unable to pay its debts if-
2 a. a creditor by assignment or otherwise to whom the company is indebted at law or in equity in a sum exceeding one hundred dollars then due, has served on the company by leaving at its registered office a demand under his hand requiring the company to pay the sum so due, and the company has for the space of three weeks succeeding the service of such demand, neglected to pay such sum, or to secure or compound for the same to the satisfaction of the creditor; b. execution of other process issued on a judgment, decree or order obtained in the Court in favour of any creditor at law or in equity in any proceedings instituted by such creditor against the company, is returned unsatisfied in whole or in part; or c. it is proved to the satisfaction of the Court that the company is unable to pay its debts. Relevant time period The date of commencement of a liquidation is key. A voluntary winding up commences at the date a special resolution is passed by the company in general meeting or when the period fixed for its duration expires (or the event specified in the company s articles occurs) and the company in general meeting passes an ordinary resolution requiring its voluntary winding up. In compulsory winding up proceedings, the liquidation is deemed to have commenced at the date of the presentation of the petition. Intent The dominant intention of the company s directors in executing the transaction must be to give the creditor a preference over other creditors. Decided cases illustrate that this is a high threshold for the applicant to meet.
3 Related party A payment made as aforesaid to a related party of the company shall be deemed to have been made with a view to giving such creditor a preference. For the purposes of this section a creditor shall be treated as a related party if it has the ability to: a. control the company, or b. exercise significant influence over the company in making financial and operating decisions. Standing The Law does not specify who has standing to apply (for an order setting aside a voidable preference). It is therefore unclear who, other than the liquidator, would have standing to do so. Consequences of successful application If a transaction is set aside as a voidable preference, the creditor will be required to return the payment or asset. He will then have to prove the debt owed in the liquidation process if he wishes to do so. Avoidance of disposition at undervalue Every disposition of property made at an undervalue by or on behalf of a company with intent to defraud its creditors shall be voidable at the instance of its official liquidator. Intent to defraud Intent to defraud means an intention to wilfully defeat an obligation owed to a creditor. Obligation Obligation means an obligation or liability (which includes a contingent liability) which existed on or prior to the date of the relevant disposition.
4 Undervalue Undervalue in relation to a disposition of a company s property means- (i) the provision of no consideration for the disposition; or (ii) a consideration for the disposition the value of which in money or monies worth is significantly less than the value of the property which is the subject of the disposition. Burden of proof The burden of establishing an intent to defraud for the purposes of this section shall be upon the official liquidator. Time bar No action or proceedings shall be commenced by an official liquidator under this section more than six years after the date of the relevant disposition. Transferee rights In the event that any disposition is set aside under this section, then if the Court is satisfied that the transferee has not acted in bad faith- (a) the transferee shall have a first and paramount charge over the property, the subject of the disposition, of an amount equal to the entire costs properly incurred by the transferee in the defence of the action or proceedings; and (b) the relevant disposition shall be set aside subject to the proper fees, costs, pre-existing rights, claims and interests of the transferee (and of any predecessor transferee who has not acted in bad faith). Fraudulent trading If in the course of the winding up of a company it appears that any business of the company has been carried on with intent to defraud creditors of the company or creditors of any other person or for any
5 fraudulent purpose the liquidator may apply to the Court for a declaration that any persons who were knowingly parties to the carrying on of the business in such a manner are liable to make such contributions, if any, to the company s assets as the Court thinks proper. About Samson & McGrath Samson & McGrath is one of the leading providers of legal services in the Cayman Islands. Our specialist lawyers have considerable experience in restructuring and insolvency, commercial litigation, trusts and private client matters. Please do not hesitate to contact us at the address below for further assistance or to book a private consultation. Address: 5th Floor Genesis Building, P.O. Box 446, Grand Cayman KY1-1106, Cayman Islands Telephone: +1 (345) (345) info@samsonandmcgrath.com
Client Guide Cayman Islands Winding Up and Insolvency
5 th Floor Genesis Building Genesis Close PO Box 446 Grand Cayman, KY1-1106 Cayman Islands Client Guide Cayman Islands Winding Up and Insolvency Disclaimer: This memorandum is intended to provide basic
More informationGUIDE TO INSOLVENCY IN THE CAYMAN ISLANDS
GUIDE TO INSOLVENCY IN THE CAYMAN ISLANDS CONTENTS PREFACE 1 1. Introduction 2 2. When is a Company Insolvent under Cayman Islands Law? 2 3. Formal Insolvency Procedures 2 4. Creditors Rights 4 5. Voidable
More informationCONTENTS PART 1: GENERAL...4 PART 2: COMPANY VOLUNTARY ARRANGEMENTS...5 PART 3: RECEIVERSHIP...8 PART 4: WINDING UP...11 CHAPTER 1 GENERAL...
INSOLVENCY LAW DIFC LAW No. 3 of 2009 CONTENTS PART 1: GENERAL...4 1. Title...4 2. Legislative Authority...4 3. Application of the Law...4 4. Date of enactment...4 5. Commencement...4 6. Interpretation...4
More information2015 No. (W. ) SOCIAL CARE, WALES. The Care and Support (Business Failure) (Wales) Regulations 2015 W E L S H S T A T U T O R Y I N S T R U M E N T S
W E L S H S T A T U T O R Y I N S T R U M E N T S 2015 No. (W. ) SOCIAL CARE, WALES The Care and Support (Business Failure) (Wales) Regulations 2015 EXPLANATORY NOTE (This note is not part of the Regulations)
More informationChallenging transactions in an insolvency
Challenging transactions in an insolvency DECEMBER 2011 For more briefings visit mourantozannes.com This briefing is only intended to give a summary and general overview of the subject matter. It is not
More informationDRAFT PART [V] (ADDITIONAL PROVISIONS) MYANMAR COMPANIES LAW WINDING UP OF UNREGISTERED COMPANIES
DRAFT PART [V] (ADDITIONAL PROVISIONS) MYANMAR COMPANIES LAW WINDING UP OF UNREGISTERED COMPANIES Note: These provisions are currently contained in Part IX of the Myanmar Companies Act 1914. They have
More informationAn Overview of UK Insolvency Procedures and the Considerations for Banks with an Insolvent Customer
An Overview of UK Insolvency Procedures and the Considerations for Banks with an Insolvent Customer November 2011 1 An Overview of UK Insolvency Procedures and the Considerations for Banks with an Insolvent
More informationBermuda Winding-Up Procedures
Bermuda Winding-Up Procedures Foreword The following is a summary of the law and procedure under the Companies Act 1981 ("the Act") in so far as it relates to liquidations of companies in Bermuda. The
More informationCayman Islands Insolvency Law
Cayman Islands Insolvency Law Foreword This memorandum has been prepared for the assistance of those who are considering issues pertaining to the insolvency of companies in the Cayman Islands. It deals
More informationRestructuring & insolvency law in the DIFC.
July 2011 Restructuring & insolvency law in the DIFC. The Dubai International Financial Centre ("DIFC") The DIFC is a financial free zone in the Emirate of Dubai which was established in 2004. The DIFC
More informationGUIDE. Guide to Winding Up of Solvent and Insolvent Jersey Companies
GUIDE Guide to Winding Up of Solvent and Insolvent Jersey Companies TABLE OF CONTENTS PREFACE...2 1. Summary Winding Up...3 2. Creditor s Winding Up...3 3. Bankruptcy...4 4. End of Period of Duration...5
More informationLexis PSL Restructuring & Insolvency Practice Note
Lexis PSL Restructuring & Insolvency Practice Note Unwinding unlawful Stop Press: The Small Business, Enterprise and Employment Act 2015 (SBEEA 2015) received Royal Assent on 26 March 2015 and introduced
More informationDEBT. Law guide - Debt, bankruptcy & liquidation
DEBT Law guide - Debt, bankruptcy & liquidation Contents Bankruptcy... 3 Arrangements with debtor... 6 Alternatives to bankruptcy... 8 Liquidation... 10 Distribution of assets... 11 Alternatives to liquidation...
More informationCorporate Insolvency in Ireland Dillon Eustace
Corporate Insolvency in Ireland Dillon Eustace Table of Contents Page 1. Mechanisms of Corporate Insolvency 1 2. Liquidation 1 3. Functions of the Liquidator 2 4. Liquidation and Creditors Rights 2 5.
More informationVoluntary Winding up of Company
Voluntary Winding up of Company Voluntary Winding up of Company Circumstances in which company may be wound up voluntarily 132. Subject to section 200(3), a company may be wound up voluntarily (a) when
More informationWinding Up of Companies
Winding Up of Companies 1. Introduction 2. Winding Up & Dissolution 3. Reasons for Winding Up A Company 4. Modes of Winding Up A Company 5. Grounds for Compulsory Winding Up 6. Power of the Court after
More informationGUIDE TO INSOLVENT LIQUIDATIONS IN BERMUDA
GUIDE TO INSOLVENT LIQUIDATIONS IN BERMUDA CONTENTS PREFACE 1 1. Introduction 2 2. Statutory Liquidation Procedures: an Overview 2 3. Compulsory Winding-up 2 4. Creditors Voluntary Winding-up 4 5. Related
More informationJersey corporate insolvency - the two regimes
www.bedellgroup.com Jersey Guernsey London Dublin Mauritius BVI Singapore Jersey corporate insolvency - the two regimes Bedell Cristin Jersey briefing briefing Introduction There are two principal regimes
More informationACCOUNTING SOLUTIONS SCO: 209, First Floor, Sector-36/D. Chandigarh (M): 0172-4670390-5017149, 9876149390
Liquidation of Companies Meaning: Liquidation is the legal procedure by which a company comes to an end. The term Liquidation mean The process of law where by a company is wound up to terminate its corporate
More informationInsolvency Law LAD5093 DR. ZULKIFLI HASAN Bankruptcy Winding-up CONTENTS Introduction Insolvency law is concerned with companies and individuals who are debtors and who are unable to repay their debts.
More informationWALKERS Attorneys-at-Law CORPORATE RECOVERY AND INSOLVENCY IN THE CAYMAN ISLANDS
WALKERS Attorneys-at-Law CORPORATE RECOVERY AND INSOLVENCY IN THE CAYMAN ISLANDS Introduction This document provides an introductory guide to the principal statutory, regulatory and practical requirements
More informationPayment and Settlement Systems (Finality and Netting) Bill
Bill No. 41/02 Payment and Settlement Systems (Finality and Netting) Bill Read the first time on 31st October 02. PAYMENT AND SETTLEMENT SYSTEMS (FINALITY AND NETTING) ACT 02 (No. of 02) ARRANGEMENT OF
More information[Insert graphic] COMPANIES (INSOLVENCY AND RECEIVERSHIP) ACT 2009 (NO. 2 OF 2009)
[Insert graphic] COMPANIES (INSOLVENCY AND RECEIVERSHIP) ACT 2009 (NO. 2 OF 2009) 3 [Insert graphic] COMPANIES (INSOLVENCY AND RECEIVERSHIP) ACT 2009 (NO. 2 OF 2009) PASSED by the National Parliament
More informationStatutory Demand under section 268(1)(a) of the Insolvency Act 1986. Debt for Liquidated Sum Payable Immediately
Rule 6.1 Statutory Demand under section 268(1)(a) of the Insolvency Act 1986. Debt for Liquidated Sum Payable Immediately Form 6.1 Notes for Creditor If the creditor is entitled to the debt by way of assignment,
More informationWINDING UP A CAYMAN ISLANDS COMPANY
WINDING UP A CAYMAN ISLANDS COMPANY INTRODUCTION WINDING UP A CAYMAN ISLANDS COMPANY A Cayman Islands company can be dissolved by the appointment of a liquidator or it can be dissolved without such appointment
More informationCorporate Insolvency Law In Singapore
Corporate Insolvency Law In Singapore The Legal Consequences of Corporate Insolvency Insolvency is a term generally used to describe a legal person s state of financial affairs. Specifically insolvency
More informationAdvanced Bankruptcy for Bankers. Candace C. Carlyon, Esq. www.sheacarlyon.com
Advanced Bankruptcy for Bankers Candace C. Carlyon, Esq. www.sheacarlyon.com 1 Pre Bankruptcy Review loan files, confirm collateral security, obtain as much information as possible Consider timing of remedies
More informationGUIDE TO WINDING UP OF SOLVENT AND INSOLVENT COMPANIES IN JERSEY
GUIDE TO WINDING UP OF SOLVENT AND INSOLVENT COMPANIES IN JERSEY CONTENTS PREFACE 1 1. Summary Winding up 2 2. Creditors Winding up 2 3. Bankruptcy 3 4. End of Period of Duration 4 5. Orders of the Court
More informationGuide to Insolvency and Restructuring in the Cayman Islands
Guide to Insolvency and Restructuring in the Cayman Islands TABLE OF CONTENTS Preface... 1 Frequently Asked Questions...2 PREFACE Appleby is the longest established law firm in the Cayman Islands. Our
More informationCayman Islands Winding Up a Company
Cayman Islands Winding Up a Company Introduction This memorandum explains the procedure for both a compulsory and a voluntary winding up of a Cayman Islands' company, and sets out the duties of a liquidator.
More information2. The purpose of bankruptcy proceedings is to provide an orderly method of distributing the assets of such a person fairly among creditors.
Miles and Dowler, A Guide to Business Law 21st edition Study Aid Chapter summaries Chapter summary ch 17 debt recovery and bankruptcy A. The purpose of bankruptcy proceedings 1. An insolvent person is
More informationINSOLVENCY RELATED LIABILITY OF DIRECTORS UNDER THE COMPANIES ACT, 1956
INSOLVENCY RELATED LIABILITY OF DIRECTORS UNDER THE COMPANIES ACT, 1956 A company is legally separate and distinct from its members. It is ultimately an artificial creation and it acts through its servants
More informationGUIDE Cayman Islands Company Voluntary Liquidation & Strike Off
5 th Floor Genesis Building Genesis Close PO Box 446 Grand Cayman, KY1-1106 Cayman Islands GUIDE Cayman Islands Company Voluntary Liquidation & Strike Off Table of Contents Introduction 2 Voluntary Liquidation
More informationNC General Statutes - Chapter 55 Article 14 1
Article 14. Dissolution. Part 1. Voluntary Dissolution. 55-14-01. Dissolution by incorporators or directors. (a) The board of directors or, if the corporation has no directors, a majority of the incorporators
More informationENGLISH BANKRUPTCY PROCEDURE GUIDE. A bankruptcy is deemed to commence on the date of the bankruptcy order.
ENGLISH BANKRUPTCY PROCEDURE GUIDE A bankruptcy is deemed to commence on the date of the bankruptcy order. The advantages of a bankruptcy to a debtor are: automatic discharge after 1 year; vast majority
More informationWinding Up Part 11 of the Draft Companies Bill. Brendan Cooney Partner
Winding Up Part 11 of the Draft Companies Bill Brendan Cooney Partner Contents of Presentation Part 11: Winding Up 1. Chapter 1 Preliminary and Interpretation 2. Chapter 2 Winding Up by the Court 3. Chapter
More informationLEGAL GUIDE TO RECOVERING A TRADE DEBT
LEGAL GUIDE TO RECOVERING A TRADE DEBT Howat Avraam Solicitors A: 154 160 FLEET STREET, LONDON, EC4A 2DQ T: 020 7884 9400 E: Matthew.Howat@hasolicitors.co.uk Unpaid invoicing is a fact of life for most
More informationCircular No 16 @ November 2014
Circular No 16 @ November 2014 Corporate Insolvency Introduction The new Insolvency Act 2011 provides for the administration, receivership and liquidation of companies, and for the licensing of insolvency
More informationLiquidating an insolvent Jersey company
Liquidating an insolvent Jersey company DECEMBER 2011 For more briefings visit mourantozannes.com This briefing is only intended to give a summary and general overview of the subject matter. It is not
More informationAn Introduction To Insolvency - Part 1
An Introduction To Insolvency - Part 1 An Introduction To Insolvency - Part 1 Introduction A company (or LLP) will be considered to be insolvent if it is unable to pay its debts. A person can be insolvent,
More informationGlossary of terms. Bond Quasi fidelity insurance needed by a person who acts as an insolvency practitioner.
Glossary of terms Administration Order a) A Court order placing the company that is, or is likely to become, unable to pay its debts under the control of an administrator following an application by, inter
More informationGUIDE TO WINDING UP OF COMPANIES IN SEYCHELLES
GUIDE TO WINDING UP OF COMPANIES IN SEYCHELLES CONTENTS PREFACE 1 1. Introduction 2 Section 1: Companies Incorporated under the Companies Ordinance, 1972 2 Part A: Preliminary 2 Part B: Winding Up by the
More informationBANKRUPTCY. Offermans Parners Turnaround + Solvency Solutions 1
BANKRUPTCY Offermans Parners Turnaround + Solvency Solutions 1 BANKRUPTCY Bankruptcy is the process of administering the Estate of a person who is unable to pay their debts as and when they fall due (i.e.
More informationDIFFERENT FORMS OF ADMINISTRATION IN CORPORATE INSOLVENCY. by Mark Doble, Partner
DIFFERENT FORMS OF ADMINISTRATION IN CORPORATE INSOLVENCY by Mark Doble, Partner 7 MAY 2013 1 OVERVIEW 1. In this paper I address the three most common types of administration of insolvent corporations.
More informationDUTIES OF DIRECTORS IN RELATION TO COMPANIES FACING FINANCIAL DIFFICULTIES
DUTIES OF DIRECTORS IN RELATION TO COMPANIES FACING FINANCIAL DIFFICULTIES This note summarises the current duties of directors of a company and the potential for them to incur personal liability in that
More informationInsolvency: a glossary of terms
INFORMATION SHEET 41 Insolvency: a glossary of terms This is a brief explanation of some of the terms you may come across in company insolvency proceedings. Please note that this glossary is for general
More informationGuide to Liquidation of Companies in the Cayman Islands
Guide to Liquidation of Companies in the Cayman Islands Contents Guide to Liquidation of Companies in the Cayman Islands Introduction Page 3 Voluntary Liquidation Page 3 Striking Off Page 5 Involuntary
More informationSESSION 7 Corporate Insolvency Framework. Effective and Efficient
Changes in insolvency law Introduction of corporate rescue mechanisms: Judicial management Corporate voluntary arrangements Overall winding up process enhancement Qualification of insolvency practitioners
More informationNC General Statutes - Chapter 93A Article 2 1
Article 2. Real Estate Education and Recovery Fund. 93A-16. Real Estate Education and Recovery Fund created; payment to fund; management. (a) There is hereby created a special fund to be known as the "Real
More informationGUIDE TO STATUTORY DEMANDS. We provide positive solutions for businesses. Advice. Results. Sorted
GUIDE TO STATUTORY DEMANDS We provide positive solutions for businesses Advice. Results. Sorted CONTENTS 1. What is a Statutory Demand? 4 2. The statutory demand process 5 3. Step 1 - Serving a statutory
More informationDuties of the directors of companies in financial difficulties. slaughter and may. October 2010
Duties of the directors of companies in financial difficulties slaughter and may October 2010 Contents 1. Introduction 01 2. Overview 01 3. Practical guidance 02 4. Common law, statutory and regulatory
More informationVoid and voidable transactions on insolvency
Restructuring and Insolvency briefing Spring 2012 Void and voidable transactions on insolvency Summary and implications When a company enters into a formal insolvency process, the administrator or liquidator
More informationCOMPANY WINDING UP AND LIQUIDATION IN CHINA by Editorial Staff writer
COMPANY WINDING UP AND LIQUIDATION IN CHINA by Editorial Staff writer INTRODUCTION In the People s Republic of China ( PRC ), winding up is broadly divided into insolvency winding up and winding up by
More informationINSOLVENT TENANTS OPTIONS FOR LANDLORDS
INSOLVENT TENANTS OPTIONS FOR LANDLORDS Contents 1 Tenant in Liquidation... 2 2 Tenant in Administration... 3 3 Tenant in Receivership... 3 4 Tenant in Company Voluntary Arrangement... 5 5 Tenant in Bankruptcy...
More informationDAVID THOMAS LTD GUIDE TO COMPANY INSOLVENCY
DAVID THOMAS LTD GUIDE TO COMPANY INSOLVENCY Ver 1 Feb 2015 Phone : 09-215-6893 07-576-8832 021-124-6689 Email: david@david-thomas.co.nz Introduction Welcome to our guide to liquidations. This guide is
More informationA GUIDE TO COMPANY INSOLVENCY & LIQUIDATION
A GUIDE TO COMPANY INSOLVENCY & LIQUIDATION P: (09) 551 3631 E: admin@norrie.co.nz W: norrie.co.nz Contents Introduction... 2 Definitions... 3 Meaning of Board... 3 Meaning of director... 3 Meaning of
More informationJudgment Disposition Under US Tax Law
DISTRICT OF COLUMBIA OFFICIAL CODE 2001 EDITION DIVISION II. JUDICIARY AND JUDICIAL PROCEDURE TITLE 16. PARTICULAR ACTIONS, PROCEEDINGS AND MATTERS. CHAPTER 5. ATTACHMENT AND GARNISHMENT. SUBCHAPTER III.
More informationSchedule 4 (Legal and Beneficial Ownership of the Contractor)
Schedule 4 (Legal and Beneficial Ownership of the Contractor Name of Company: Veolia ES Nottinghamshire Limited Registered Number: 5584380 Registered Office: Veolia House, 154A Pentonville Road, London
More informationProvince of Alberta LIMITATIONS ACT. Revised Statutes of Alberta 2000 Chapter L-12. Current as of December 17, 2014. Office Consolidation
Province of Alberta LIMITATIONS ACT Revised Statutes of Alberta 2000 Current as of December 17, 2014 Office Consolidation Published by Alberta Queen s Printer Alberta Queen s Printer 5 th Floor, Park Plaza
More informationLegal Business. Duties Of Directors Of Insolvent Companies And Companies In Liquidation
Memoranda on legal and business issues and concerns for multiple industry and business communities Duties Of Directors Of Insolvent Companies And Companies In Liquidation 1 Rajah & Tann 4 Battery Road
More informationInsolvency: a glossary of terms
Insolvency: a glossary of terms This is a brief explanation of some of the terms you may come across in company insolvency proceedings. Please note that this glossary is for general guidance only. Many
More informationAMENDMENTS TO THE BANKRUPTCY AND INSOLVENCY ACT AND THE COMPANIES CREDITORS ARRANGEMENTS ACT TRANSFER, PREFERENCES AND OTHER ISSUES
Robertson Stromberg Pedersen LLP RSP (Saskatoon) Legal Prof. Corp. AMENDMENTS TO THE BANKRUPTCY AND INSOLVENCY ACT AND THE COMPANIES CREDITORS ARRANGEMENTS ACT TRANSFER, PREFERENCES AND OTHER ISSUES Presented
More informationPreface 2. 1. Incorporation 3. 2. Share Capital 3. 3. Dividends & Distributions 3. 4. Shareholders Suits 3. 5. Protection of Minorities 4
Cayman Islands Company Law & Taxation Contents Preface 2 1. Incorporation 3 2. Share Capital 3 3. Dividends & Distributions 3 4. Shareholders Suits 3 5. Protection of Minorities 4 6. Disposal of Assets
More informationBankruptcy in Australia
Bankruptcy in Australia An information guide to the consequences and process of bankruptcy in Australia Our Experience is Your Advantage 1. Overview Thank you for ordering this e-book from Masons Lawyers.
More informationReceivership: a guide for creditors
INFORMATION SHEET 54 Receivership: a guide for creditors If a company is in financial difficulty, a secured creditor or the court may put the company into receivership. This information sheet provides
More informationBELIZE LIMITED LIABILITY PARTNERSHIP ACT CHAPTER 258 REVISED EDITION 2003 SHOWING THE SUBSTANTIVE LAWS AS AT 31ST MAY, 2003
BELIZE LIMITED LIABILITY PARTNERSHIP ACT CHAPTER 258 REVISED EDITION 2003 SHOWING THE SUBSTANTIVE LAWS AS AT 31ST MAY, 2003 This is a revised edition of the Substantive Laws, prepared by the Law Revision
More informationLiquidator s Annual Report to Creditors
Pollock Consulting Pty Ltd (In Liquidation) ACN: 109 887 934 ( the Company ) Dated: 20 July 2015 Liquidator Kim Wallman Appointment Date Liquidator 30 May 2014 Contact Sam Clark Telephone Number (08) 9215
More informationINSTRUCTIONS FOR COMPLETING OFFICIAL FORM 10, PROOF OF CLAIM I. INTRODUCTION
INSTRUCTIONS FOR COMPLETING OFFICIAL FORM 10, PROOF OF CLAIM I. INTRODUCTION The principal response of a creditor to the filing of a bankruptcy case is to file a proof of claim (Official Form 10). Specifically,
More informationMINORITY SHAREHOLDER RIGHTS IN ONTARIO PRIVATE COMPANIES
MINORITY SHAREHOLDER RIGHTS IN ONTARIO PRIVATE COMPANIES Phil Thompson Business Lawyer, Corporate Counsel www.thompsonlaw.ca Even without a unanimous shareholders agreement, minority shareholders in private
More informationBermuda is a major offshore business jurisdiction with more than 13,500
Bermuda Kehinde AL George, partner Attride-Stirling & Woloniecki Peter CB Mitchell, senior partner PricewaterhouseCoopers Bermuda is a major offshore business jurisdiction with more than 13,500 registered
More informationGUIDE Cayman Islands RESTORATION OF CAYMAN COMPANY POST-STRIKE OFF
5 th Floor Genesis Building Genesis Close PO Box 446 Grand Cayman, KY1-1106 Cayman Islands GUIDE Cayman Islands RESTORATION OF CAYMAN COMPANY POST-STRIKE OFF Strike Off A company may be struck off the
More informationFormalities. CROSS-BORDER HANDBOOKS www.practicallaw.com/restructurehandbook 159
Restructuring and Insolvency 2007/08 South Africa South Africa Leonard Katz, Edward Nathan Sonnenbergs www.practicallaw.com/0-234-3973 SECURITY AND PRIORITIES Formalities 1. What are the most common forms
More informationDIFC Insolvency Regulations (IR)
DIFC Insolvency Regulations (IR) 74085-00002 BK:9905372.1 1 1 October 2008 Contents The contents of this module are divided into the following Chapters, Sections and Annexes. 1. Introduction... 5 1.1 Application
More informationINSOLVENCY PRACTITIONERS ASSOCIATION CERTIFICATE OF PROFICIENCY IN PERSONAL INSOLVENCY. Examination Tuesday 2 June 2009
INSOLVENCY PRACTITIONERS ASSOCIATION CERTIFICATE OF PROFICIENCY IN PERSONAL INSOLVENCY Examination Tuesday 2 June 2009 PERSONAL INSOLVENCY (3 HOURS) Part A: Part B: Part C: All questions to be answered
More informationWhen can our organisation be compulsorily wound up?
Legal information for community organisations This fact sheet covers: when your organisation can be compulsorily wound up winding up in insolvency winding up on other grounds what happens if a court makes
More informationDefending Preference Claims: What s Mine is Mine What s Yours is Negotiable
Defending Preference Claims: What s Mine is Mine What s Yours is Negotiable By William B. Creim and Laurie K. Jones Introduction This article discusses practical strategies for trade creditors who receive
More informationAn Introduction to English Insolvency Law. slaughter and may. April 2013
An Introduction to English Insolvency Law slaughter and may April 2013 Contents 1. Formal Procedures 01 1.1. Overview 01 1.2. Administration 02 1.3. Company Voluntary Arrangement ( CVA ) 04 1.4. Creditors
More informationCORPORATE GOVERNANCE AND KEY COMPANY LAW ISSUES IN CHALLENGING ECONOMIC TIMES
CORPORATE GOVERNANCE AND KEY COMPANY LAW ISSUES IN CHALLENGING ECONOMIC TIMES INTRODUCTION Directors stand in a fiduciary relationship to the company and there are general fiduciary duties imposed upon
More informationTaxation & Enforcement Service. Policy Document on the use of Insolvency Proceedings (bankruptcy & liquidation) and Charging Orders
Taxation & Enforcement Service Policy Document on the use of Insolvency Proceedings (bankruptcy & liquidation) and Charging Orders 1. Background & Purpose of this document Wealden District Council ("the
More informationDIRECTORS DUTIES FOR COMPANIES IN FINANCIAL DIFFICULTIES
Tests of insolvency The different types of director Director s disqualification Wrongful trading and other potential liabilities DIRECTORS DUTIES FOR COMPANIES IN FINANCIAL DIFFICULTIES Actions the well
More informationBANKRUPTCY TERMINOLOGY
ADVERSARY PROCEEDING BANKRUPTCY TERMINOLOGY A lawsuit arising in or related to a bankruptcy case that is commenced by filing a complaint with the bankruptcy court. ASSUME An agreement to continue performing
More informationCLEARING AND SETTLEMENT SYSTEMS BILL
C1881 CLEARING AND SETTLEMENT SYSTEMS BILL CONTENTS Clause Page PART 1 PRELIMINARY 1. Short title and commencement... C1887 2. Interpretation... C1887 PART 2 DESIGNATION AND OVERSIGHT Division 1 Designation
More informationJune 2015. 1. milestones? specific given. the sale). opportunity
Informative Note June 2015 Questions on Spanish Insolvency Law for foreign investors 1. How long do insolvency proceedings usuallyy last in Spain? What are the major milestones? Insolvency proceedings
More informationThe Commonwealth of The Bahamas comprises over 700 islands and cays,
The Bahamas Alexiou Knowles & Co and PricewaterhouseCoopers The Bahamas Emerick A Knowles, partner Alexiou Knowles & Co Clifford A Johnson, partner PricewaterhouseCoopers The Commonwealth of The Bahamas
More informationLiquidation: a guide for creditors
INFORMATION SHEET 45 Liquidation: a guide for creditors If a company is in financial difficulty, its shareholders, creditors or the court can put the company into liquidation. This information sheet provides
More informationGroup insolvency, consolidation of debt and directors' duties and liabilities in the Cayman Islands
GLOBAL GUIDE 2015/16 INTERNATIONAL INSOLVENCY: GROUP INSOLVENCY AND DIRECTORS' DUTIES Country Q&A Group insolvency, consolidation of debt and directors' duties and liabilities in the Cayman Islands Louis
More informationGlossary of Terms - Hong Kong
Glossary of Terms - Hong Kong Ad Valorem Fee Bankruptcy Ad Val, as it is known, was used to fund the operations of the Official Receiver's Office, but nowadays it goes into the general revenue. It has
More informationCAYMAN ISLANDS. Supplement No. 8 published with Gazette No. 22 of 22nd October,2012. VEHICLE INSURANCE (THIRD PARTY RISKS) LAW (2012 REVISION)
CAYMAN ISLANDS Supplement No. 8 published with Gazette No. 22 of 22nd October,2012. VEHICLE INSURANCE (THIRD PARTY RISKS) LAW (2012 REVISION) Law 12 of 1990 consolidated with Laws 7 of 1991, 36 of 2003,
More informationA TRADE CREDITOR=S GUIDE TO PREFERENCE CLAIMS 8 Steven L. Crane - Goldfarb Sturman & Averbach
A TRADE CREDITOR=S GUIDE TO PREFERENCE CLAIMS 8 Steven L. Crane - Goldfarb Sturman & Averbach When one of your customers files a bankruptcy petition, you may face a problem even worse than seeing your
More informationComments on Consultation of Improvement of Corporate Insolvency Law By RSM Nelson Wheeler ( RSM ) Question No. RSM s Comments Question 1
Question 1 Do you support the proposal to adopt a prescribed form of statutory demand, which would contain key information as described in paragraph 2.7 as well as a statement of the consequences of ignoring
More informationInsolvency and. Business Recovery. Procedures. A Brief Guide. Compiled by Compass Financial Recovery and Insolvency Ltd
Insolvency and Business Recovery Procedures A Brief Guide Compiled by Compass Financial Recovery and Insolvency Ltd I What is Insolvency? Insolvency is legally defined as: A company is insolvent (unable
More informationSome Legal Issues On Spanish Pre-Insolvency Debt Restructurings
Some Legal Issues On Spanish Pre-Insolvency Debt Restructurings Banking and Capital Markets Department 1. Introduction Given the prolonged distressed situation of the Spanish credit market, corporates
More informationBermuda. Jonathan Betts and Sarah-Jane Hurrion Cox Hallett Wilkinson Limited. Country Q&A. Restructuring and Insolvency Handbook 2011/12.
Restructuring and Insolvency Handbook 2011/12 Bermuda Jonathan Betts and Sarah-Jane Hurrion Cox Hallett Wilkinson Limited www.practicallaw.com/9-505-8289 FORMS OF SECURITY 1. What are the most common forms
More informationUniversity of Trier English Law Helen Campbell, Lecturer
University of Trier English Law Helen Campbell, Lecturer Company Law Types of Business Associations --sole trader --partnership --company (aka corporation: management is separated from ownership) --limited
More informationA voluntary bankruptcy under the BIA commences when a debtor files an assignment in bankruptcy with the Office of the Superintendent of Bankruptcy.
Bankruptcy and Restructuring 121 BANKRUPTCY AND RESTRUCTURING Under Canadian constitutional law, the federal government has exclusive legislative control over bankruptcy and insolvency matters. Insolvency
More informationSTATEMENT OF INSOLVENCY PRACTICE GUIDANCE FOR MEMBERS OF THE COMMITTEE OF INSPECTION IN COURT AND IN CREDITORS VOLUNTARY LIQUIDATIONS.
STATEMENT OF INSOLVENCY PRACTICE GUIDANCE FOR MEMBERS OF THE COMMITTEE OF INSPECTION IN COURT AND IN CREDITORS VOLUNTARY LIQUIDATIONS Contents Paragraphs Introduction 1 7 Establishment of Committee of
More informationPLEASE NOTE. For more information concerning the history of this Act, please see the Table of Public Acts.
PLEASE NOTE This document, prepared by the Legislative Counsel Office, is an office consolidation of this Act, current to May 30, 2012. It is intended for information and reference purposes only. This
More informationRestructuring and insolvency in the UK (England & Wales): overview
GLOBAL GUIDE 2015/16 RESTRUCTURING AND INSOLVENCY Country Q&A Restructuring and insolvency in the UK (England & Wales): overview James Roome, Tom Bannister and Emma Simmonds Akin Gump LLP global.practicallaw.com/9-501-6812
More informationDIRECTORS DUTIES: FINANCIAL CRISIS AND THE OBLIGATION TO CONSIDER THE INTERESTS OF CREDITORS INTRODUCTION
INTRODUCTION We are all familiar with the principle that directors have a general duty to act in the best interests of the company. In most situations where this is an issue, the company is usually treated
More information