Background
Sberbank CZ was an indirect subsidiary of the Russian state-owned bank Sberbank. In 2020, it was the 10th largest Czech bank by assets and had a total of 95,000 individuals and 11,000 companies on its client list. Its rapid
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Stays on “actions” or “proceedings” when a company is in liquidation – what does this mean for secured creditors? (UK)
In a short, but helpful judgment the court considered whether the stay imposed by s130(2) of the IA 1986 on actions or proceedings against a company in liquidation applied to a secured creditor exercising its power of sale. In confirming
Update on Litigation Funding as UK Court of Appeal Considers the terms of a Litigation Funding Agreement (UK)
The ability to fund insolvency litigation can make a significant difference to realisations in an insolvent estate. Although many claims are now assigned to specialist funders (where the funder both runs and funds the claim) some insolvency practitioners have (at
Petrofac in the Court of Appeal: Key Takeaways (UK)
The Court of Appeal has handed down judgment in the Petrofac restructuring plan, overturning the sanctioning of the plans by the High Court. This is only the third time a restructuring plan has been considered by the Court of Appeal,
Marshalling Debt: Court considers the Obligations of a Secured Lender (UK)
In the recent judgment of Brooke Homes (Bicester) Ltd v Portfolio Property Partners Ltd (and others)[1], the High Court provided further clarity on how sale proceeds should be accounted for as between the first-ranking mortgagee and a second-ranking
Insolvency Service “reframes” view of creditor – IPs can apply their discretion (UK)
The Insolvency Service have held a long-established view that creditors are classed as such at the point of entry into an insolvency process. This view was brought into question and challenged in the cases of Pindar and Toogood where in
Revisions to SIP 14 – Responsibilities to Preferential Creditors (including Classification of Charges) (UK)
LPA Receivers – who is really responsible for their actions? (UK)
In the recent appeal of Yerbury v Azets[1], the Court reiterated that an employer of an LPA receiver cannot be held vicariously liable for the actions of a receiver during a receivership and helpfully clarified the parameters of the receiver’s
How important is it to document directors’ decisions and keep contemporaneous evidence? (UK)
The recent High Court case of Stacks Living Limited & Ors v Shergill & Ors (“Stacks Decision”) has further highlighted the importance of taking advice and documenting decisions following the much-publicised decision of Wright v Chappell (the “BHS Case”).
Should Miller be Set Aside? Observations from a Recent U.S. Supreme Court Decision Regarding a Trustee’s Power to Set Aside Fraudulent Transfers
The U.S. Supreme Court recently decided United States v. Miller, which resolved a circuit split over whether a trustee could avoid federal tax payments under section 544(b) of the United States Bankruptcy Code.[1] In this case, a
