The Law Lords have paved the way for foreign liquidators to seize English
assets in cross-border insolvency disputes.
Britain’s highest court put its weight behind the notion that English courts
should co-operate with other jurisdictions ‘as much as possible’ so the holdings
of bankrupt companies based abroad are given back to creditors under an umbrella
The House of Lords made the watershed decision in response to a liquidation
case involving Australian company HIH Insurance.
The company collapsed in 2001, with HIH holding reinsurance contracts written
out of London. Law Lords have now said that these assets shpuld be remitted to
Australia for distribution by liquidators under Australian insolvency law.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies