The law lords have paved the way for foreign liquidators to seize UK assets
in cross-border insolvency disputes.
The UK’s highest court took the step partly to prevent valuable assets being
kept out of the reach of creditors when companies salt away holdings in offshore
Law lords backed the idea that the UK should co-operate with other
jurisdictions ‘as much as possible’ so the assets of insolvent companies based
abroad are given to creditors under an umbrella system.
Distressed asset managers and hedge funds are set to benefit because of the
bargaining power gained by having all of an insolvent company’s assets pooled in
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 should be sent to Australia for
distribution under Australian insolvency law.
‘The ruling may shift the starting point for how UK courts consider
international insolvency proceedings,’ Radford Goodman, a lawyer at Norton Rose
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
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
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy