Insolvency handlers in the US may be able to lobby English courts for help in
clawing back assets held in the UK, despite administration proceedings not being
In a recent case, the Court of Appeal ruled that a trust created by
Eurofinance SA could recognise overseas insolvency actions enforced by US
The ruling could also have an impact on high-profile cases such as Lehman
Brothers and Bernard Madoff’s companies.
In the case of Lehman Brothers, the US trustees could ask for assistance from
UK courts in effecting bankruptcy judgments, while Madoff’s UK victims could
find themselves the target of clawbacks.
US trustees could seek to recoup cash from UK victims who may have been
overpaid from Madoff’s asset pool.
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