News & Events

Insolvency

Cross Border Insolvencies Within One Nation: The UAE Experience

In one of the first expositions by the DIFC Court of the effect of Schedule 4 of the DIFC Insolvency Law, the case confirmed that the UNCITRAL Model Law applies in the DIFC only in relation to corporate insolvency. David Russell QC and David Holloway appeared as counsel. This case has generated great interest and was recently included as a Case Focus in Lexis Middle East Law Alert March/April 2022. David Russell QC and David Holloway appeared as counsel and have also written a more detailed Case Comment, first published in the MENA Business Law Review 2022 First Quarter. What happened? An application was made by Trustees who had been appointed by the Abu Dhabi Court in some insolvency proceedings.…

Legal Blog & Publications, Commercial, Insolvency and Restructuring 8 Apr, 2022

Glass Slipper

Helen Pugh acts for successful applicants in Re: Glass Slipper

Helen Pugh acted for the successful applicants, Crimson Flower Productions Ltd and others, who were seeking the maximum extension of 2 years to an existing extended civil restraint order in Re: Glass Slipper. The respondents were various companies within the ‘Glass Slipper group’ and their sole director who had persistently sought to re-litigate a dispute they had with Crimson Flower Productions Ltd arising out of the production of a Film in ‘Swan Lake’ by the Mariinsky Theatre, St Petersburg. That dispute had been decided definitively in favour of Crimson Flower, one of the applicants, a number of years ago in IPEC proceedings. Trower J’s order extending the ECRO demonstrates the flexibility and breadth of the ECRO jurisdiction. Noting there was…

Insolvency & Restructuring, News 15 Mar, 2022

UK insolvency reforms – a blueprint for reform in offshore jurisdictions?

Tim Prudhoe and Justina Stewart look at the likely implications of the Corporate Insolvency and Governance Bill on several overseas jurisdictions. In the short time since first published (22 May 2020), much electronic ink has been spilt on the most significant reforms introduced by the UK Parliament in a generation to insolvency and restructuring law – the Corporate Insolvency and Governance Bill. Much, though, is still left unsaid as to the likely wider reach outside of the UK of the finished product. The raw material is there for this to have a major impact in several overseas jurisdictions that follow the English common law model (albeit not, directly, its actual statutory regime). In this article, Tim Prudhoe and Justina Stewart highlight the…

Covid-19, Commercial during Covid-19, Legal Blog & Publications, Commercial 12 Jun, 2020

High Court provides guidance on furlough and insolvency

A High Court judgment has provided important guidance on the provisions for furloughing employees where a company has gone into administration due to COVID-19. Peter Linstead explains how it is no less relevant despite the new Treasury Direction on furlough leave. On Easter Monday 13th April, a High Court judgment gave declaratory guidance on how the provisions for furloughing employees should be applied by administrators where a company had gone into administration as a result of the effects of coronavirus.  The judgment succeeds in providing essential clarity on the status of employees’ claims in an insolvency situation and has wider application to contractual variations in the context of furlough. It remains relevant in both these areas despite the publication on 15 April of…

Covid-19, Employment during Covid-19, News 15 Apr, 2020

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