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Articles by Peter Niven
Insolvency and restructuring newsletter - March 2023
Register now for your free, tailored, daily legal newsfeed service. Questions? Please contact Register To view this article you need a PDF viewer such as Adobe Reader. If you can't read this PDF, you can view its text here. Go back to the PDF . Australia, Canada, New Zealand, United Kingdom March 16 2023 Our last newsletter commented on high inflation, dwindling business confidence and international supply chain issues.
UK Supreme Court clarifies and reduces ambit of “reflective loss” principle in “one of the most important company and commercial law decisions of the last thirty years” - Lexology
The Supreme Court in Sevilleja v Marex Financial Ltd [2020] UKSC 31 has brought much needed clarity to the legal basis and scope of the so-called ‘reflective loss’ principle. The effect of the decision is a ‘bright line’ rule that bars claims by shareholders for loss in value of their shares arising as a consequence of the company having suffered loss, in respect of which the company has a cause of action against the same wrong-doer.
SQN Asset Fin Inc Fd
Tuesday 26 March, 2019 SQN Asset Fin Inc Fd Half-year Report RNS Number : 9389T SQN Asset Finance Income Fund Ltd 26 March 2019 26 March 2019 FOR IMMEDIATE RELEASE INTERIM FINANCIAL RESULTS ANNOUNCEMENT THE BOARD OF DIRECTORS OF SQN Asset Finance Income Fund LimitedANNOUNCES THE INTERIM REPORT AND UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2018 GROUP HIGHLIGHTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2018 The investment objective of SQN Asset...
Trustee company property not subject to preferential treatment
The Supreme Court of Victoria has recently considered whether trust property is subject to the priority regime provided for in section 556 of the Corporations Act 2001 (Cth) (the Australian equivalent of New Zealand's Schedule 7 of the Companies Act 1993). It also considered whether a trustee's right of indemnity is subject to the obligations of receivers under section 433 of that Act, to pay employee entitlements in priority out of assets subject to a circulating security interest.
Composing scheme classes
The New South Wales Court of Appeal recently handed down an important judgment relating to the composition of classes in a creditors' scheme of arrangement. In First Pacific Advisors LLC v Boart Longyear Limited, the Court of Appeal unanimously dismissed an appeal brought by First Pacific Advisors LLC (FPA).
Security for costs against liquidator
The UK case of Cherkasov & Ors v Olegovich, the Official Receiver of Dalnyaya Step concerns an application for security for costs against a liquidator. A Russian court appointed a liquidator to the Russian subsidiary of a Guernsey unit trust. The liquidator applied for recognition of the liquidation proceeding as a foreign proceeding in the UK under the Cross-Border Insolvency Regulations 2006. The application for a recognition order was granted.
Final word on Ponzi scheme clawback
The Supreme Court in McIntosh v Fisk upheld the Court of Appeal decision permitting the liquidators of Ross Asset Management Ltd (RAM) to claw back the fictitious profits paid out to Mr McIntosh. However the claw back did not apply to the original investment of $500,000. The majority found that McIntosh had a defence for the $500,000 as he had provided "real and substantial valuable consideration".
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