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High Court approves scheme of arrangement for German companies

Edwards Wildman Palmer LLP
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Germany, United Kingdom
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December 21 2010

On 14 December 2010 the English Court sanctioned four connected schemes of arrangement for German companies in the Tele Columbus group

Scottish Lion - waiver of privilege by creditor participating in scheme of arrangement

Edwards Wildman Palmer LLP
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United Kingdom
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November 11 2010

In another instalment of the Scottish Lion saga (see our previous blog entries here, here and here) the Outer House of the Court of Session (the Scottish First Instance Court) has ruled that where a scheme creditor submits documents in support of his claim for voting purposes at the creditors' meeting convened to approve a scheme of arrangement, he is deemed to have waived any privilege there might have been in such documents

Lehman English administrators to appeal Court of Appeal ruling

Edwards Wildman Palmer LLP
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United Kingdom
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September 16 2010

It is reported in the press that the PWC administrators of Lehman Brothers International (Europe) Limited (LBIE), the London-based arm of the Lehman bank, are to appeal the recent Court of Appeal ruling relating to the distribution of segregated client funds

English High Court decides that a non-creditor can be established as a "victim" of a transaction at an undervalue

Edwards Wildman Palmer LLP
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United Kingdom
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January 7 2010

In Clydesdale Financial Services Ltd and others v Robert Smailes and others 2009 EWHC 3190 (Ch), the principal issues before the Court were whether the third claimant, Focus Insurance Company Ltd (Focus), had a real prospect of success in its claims to be, first, a creditor (under the Insolvency Act 1986) of the fifth defendant, Alexander Samuel LLP (LLP) in respect of unpaid premiums and, second, a "victim" under ss.423-425 of the Insolvency Act 1986 of the sale of LLP's business to Jiva Solicitors LLP (Jiva) effected around the same time as it went into administration

English High Court judge blasts the spectacular failure to protect client monies by Lehman Brothers International (Europe) (LBIE), its auditors and regulators

Edwards Wildman Palmer LLP
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United Kingdom
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December 17 2009

In a judgment issued on 15 December in the English High Court (Lehman Brothers International (Europe) (in administration) v CRC Credit Fund Limited & Ors 2009 EWHC 3228), and based on assumed facts presented to him, Mr Justice Briggs described the failure by LBIE to protect client monies from the impact of insolvency as "truly spectacular" and involving "shocking underperformance"

Court of Appeal confirms that English courts have no jurisdiction to sanction Lehman Brothers scheme

Edwards Wildman Palmer LLP
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United Kingdom
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November 9 2009

In a judgment handed down last week, the Court of Appeal upheld the decision of Mr Justice Blackburne that the English courts have no jurisdiction to sanction the proposed scheme of arrangement for Lehman Brothers International Europe (LBIE) insofar as it purports to extinguish rights of beneficiaries under trusts

Court rules it has no jurisdiction to sanction scheme concerning trust assets held by Lehman UK

Edwards Wildman Palmer LLP
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United Kingdom
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August 24 2009

The administrators of Lehman Brothers International (Europe) have been intending to propose a scheme of arrangement under the English Companies Act to enable them to distribute several billions of dollars of assets held on trust by the company in the face of difficulties in establishing who was entitled to the trust assets; in particular, they had not received responses from all potentially interested clients, could not rely on the accuracy of the company's records and had not received all the information requested from sub-custodians and other intermediaries

Arbitration and insolvency

Edwards Wildman Palmer LLP
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United Kingdom
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August 7 2009

In Josef Syska (Administrator of Elektrim SA (in bankruptcy) and Elektrim SA (in bankruptcy) v Vivendi Universal SA & Others 2009 EWCA Civ 677 the main question to be decided by the Court of Appeal was whether, when an arbitration is proceeding in one Member State of the European Union, in this case the UK, and one of the parties to the arbitration becomes insolvent in another Member State, in this case Poland, the consequences of that insolvency, in so far as they affect the arbitration, are to be determined by the law of the Member State where the insolvency proceedings have been instituted or the law of the Member State in which arbitration is taking place

High Court rules insured's sale of a wrecked vessel was a transaction at an undervalue under s423 Insolvency Act 1986

Edwards Wildman Palmer LLP
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United Kingdom
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July 28 2009

In Dornoch Ltd & Ors v Westminster International & Ors 2009 EWHC 1782 (Admiralty) Mr Justice Tomlinson held that the sale by Westminster International (Westminster) of the wreck of a vessel, the Fariway for the sum of 1000 Euros to a related company was a transaction at an undervalue under s423 of the Insolvency Act 1986 (which, in basic terms, provides that certain disposals made to connected persons for a value less than a fair value may be set aside by the court