Cross Border Insolvency Update - August 2019

Skandinaviska Enskilda Banken AB v Conway & Anor (as Joint Official Liquidators of Weavering Macro Fixed Income Fund Ltd) [2019] UKPC 36

The Privy Council upheld decisions of the Cayman Islands Grand Court and Court of Appeal that share redemption payments received by the appellant Swedish Bank were voidable preferences. 

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Beveridge & Anor v Quinlan & Ors [2019] EWHC 1411 (Ch)

Snowden J granted an application by Receivers for post-judgment injunctive relief to give effect to an earlier Order that funds due to creditors from a Spanish insolvency should be paid to the Receivers rather than the Lenders. 

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Nissan to cut 12,500 jobs worldwide 

Nissan has announced plans to cut 12,500 jobs worldwide, 6,400 of which have already been implemented at eight locations. The Japanese car company announced its intention to reduce the number of models of cars it produces by 10% by the end of 2022. Nissan recently announced a 94.5% fall in net profit for the first quarter of 2019. Nissan is still recovering after former chairman Carlos Ghosn was arrested last year in Japan after being accused of financial crimes, including alleged misuse of company funds. 

Jack Wills sold to Sports Direct for £12.75 million in pre-pack

Jack Wills has been sold for £12.75 million to Mike Ashley’s Sports Direct in a pre-pack Administration deal. The sale includes all 100 UK and Ireland stores and stock, as well as a distribution centre, and all employees. It has been reported that Sports Direct intends to negotiate with the chain’s landlords in a bid to reduce rents. 

Singapore Mediation Convention signed by 46 States 

On 7 August 2019 the United Nations Convention on International Settlement Agreements Resulting from Mediation, known as the "Singapore Mediation Convention", was signed by 46 States including the US, Singapore, China and India. The Convention provides a process for the direct enforcement of cross-border settlement agreements resulting from mediation, by allowing a settlement agreement to be enforced directly by the courts of a State where assets are located, preventing potential multiple proceedings across various jurisdictions. The UK, the European Union and Australia have not yet signed the Convention. The Singapore Convention will come into force six months after three countries have ratified, accepted, approved or acceded to the Convention.

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