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Cross Border Insolvency Update - December 2019

Singularis Holdings Ltd (in Official Liquidation) v Daiwa Capital Markets Europe Ltd (2019)

The Supreme Court has handed down its judgment in favour of Singularis, finding that investment bank Daiwa had breached their Quincecare duty of care to the company. 

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Philip Stephen Wallace (as Liquidator of Carna Meats (UK) Limited) v George Wallace

The power to require the production of documents and information under s.236(3) of the Insolvency Act 1986 was a standalone power, separate from the power to require attendance under s.236(2) and was not territorial in nature. An order under s.236(3) could therefore be made against a person outside of the jurisdiction. 

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Investment firm, Reyker Securities, goes into special administration

Reyker Securities, an investment management firm responsible for approximately £1 billion of assets, including £55 million of client money, has entered special administration.
The company had been pursuing a sale of the business, but were unable to complete this. Mark Ford, Adam Stephens and Henry Shinners of Smith & Williamson LLP have been appointed as Joint Special Administrators.

The special administration process prevents Reyker from carrying out activities including completing any pending trades, commencing any new trades, and providing clients with any specific advice or guidance.

Boris Becker Bankruptcy Restrictions extended for 12 years

Following Boris Becker’s 2017 bankruptcy, the Official Receiver discovered transactions of £4.5 million which Mr Becker failed to disclose. As a result, the Official Receiver applied to extend the bankruptcy restriction and Mr Becker offered a 12 year undertaking. Whilst subject to the bankruptcy restrictions, Mr Becker cannot:

  • borrow more than £500 without disclosing that he is bankrupt; 
  • act as a director of a company without the court’s permission; 
  • create, manage or promote a company without the court’s permission; or
  • manage a business with a different name without disclosing that he is bankrupt. 

Mothercare goes into Administration, buyer unable to be found

After 58 years on the high street, baby goods retailer Mothercare has gone into administration. It has been announced that this will result in the phased closure of all 79 UK stores and will put 2,800 jobs at risk. Last year, Mothercare entered a Company Voluntary Arrangement which resulted in the closure of 58 stores. It is only the company’s UK stores affected by the administration. The international arm of the business of more than 1000 stores in 40 countries will be unaffected.

For any more information please contact Alan Bennett on: a.bennett@ashfords.co.uk or David Pomeroy on: d.pomeroy@ashfords.co.uk.

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