| Andrew Cawkwell Head of Corporate Recovery and Insolvency Watson Burton LLP 1 St James' Gate Newcastle upon Tyne , NE99 1YQ England |  | Work: 0191 2444338 Mobile: 07973 502809 Fax: 0191 2444500 Email: andrewcawkwell@live.co.uk IM: andrewcawkwell@live.co.uk (MSN)  http://uk.linkedin.com/in/insolvencyandturnaroundMy Blog | |
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From: Steven Petrie
Sent: 09 August 2010 09:56
To: Andrew Cawkwell; Kelly Jordan; Kevin Anderson; Imran Malik
Subject: Insolvency update : 09/08/2010
IN THE MATTER OF LEHMAN BROTHERS INTERNATIONAL (EUROPE) (IN ADMINISTRATION) sub nom (1) CRC CREDIT FUND LTD (2) LEHMAN BROTHERS INC (3) LEHMAN BROTHERS FINANCE AG (4) LEHMAN BROTHERS HOLDINGS INC v (1) GLG INVESTMENTS PLC SUB-FUND:EUROPEAN EQUITY FUND (2) HONG LEONG BANK BERHAD (2010)
The statutory trust imposed by Chapter 7 of the Client Assets Sourcebook made under the Financial Services and Markets Act 2000 s.139 applied to client money on receipt by an investment firm and not only when the money was placed in a segregated account. When client money was pooled following failure of a firm the pool included not only moneys in segregated accounts but also all identifiable client money in the firm's house accounts, and that pool should be distributed on a claims basis and not a contributions basis. Client money did not include sums due and payable by the firm to its clients but not yet appropriated for that purpose.
INSOLVENCY - BANKING AND FINANCE - FINANCIAL REGULATION - TRUSTS
CA (Civ Div) (Master of the Rolls, Arden LJ, Sir Mark Waller) 2/8/2010
References: LTL 2/8/2010
Document No.: Case Law - AC0125751
(1) DAVID RUBIN (2) HENRY LAN (JOINT RECEIVERS & MANAGERS OF CONSUMERS TRUST) v (1) EUROFINANCE SA (2) ADRIAN ROMAN (3) JUSTIN ROMAN (4) NICHOLAS ROMAN (2010)
Judgments made in New York in adversary proceedings following bankruptcy were judgments in the collective enforcement regime of the bankruptcy proceedings and were therefore subject to the private international law rules relating to bankruptcy. They were therefore recognised as a foreign main proceeding for the purposes of the Cross-Border Insolvency Regulations 2006 Sch.1.
INSOLVENCY - CIVIL PROCEDURE - INTERNATIONAL LAW
CA (Civ Div) (Ward LJ, Wilson LJ, Henderson J) 30/7/2010
References: LTL 30/7/2010
Document No.: Case Law - AC0125725
BNY CORPORATE TRUSTEE SERVICES LTD v EUROSAIL-UK 2007-3BL PLC & 7 ORS (2010)
The court set out the proper interpretation of the Insolvency Act 1986 s.123(2).
BANKING AND FINANCE - INSOLVENCY
Ch D (Sir Andrew Morritt (Chancellor)) 30/7/2010
References: LTL 4/8/2010
Document No.: Case Law - AC0125763
IN THE MATTER OF HALLIWELLS LLP sub nom HALLIWELLS LLP v (1) SHAY BANNON (2) DERMOT POWER (ADMINISTRATORS) (2010)
The court made an administration order in respect of a national law firm, appointed administrators, and gave its approval to four pre-packaged sales of parts of the firm's business. The firm could not be rescued as a going concern, the purpose of the administration was to realise its assets for the creditors, and the pre-packaged sales, far from harming the interests of the creditors as a whole, were compliant with the Statement of Insolvency Practice 16 and the only way to maximise the returns available to the administration.
INSOLVENCY
Ch D (Kitchin J) 30/7/2010
References: LTL 6/8/2010
Document No.: Case Law - AC0125811
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