Blog

In Re Equitable Life Assurance (4 December 2019) Zacaroli J sanctioned a scheme of arrangement in respect of England’s first mutual assurance society, which had been in solvent run-off since 2000. Equitable presented a scheme to address unfairness which would arise from the tontine effect in the run-off of Equitable’s with-profits business (by removing the with-profits business in exchange for the conversion of those policies to unit-linked policies but with an uplift in value).

In the recent decision of Dickinson v NAL Realisations (released on 3 December 2019) the English Court of Appeal provided useful guidance on the Duomatic principle. The principle provides that where it can be shown that all shareholders who have a right to attend and vote at a general meeting of the company assent to some matter which a general meeting of the company could carry into effect, that assent is as binding as a resolution in general meeting would be.

In the fourth episode, Ian Mann and Julie Engwirda discuss the shareholder remedy of derivative actions, particularly multiple derivative actions in the British Virgin Islands.

In the recent decision of Vneshprombank v Bedzhamov the English Court of Appeal (EWCA) provided guidance on the test for the “ordinary living expenses” exception to freezing injunctions.  Vneshprombank (VPB) obtained a pre-judgment freezing order against Mr Bedzhamov.  VPB alleged it was the victim of a substantial fraud committed by Mr Bedzhamov and his sister, and claimed losses in excess of £1.34 billion.

In September 2019, a court in Wenzhou, Zhejiang province approved a settlement agreement among Mr Cai and his four creditors. Mr Cai was ordered previously by another court to be jointly and severally liable for debt of a bankrupt enterprise. The debt is more than 2,140,000 yuan (equivalent to US$305,710).

By a recent judgment dated 21 November 2019, the Privy Council of the United Kingdom has given important clarification on the appropriate time limits for instituting judicial review proceedings.