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  11/11/2024

  United Kingdom

  Failure to prevent fraud offence: “reasonable procedures” guidance published and the countdown begins

  The UK’s Economic Crime and Corporate Transparency Act 2023 (“ECCTA”) makes various changes in the law relating to economic and financial crime.The official Guidance on the new offence of “failure to prevent fraud” (the “Guidance”) has now been published. Companies which have not already put anti-fraud procedures in place now have under 10 months in which to do so.The Failure To Prevent Fraud OffenceIn summary:The new offence will come into force on 1 September 2025.The new offence will apply  to large organisations  to which at least two of the...

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  11/10/2024

  United Kingdom

  Real prospect of a legitimate benefit to the claimant from English proceedings sufficient for permission to serve a claim seeking to enforce a foreign judgment out of the jurisdiction

  In a recent judgment dismissing a jurisdiction challenge in relation to a claim seeking to enforce a judgment of the UAE courts, the Commercial Court (Stephen Houseman KC sitting as a High Court judge) has reiterated the correctness of the Court of Appeal’s decision in Fonu v Demirel [2007] 1 WLR 2508 to the effect that it does not need to be shown, on an application for permission to serve out of the jurisdiction a claim seeking to enforce a judgment, that there are any assets available for execution in England. It suffices that there is a real prospect of a legitimate benefit to the claimant...

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  10/10/2024

  United Kingdom

  Recoveries in assigned claims not limited to the shortfall in administration: Manolete Partners plc v Norman Freed & Ors [2024] EWHC 2242 (Ch)

  The recent High Court judgment in Manolete Partners plc v Norman Freed & Ors [2024] EWHC 2242 (Ch) provides useful clarification to office-holders (and assignees of claims), as to when they will be entitled to pursue the full amount of losses - rather than limiting claims to the shortfall in the relevant estate.BackgroundOn 19 July 2022, Manolette Partners plc (“Manolete”) issued proceedings against Norman Freed, Key People Limited (“KPL”) and Achieva Group Limited (“AGL”), having taken an assignment of the relevant claims from the administrators of Just...

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  03/10/2024

  England and Wales

  Sanctioned creditors allowed to participate in and vote at creditors’ committee meetings

  In Hellard v Rossiysky Kredit Bank [2024] EWHC 1783 (Ch) the High Court confirmed that insolvency practitioners can accept votes of sanctioned creditors in relation to creditor decisions and allow them to take part in creditors’ committee meetings. Hellard also adds to the growing case law dealing with the meaning of control under the Russia (Sanctions) (EU Exit) Regulations 2019 (the “Russia Regulations”).BackgroundMr Motylev, a Russian national, moved to London in 2015 following the collapse of his Russian banking and pensions business. He was declared bankrupt in Russia...

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  02/10/2024

  England and Wales

  Threshold for freezing orders getting (fr)-easier?

  The Court of Appeal has ruled that the “good arguable case” test to be applied for freezing injunctions should be equated with the (previously thought to be lower) “serious issue to be tried” threshold applied in American Cyanamid injunctions, marking a significant shift in the law on this issue.BackgroundMs dos Santos, the daughter of the former President of Angola, is the founder, former beneficial owner and former director of Unitel, Angola’s largest mobile telecommunications company. Her stake in Unitel (and various other shareholdings) has been appropriated by...

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  23/09/2024

  England and Wales

  D'Aloia v Persons Unknown: English High Court clarifies law on crypto and constructive trusts

  Fabrizio D'Aloia v Persons Unknown Category A, Binance Holdings Limited, Polo Digital Assets Inc, Gate Technology Corp, Aux Cayes Fintech Co Ltd, Bitkub Online Co Ltd, Persons Unknown Category B (EWHC 2342 (Ch), 12 Sep 2024)D’Aloia will be a case name recognised by those with an interest in crypto law.  As previously reported (see CMS Law-Now here), on 24 June 2022, the High Court granted Mr D’Aloia (“Claimant”) an order permitting service of proceedings on persons unknown via a non-fungible token (NFT) .The claim against Binance Holdings Limited has since been settled,...

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