Insolvency work includes advising on and appearing in court in connection with all aspects of individual bankruptcies, company liquidations, administrations, receiverships, no asset procedures, and schemes of arrangement. Our barristers have dealt with proposals to creditors, directors’ disqualification proceedings, corporate rescue matters and have acted for banks, lending institutions, accountants, companies, statutory managers and individuals (as creditors or debtors). Insolvency law may at times involve aspects of some or all of the following: securities law; directors’ duties; tax; unlawful trading and voidable transactions.
In January 2022, an appeal in the case of Stanford International Bank v HSBC Bank was argued before the Supreme Court. The assumed facts (the proceedings involved a strike out) were that the claimant, now in liquidation, had not been a bona fide bank. Rather, it was nothing more than a vehicle for a Ponzi scheme. Some of the funds raised under the scheme had been held in an account with HSBC.