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July 2008

Introduction of Code of Professional Practice by IPA

A comment on the guidelines relating to independance that form part of the Code, including the test of independance and the requirements that must be followed by all practitioners.

House of Lords addresses cross-border insolvencies

A look at the recent decision of McGrath & Ors v Riddell & Ors [2008] UKHL 21. The English House of Lords determined that the English assets of four Australian HIH Group companies should be remitted to the Australian Liquidators, although the Law Lords were divided on whether it was the Insolvency Act 1986 (UK), or English common law or judicial principles such as the principle of modified universalism, that allowed the result.

Revised Guidelines for the Assetless Administration Fund

The Assetless Administration Fund was established to provide funds to facilitate more comprehensive investigation and reporting by liquidators into assetless companies. This article comments on the amendments to the funding criteria for the AAF that were introduced earlier this year and makes practical suggestions for liquidators arising from those amendments.

Newsletter Ir July2008.pdf

All Kemp Strang Briefs are intended to keep readers abreast of legal and firm developments current on issue of the Brief. They are not to be relied upon as a substitute for professional advice. Before acting on any specific matter please contact us.