New Rules
New Commercial Court rules now apply. See link here for
ease of reference. The new rules deal with a number of procedural
points including case management conferences, pre-trial reviews and
also include significant changes to the previous High Court costs
regime.
Insolvent Funds
There continues to be numerous issues surrounding the
"creditor/investor" debate in fund's litigation.
There have been a number of cases of particular note. First of all
Citco Global v Y2K Finance where a winding up petition was
brought on two basis. First of all, alleged improper redemption
payments made by the fund prior to the suspension of redemptions.
The Commercial Court was of the view that it would not permit
minority shareholders to wind up a company on the basis that it
had, or might have, claims against its directors as this would be
inconsistent with the rule in Foss v Harbottle (1843) 2 Hare
461.
