Antecedent Transactions Onshore and Offshore Updates

On 21 January, Hong Kong Litigation and Dispute Resolution partner, Shaun Folpp, delivered a seminar titled "Antecedent Transactions Onshore and Offshore Updates" at the Hong Kong Institute of Certified Public Accountants office, along with John Marsden, a partner in Mayer Brown's Restructuring team in Hong Kong. The seminar was chaired by a member of the HKICPA's Restructuring and Insolvency Faculty Executive Committee, and covered the background to antecedent transactions, the policy rationale of avoidance regimes, and the remedies and defences available in statute and common law for such transactions. The panel also discussed the law of the Cayman Islands comparing it with the Hong Kong regime relating to the avoidance of transactions in insolvency proceedings.

As part of the panel, Shaun presented the recent UK Privy Council decision in Skandinaviska Enskilda Banken AB (PUBL) (SEB) v Conway and Shakespeare (as Joint Official Liquiadtors of Weavering Macro Fixed Income Fund Limited), where he acted for the successful liquidators. This held that redemption payments made shortly before the collapse of Weavering Macro Fixed Income Fund constituted preferences over the Fund's other creditors.