Global Restructuring Review - Cross-border restructuring and insolvency legal news, features and events

GRR Awards 2017 – first shortlist revealed

Richard Woolley

24 May 2017

GRR Awards 2017 – first shortlist revealed Profits from the GRR Awards go to the Swawou Layout School in Sierra Leone Swawou Layout Community Primary School for Girls

With just under a month to go before the inaugural Global Restructuring Review awards ceremony in London, the shortlists of nominees for each category have been decided.

Our first annual celebration of the most important firms, cases and marketplace developments in cross-border restructuring and insolvency will take place on 21 June at the Waldorf Hilton in London’s Theatreland.

The black-tie event will see the launch of the GRR 100 guide to the world’s leading cross-border restructuring law practices and the unveiling of the first-ever GRR 30 ranking of the standout firms in the space, as well as awards in a further eight categories and a lifetime achievement recognition.

Proceeds from the awards ceremony will go to the Swawou Layout Community Primary School for Girls in Sierra Leone, a project established by GRR’s parent company, Law Business Research in 2008 to offer free primary school education to girls from disadvantaged homes.

Details of the event can be found here.

Over the coming days, GRR will be publishing the shortlists of nominees in each category, starting today with the award for most important recognition decision.

The prospective winners are listed below, with links to GRR coverage.

Nominees for most important recognition decision

19 Entertainment – In April 2016, the producer of the popular US television series “American Idol” became the first known English-registered company to obtain Model Law recognition in the UK of its Chapter 11 proceeding in the US as a foreign main proceeding.

Berau Capital Resources – The US Bankruptcy Court for the Southern District of New York opened the door for more non-US companies to seek recognition of cross-border bankruptcies in October 2015, when it found that New York choice of law and forum selection clauses in the Singaporean company’s indentures satisfied the Second Circuit’s property requirement established in In re Barnet for a Chapter 15 filing.

Lagoon Beach Hotel v Lehane - South Africa’s Supreme Court of Appeal recognised the authority of an assignee appointed by an Irish court to oversee the bankruptcy of an Irish property developer, despite uncertainty over his current domicile, in December 2015.

Opti-Medix – In June 2016, the Singapore Supreme Court broke new ground in recognising a Japanese trustee appointed over a pair of British Virgin Islands-incorporated medical companies, affirming that bankruptcy proceedings in a company’s centre of main interests (but outside its place of incorporation) can be recognised in the city-state.

Rennie Produce – The Hong Kong Court of First Instance identified a standard order for the recognition and assistance of foreign liquidators when it granted an application made by the liquidator of the Australian crop planting and protection company in August 2016.

Urbancorp – The Ontario Superior Court recognised Tel Aviv bankruptcy proceedings relating to a Canadian property developer as foreign main proceedings, despite its COMI not being in Israel, in a “very unusual” case from May 2016.

Winsway – The British Virgin Islands-incorporated coking coal supplier won recognition then approval of its Hong Kong scheme of arrangement from the US Bankruptcy Court for the Southern District of New York in June 2016, soon after a parallel scheme of arrangement was sanctioned in the BVI. The decision was the first Hong Kong scheme to be recognised in the US under Chapter 15, and saw the Hong Kong court sanction a scheme compromising debt governed entirely by foreign law.