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

Administrator of Brazilian construction group seeks Ch15 recognition in New York

By Benjamin Clarke

05 October 2017

Administrator of Brazilian construction group seeks Ch15 recognition in New York Sao Paulo iStock.com/dabldy

The administrator of a Brazilian construction group has filed for Chapter 15 recognition in New York, after accusing the group’s alleged majority owner of engaging in a scheme to “defraud creditors and strip approximately US$100 million in assets” for his own personal benefit and that of his family.