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Landmark Caribbean ruling finds unfair prejudice action cannot be brought post-liquidation

Landmark Caribbean ruling finds unfair prejudice action cannot be brought post-liquidation

06 October 2017

The Eastern Caribbean Supreme Court has interpreted Antigua and Barbuda unfair prejudices legislation for the first time, finding that it cannot be used after an entity has been wound-up, and dismissing an application by liquidators of Stanford International Bank (SIB) seeking to retrieve payments made to depositors shortly before its collapse.

Grenada minister of finance wins appeal in Eastern Caribbean court

Grenada minister of finance wins appeal in Eastern Caribbean court

06 October 2017

The Eastern Caribbean Supreme Court has found that Grenada’s Minister of Finance did not breach a common law duty of care when he appointed a receiver over a local bank in 2008.

Local indemnity costs for abusive winding-up proceedings too lenient, Bermudian court says

Local indemnity costs for abusive winding-up proceedings too lenient, Bermudian court says

05 October 2017

A Bermudian court has called the local approach to indemnity costs for abusive winding-up proceedings “far too lenient” – but decided not to take a tougher stance with a creditor that pursued a private equity fund’s liquidation over an arbitral award whose enforcement had been stayed in Brazil.

Administrator of Brazilian construction group seeks Ch15 recognition in New York

Administrator of Brazilian construction group seeks Ch15 recognition in New York

05 October 2017

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.

Global Distressed Investments Forum: Ukrainian NPLs - a frontier market or a big problem?

Global Distressed Investments Forum: Ukrainian NPLs - a frontier market or a big problem?

05 October 2017

Ukraine has experienced “unprecedented challenges” in the last few years, with civil unrest, the annexation of Crimea and war in the east. But a speaker at an event in London last week argued there is potential for Ukraine to become a new non-performing loan hub, as the economy gradually restabilises and law reforms are pushed through.

Thompson & Knight adds former Jenner & Block partner

Thompson & Knight adds former Jenner & Block partner

04 October 2017

Updated: The former head of Jenner & Block’s New York restructuring and bankruptcy practice, who worked as counsel to the court-appointed examiner in the Lehman Brothers Chapter 11 case, has joined Thompson & Knight in New York.

China Fishery group slices itself in two in separate Chapter 11 plans

China Fishery group slices itself in two in separate Chapter 11 plans

04 October 2017

Industrial fishing group China Fishery has submitted a pair of Chapter 11 plans before a court in New York that would slice its business in two, arguing that at least one of the plans provides a complementary alternative to the sale of its lucrative Peruvian assets that is being pursued by the group’s Chapter 11 trustee.

European insolvency think tank tackles avoidance actions in first published report

European insolvency think tank tackles avoidance actions in first published report

04 October 2017

Equal treatment of creditors is “key” for EU jurisdictions when justifying avoidance actions during insolvencies, but the protection of those creditors’ expectations is not always compatible with the process according to the first report by the Conference of European Restructuring and Insolvency Law (CERIL).

Judge orders Transmar to hand over documents relating to US$8m-worth of missing cocoa

Judge orders Transmar to hand over documents relating to US$8m-worth of missing cocoa

04 October 2017

A New York judge has ordered bankrupt cocoa trader Transmar to hand over documents relating to a lost US$8.2 million shipment of cocoa butter and powder, overlooking its objections that such discovery would cause “undue strain” at a time when the case is transitioning from Chapter 11 to Chapter 7 bankruptcy.

Indian Supreme Court defines “dispute” ground for dismissal under new insolvency code

Indian Supreme Court defines “dispute” ground for dismissal under new insolvency code

03 October 2017

India’s Supreme Court has found that details of a “dispute” contained in correspondence between a telephone voting company and a toll-free number provider were enough to block the latter’s demand for payment of an operational debt under the new Indian Insolvency Code.

Kirkland expands London restructuring group

Kirkland expands London restructuring group

03 October 2017

Kirkland & Ellis has added three new faces to its London-based restructuring practice, including a former Stephenson Harwood lawyer who advised coking coal supplier Winsway on its restructuring via parallel Hong Kong and BVI schemes of arrangement.

Australian court adopts JIN guidelines

Australian court adopts JIN guidelines

03 October 2017

The Supreme Court of New South Wales has adopted the Judicial Insolvency Network’s (JIN) cross-border cooperation guidelines, as other courts in Australia consider adopting them too.