Asset recovery

Cayman liquidators of Kuwaiti family group turn to New York for answers

A pair of Cayman liquidators overseeing the winding up of a Kuwaiti family’s investment vehicle are seeking recognition in the US to take discovery from multiple parties including US law firms and international banks, who they believe might shed light on tens of millions of dollars transferred out of the group several years ago.

13 October 2021

Air Berlin liquidator to sell claims on to hedge funds

Air Berlin’s insolvency administrator plans to sell claims that he is asserting against third parties to interested hedge funds on behalf of creditors – including his claim against Abu Dhabi’s Etihad Airways that is pending before English courts.

27 August 2021

Germany’s Grub Brugger hires eight-person team in Stuttgart

German law firm Grub Brugger has hired an entire insolvency team from Stuttgart’s Menold Bezler, including a group of partners who completed one of the first German restructurings under the new StaRUG tool.

23 August 2021

Hong Kong court: only a bona fide dispute triggers exclusive jurisdiction clause

A Cayman investment fund has secured a bankruptcy order against the Chinese owner of an international care home business, after persuading a Hong Kong judge there was no disputed debt to push the issue before New York courts in line with an exclusive jurisdiction clause.

28 July 2021

Baccarat investors’ bankruptcy trustees seek recognition in the UK

The Hong Kong bankruptcy trustees of a Chinese mother and daughter who made a doomed investment in the luxury French crystal brand Baccarat, have sought recognition in the UK to claw back local assets including a property in London.

23 July 2021

Australian report shows interdependency of Greensill administrations

Greensill’s Australian liquidators have said they can’t provide estimates on potential returns for its unsecured creditors, because they depend on future dividends in the UK and German administrations, among other factors.

22 July 2021

NMC Healthcare announces creditor support for ADGM restructuring

NMC Healthcare’s administrators in Abu Dhabi’s financial free zone will press ahead with deeds of company arrangement for 35 of the group’s entities, after announcing creditor support this week.

09 June 2021

Third Circuit rejects sovereign immunity defence in adversary proceedings

The US state of California and its Lands Commission have failed to persuade the Third Circuit Court of Appeals that they are immune from adversary proceedings arising out of an oil company’s 2017 bankruptcy.

03 June 2021

BonelliErede helps rescue Italian Greensill casualty

Italy’s BonelliErede is advising Venice-based bank Ifis on its purchase of a local lender out of compulsory liquidation, after it collapsed under the weight of its exposures to Greensill’s German banking subsidiary.

28 May 2021

NMC Healthcare administrators face claw back roadblocks in Abu Dhabi

NMC Healthcare’s administrators in Abu Dhabi’s financial free zone are facing jurisdictional hurdles in their attempts to claw back payments diverted to Dubai Islamic Bank, amid questions the judge described as “elusive”.

27 May 2021

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