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Essar Steel Algoma creditors seek receivership to speed up asset sale

Essar Steel Algoma creditors seek receivership to speed up asset sale

13 November 2018

Creditors of bankrupt Canadian steelmaker Essar Steel Algoma have sought to force its host port’s operating company into receivership to hasten the end of the company’s three-year restructuring.

English court allows - then stays - enforcement of decade-old Malaysian judgments

English court allows - then stays - enforcement of decade-old Malaysian judgments

13 November 2018

A pair of decade-old decisions from a Malaysian court may be enforced in England against two UK investors in a wound-up electric car joint venture – but not until a Malaysian Federal Court has ruled on an appeal regarding their enforceability.

Cayman Islands DIP finance scheme recognised in New York

Cayman Islands DIP finance scheme recognised in New York

13 November 2018

A novel Cayman Islands’ scheme of arrangement that includes debtor-in-possession rescue financing has been granted Chapter 15 recognition and enforcement in the United States.

Noble Group scheme approved in England

Noble Group scheme approved in England

12 November 2018

The English High Court has said it will approve stricken commodity trader Noble Group’s scheme of arrangement after clarifying the impact of new releases on ad hoc group members – bringing the company’s US$3.5 billion cross-border restructuring a step closer.

Howard Kennedy adds contentious insolvency specialist in London

Howard Kennedy adds contentious insolvency specialist in London

12 November 2018

London-based Howard Kennedy has hired contentious insolvency and fraud litigation specialist Dominic Offord as a partner in its disputes group.

Nine West, sponsors, creditors told to mediate with former judge at helm

Nine West, sponsors, creditors told to mediate with former judge at helm

09 November 2018

A New York bankruptcy court has told fashion company Nine West, its sponsors, unsecured creditors and other stakeholders to resolve their differences over a controversial amended Chapter 11 plan out of court, with a former bankruptcy judge as mediator.

Foreign representative of Brazilian businessman accused of smuggling yacht files Chapter 15 in Miami

Foreign representative of Brazilian businessman accused of smuggling yacht files Chapter 15 in Miami

09 November 2018

The foreign representative of a long-time bankrupt businessman accused of concealing his assets and smuggling a US$30 million yacht into Brazil has filed Chapter 15 recognition proceedings in Miami.

Ireland is forum for fraudulent transfer claims in Dunne dual-jurisdiction bankruptcy

Ireland is forum for fraudulent transfer claims in Dunne dual-jurisdiction bankruptcy

09 November 2018

The Irish assignee of a property developer adjudged bankrupt in Dublin and Connecticut can bring fraudulent transfer claims against his wife in Ireland, after a ruling in a long-running case that highlights some of the problems raised when parallel insolvency office holders are appointed in two jurisdictions.

PwC director named IWIRC’s first Asia Woman of the Year

PwC director named IWIRC’s first Asia Woman of the Year

09 November 2018

The International Women’s Insolvency and Restructuring Confederation has named Marie Rowbotham of PricewaterhouseCoopers in Hong Kong as its first Asia Woman of the Year in Restructuring.

CJEU says creditor challenge to Banco Espirito Santo bailout can proceed

CJEU says creditor challenge to Banco Espirito Santo bailout can proceed

08 November 2018

The Court of Justice of the European Union has reopened the door for creditors to challenge the €4.9 billion bailout of Portugal’s defunct Banco Espirito Santo in the EU's General Court.

GRR Live Hong Kong: Harris J on mutual recognition and pushback on Singapore moratoria

GRR Live Hong Kong: Harris J on mutual recognition and pushback on Singapore moratoria

08 November 2018

Mr Justice Jonathan Harris, the judge in charge of Hong Kong’s company law and insolvency law cases, used his keynote at GRR Live to call for a mutual recognition protocol for insolvency orders between mainland Chinese courts and their Hong Kong counterparts, and to raise scepticism over the cross-border moratorium provisions in Singapore’s recent restructuring reforms – the subject of his recent decision in CW Technologies.

GRR Live Hong Kong - in pictures

GRR Live Hong Kong - in pictures

08 November 2018

The Townhouse restaurant in Hong Kong’s Lan Kwai Fong district played host to GRR Live's second outing in the special administrative region on 6 November, where restructuring in China was on the menu. Click on the headline for photos from the event.