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Manx court transfers alleged pyramid scheme proceedings to Canada

Manx court transfers alleged pyramid scheme proceedings to Canada

13 December 2016

An Isle of Man court has stayed its liquidation of an alleged pyramid scheme, Banners Broker, granting liquidators’ calls to transfer charge of the case to a Canadian court-appointed receiver for the sake of convenience.

Ashurst hires new Milan head from Paul Hastings

Ashurst hires new Milan head from Paul Hastings

13 December 2016

Ashurst has recruited Paul Hastings partner Paolo Manganelli as the new leader of its restructuring team in Milan.

UK High Court quashes controversial wrongful trading judgment

UK High Court quashes controversial wrongful trading judgment

13 December 2016

The UK High Court has overturned a contentious wrongful trading decision, which had found that directors of insolvent companies must prove no unnecessary losses were incurred prior to the company filing for insolvency.

Liquidators of Chilean investor file for Chapter 15 amid SEC probe

Liquidators of Chilean investor file for Chapter 15 amid SEC probe

12 December 2016

The liquidators of Chilean investment management firm Onix Capital have filed for Chapter 15 recognition of its involuntary insolvency proceedings as its US arm faces a run of fraud allegations filed by US authorities.

European Commission warns Malta against further rescue finance for struggling national airline

European Commission warns Malta against further rescue finance for struggling national airline

12 December 2016

The European Commission has ruled out the possibility of allowing the government of Malta to use state funds to clear up to €66 million from the balance sheet of Air Malta, the national airline that completed a restructuring in 2012 with the help of €130 million of state aid.

DibbsBarker adds Corrs restructuring partner in Melbourne practice launch

DibbsBarker adds Corrs restructuring partner in Melbourne practice launch

12 December 2016

Australian firm DibbsBarker has recruited restructuring expert John Stragalinos from Corrs Chambers Westgarth to help lead its new Melbourne branch.

AMSTERDAM: Brexit beauty contest – who will wear the crown?

AMSTERDAM: Brexit beauty contest – who will wear the crown?

09 December 2016

A “Brexit beauty contest” at this year’s 12th Annual ABI International Insolvency & Restructuring Symposium in Amsterdam sized up various European cities as possible contenders for London’s European restructuring hub crown.

Delaware judge grants Spanish scheme order in Abengoa

Delaware judge grants Spanish scheme order in Abengoa

09 December 2016

The Delaware bankruptcy court has granted a motion to recognise and enforce a Spanish scheme in the Chapter 15 case of international renewable energy company Abengoa.

Discovery and privilege clarified as Cayman courts break new ground in three Primeo judgments

Discovery and privilege clarified as Cayman courts break new ground in three Primeo judgments

09 December 2016

The Grand Court and Appeals Court of the Cayman Islands have handed down three judgments related to different international discovery proceedings in the ongoing litigation surrounding the Primeo Fund, a Cayman-based investment vehicle that was brought down by Bernard Madoff’s Ponzi scheme.

Weil appoints new restructuring partners in New York

Weil appoints new restructuring partners in New York

08 December 2016

Weil Gotshal & Manges has promoted two insolvency specialists to partner and a third to counsel in the firm’s New York office as part of a round of promotions leading into 2017.

Delaware court confirms UCI reorganisation plan

Delaware court confirms UCI reorganisation plan

08 December 2016

Beleaguered New Zealand-incorporated auto parts group UCI Holdings and its US subsidiaries have received confirmation in Delaware of a joint plan of reorganisation and expect to exit Chapter 11 by year-end.

Oi files bankruptcy proceedings in the Netherlands

Oi files bankruptcy proceedings in the Netherlands

07 December 2016

The Dutch administrators of Brazilian telecoms company Oi have filed bankruptcy proceedings for the group's local arms in an Amsterdam court, as rifts between bondholders and intervention from government authorities delay its Brazilian judicial reorganisation.