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Argentina passes law to codify UN principles on sovereign debt

Argentina passes law to codify UN principles on sovereign debt

20 November 2015

Argentina has passed a law adopting the recently agreed UN Basic Principles on Sovereign Debt Restructuring into law.

Canadian steelmaker crumples under global supply pressure

Canadian steelmaker crumples under global supply pressure

20 November 2015

Canada’s Essar Steel Algoma has filed for bankruptcy protection in US and Canadian courts, just eight months after exiting a restructuring process filed last year and in the midst of a civil action by a raw material supplier.

Hong Kong’s highest court finds jurisdiction to wind up BVI company

Hong Kong’s highest court finds jurisdiction to wind up BVI company

18 November 2015

The Hong Kong Court of Final Appeal has ruled for the first time on its statutory jurisdiction to wind up a foreign entity, ordering the liquidation of a BVI-registered holding company for a famous Hong Kong restaurant.

UK court gives Nortel administrators final call on distributions

UK court gives Nortel administrators final call on distributions

17 November 2015

The UK High Court has, for the first time, delivered guidance on distributions during the administration of non-UK companies.

UK court diverges from MF Global on extra-territoriality

UK court diverges from MF Global on extra-territoriality

17 November 2015

Departing from the England & Wales High Court’s recent decision in MF Global, a regional court in the UK has ruled that the Insolvency Act 1986 can be used to order production of documents overseas, permitting the receiver of a wound-up UK pension scheme trustee to seek evidence from Hong Kong.

Lehman on the hook for $1 billion over failed Intel share deal

Lehman on the hook for $1 billion over failed Intel share deal

16 November 2015

A US bankruptcy court has held that Lehman Brothers owes over US$1 billion to Intel Corporation after a failed share repurchase deal.

One in, one out at Morgan Lewis

One in, one out at Morgan Lewis

13 November 2015

Morgan Lewis & Bockius has hired Renée Dailey as a partner in its Hartford, Connecticut office, and said goodbye to Allan Reiss in New York.

Appleby rehires funds partner in the Caymans

Appleby rehires funds partner in the Caymans

13 November 2015

Offshore firm Appleby has rehired a partner in its Cayman Islands funds team.

Germany mulls changes to insolvency laws as EU neighbours amend theirs

Germany mulls changes to insolvency laws as EU neighbours amend theirs

13 November 2015

Several European countries have passed changes to their insolvency laws in recent months, with France, Italy and the UK introducing new measures that give courts greater powers and expand the role of creditors, while the German legislature considers a bill to reform the regime’s clawback provisions – but harmonisation of laws across the EU still seems a distant prospect.

Boeing trial begins against Russia’s “alter egos” over bankrupt satellite launcher

Boeing trial begins against Russia’s “alter egos” over bankrupt satellite launcher

13 November 2015

A trial is under way in a US court to decide whether aircraft manufacturer Boeing can seek compensation from US subsidiaries of Russia’s state space vehicle company as its “alter-egos”, in a US$350 million dispute over the bankruptcy of a failed satellite joint venture.

Mexico’s Homex completes restructuring under new insolvency law

Mexico’s Homex completes restructuring under new insolvency law

13 November 2015

Mexican real estate developer Desarrolladora Homex has become the first major company with US investors to successfully restructure under Mexico’s reformed insolvency law, coming out of its restructuring within the mandated one-year period.

US court says NY law bonds count as property in Chapter 15 case

US court says NY law bonds count as property in Chapter 15 case

11 November 2015

Widening the door for more non-US companies to seek recognition of cross-border bankruptcies in New York, a US bankruptcy court has found that New York choice of law and forum selection clauses in a Singaporean company’s indentures satisfied the Second Circuit’s much-criticised US property requirement for a Chapter 15 filing.