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Toisa Chapter 11 liquidation plan approved

Toisa Chapter 11 liquidation plan approved

18 March 2019

Bermudan oil shipper Toisa has secured court approval of a liquidation plan in New York, two years after it filed for Chapter 11 protection to deal with a US$1 billion debt pile.

Interserve files for administration after shareholders reject restructuring

Interserve files for administration after shareholders reject restructuring

15 March 2019

EY's Hunter Kelly and Alan Hudson have been appointed administrators over UK construction services company Interserve, hours after it failed to secure shareholder approval for a restructuring plan.

Canada’s largest tobacco vender files Chapter 15 in New York

Canada’s largest tobacco vender files Chapter 15 in New York

15 March 2019

The Canadian subsidiary of British American Tobacco has sought recognition of its Ontario Companies’ Creditors Arrangement Act proceedings in New York, as it faces billions of dollars’ worth of claims in Canada.

KPMG Australia acquires Ferrier Hodgson

KPMG Australia acquires Ferrier Hodgson

15 March 2019

KMPG is set to expand its restructuring presence in Australia by taking over four offices of turnaround and insolvency advisors Ferrier Hodgson.

Cayman conference criticises comity in Congo concealment case

Cayman conference criticises comity in Congo concealment case

14 March 2019

US speakers at GRR Live Offshore have criticised a New York District Court’s dismissal on comity grounds of a litigation against Canada’s Banro Corporation, solely because it is in CCAA proceedings in Ontario.

Saudi bank wins English appeal against Saad share claw-back

Saudi bank wins English appeal against Saad share claw-back

14 March 2019

UPDATED: An English appeals court has dismissed a share claw-back claim filed by the joint liquidators of Cayman-incorporated Saad Investments Company (SICL), after a Saudi bank successfully challenged their attempt to amend it.

Parakou vessel arrest undone in South Africa

Parakou vessel arrest undone in South Africa

13 March 2019

A South African appeals court has ordered a Singaporean shipping company to release a vessel it had arrested in Durban in an attempt to enforce a US$40 million arbitral award against insolvent shipper Parakou.

UK Supreme Court sides with tax office in Lehman interest dispute

UK Supreme Court sides with tax office in Lehman interest dispute

13 March 2019

The joint administrators of Lehman Brothers' main European arm must deduct income tax before paying interest to creditors, after the United Kingdom’s highest court sided with tax authorities in a long running dispute.

Delaware bankruptcy court can decide fraudulent transfer claims in Paragon Offshore case

Delaware bankruptcy court can decide fraudulent transfer claims in Paragon Offshore case

12 March 2019

A US bankruptcy court has ruled that it can make final decisions on fraudulent transfer claims brought by the litigation trust of bankrupt oil driller Paragon Offshore against its former parent, despite arguments they would be unconstitutional.

“Nasty little trick”: UK MP slams pre-packs after Pensions Regulator drops Johnston Press probe

“Nasty little trick”: UK MP slams pre-packs after Pensions Regulator drops Johnston Press probe

12 March 2019

The chair of a UK parliamentary committee has criticised a report by the Pensions Regulator into publisher Johnston Press’ insolvency, labelling the regulator’s decision to rule out the use of anti-avoidance powers over its pre-packaged administration sale as “beyond baffling”.

Canadian academic named IWIRC Woman of the Year

Canadian academic named IWIRC Woman of the Year

12 March 2019

The International Women’s Insolvency and Restructuring Confederation (IWIRC) has named University of British Columbia law professor Dr Janis Sarra as its 2019 Women of the Year in Restructuring.

Haynes and Boone adds Dentons partner in New York

Haynes and Boone adds Dentons partner in New York

11 March 2019

Dentons partner Giorgio Bovenzi has joined US firm Haynes and Boone in its New York finance practice.