Liquidation

Jersey court recognises English bankruptcies of former TV boss couple

The English bankruptcy trustees for two directors of a collapsed outside broadcast equipment provider, who stand accused of orchestrating what might be the UK’s biggest ever fraud in asset-backed lending, have secured recognition of their appointments in Jersey to pursue assets in the Channel Island.

02 December 2022

3AC’s liquidators seek Cayman recognition, secure protocol in Singapore

The British Virgin Islands joint liquidators of cryptocurrency hedge fund Three Arrows Capital have sought recognition of their appointments in the Cayman Islands, as a Singapore court ratified a protocol that lays out guidelines for cooperation between the BVI, Singapore and US courts overseeing the fund’s insolvency proceedings.

24 November 2022

PwC appointed trustee for sale of bankrupt Hong Kong businessman’s Australian property

A bankrupt businessman’s Hong Kong trustees have won the right appoint their Australian colleagues to sell a property he co-owns in New South Wales, but failed to convince the court to grant them leave to file an amended summons to recoup possible repair costs from the other owner.

24 November 2022

Local disclosure provisions apply extraterritorially, Singapore court affirms

Auditors from Mazars in Singapore and Hong Kong must disclose documents relating to the liquidation of a formerly Singapore-listed investment holding company, after the Singapore High Court found that section 285 of the local Companies Act – which allows liquidators to obtain information on a company’s affairs – has extraterritorial effect.

04 November 2022

PwC trio tipped to act as administrators for British online furniture retailer

A subsidiary of online furniture and homeware outlet Made.com has announced it will file a notice of intention to appoint administrators from PwC, after it failed to secure a buyer during a formal sale process it began in September.

03 November 2022

COMI: Court of Appeal finds governing law of contracts does not displace place of registration presumption

An oil trader has failed to persuade an English court that a Maltese-registered oil company’s hard-to-determine centre of main interests is in England – the country whose law governed the pair’s contracts – in the latest UK decision to interpret the European Insolvency Regulation.

31 October 2022

Isle of Man liquidator loses Chapter 15 bid after “letter box” address finding

What was believed to be the first application for Chapter 15 recognition of an Isle of Man voluntary liquidation has ended in rejection, after an Oklahoma court said it had not seen enough evidence of the petitioner’s links to the Isle of Man to recognise the case either as a foreign main or non-main proceeding.

26 October 2022

Liquidators of 1MDB-linked BVI funds secure recognition in Singapore

The joint liquidators of three British Virgin Island funds believed to have links to scandal-hit Malaysian sovereign wealth fund 1Malaysia Development Berhad have secured recognition of their appointments in Singapore.

20 October 2022

Cayman-US comity dispute heads to 11th Circuit

An attempt by the joint liquidators of a bankrupt Cayman feeder fund to overturn a US federal receiver’s distribution plan is moving to the Eleventh Circuit Court of Appeal, after their efforts failed in a Florida district court.

14 October 2022

Morgan Lewis advising as blood storage group’s JPLs seek Ch15 recognition

The joint provisional liquidators of a Cayman-registered, mainland China-based umbilical cord blood storage group are seeking Chapter 15 recognition to investigate its affairs in the US, as its largest shareholder attempts to wind it up on just and equitable grounds, alleging fraud and forgery in a transaction with a Texas company.

13 October 2022

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