Liquidation

Brazilian senate approves long-awaited law

Brazil’s senate has approved a long-tabled bankruptcy law, which is set to introduce cross-border provisions based on the UNCITRAL Model Law to the country’s regime.

27 November 2020

BDO denied Cayman injunction on New York fraud litigation

A Cayman Islands court has refused advisory firm BDO leave to seek an injunction on proceedings in New York, where it is accused of failing to uncover fraud committed against a now-insolvent client.

27 November 2020

Simpson Thacher, Weil and White & Case announce promotions

Simpson Thatcher & Bartlett and Weil Gotshal & Manges have named new partners in New York, while White & Case has announced promotions in Germany.

25 November 2020

Force India liquidators see off Austrian sponsor’s debt challenge

An English court has dismissed part of a proof of debt submitted in the liquidation of Force India, finding the Formula One team did not have to fully repay funds from its main sponsor.

24 November 2020

Zambian court halts miner’s liquidation while arbitration proceeds

A Zambian court has reportedly blocked winding-up proceedings for a copper mining joint venture between a local state-owned entity and the UK’s Vedanta Holdings, pending the resolution of an arbitration between the parties.

24 November 2020

Hong Kong court addresses “difficulties” posed by offshore company structures

A Hong Kong court has adjourned a winding-up petition against a Cayman-incorporated juice company hoping to restructure in the Chinese mainland, as the petitioner failed to show it could realise the value of the company’s listing in Hong Kong.

19 November 2020

Hong Kong miner’s winding-up hearing adjourned amid share dispute

A Hong Kong court has adjourned a winding-up petition against an international mining company for a second time, raising concerns over shareholders’ attempts to convert an equity contribution into a debt claim.

17 November 2020

BVI court adjourns liquidator appointment over foreign revenue debts

A British Virgin Islands court has adjourned its decision on whether to appoint liquidators over a BVI company that is being wound up in England, citing several “uncertainties” that need to be ironed out.

16 November 2020

Ukrainian bank’s liquidator seeks recognition in US and UK

The liquidator of a Ukrainian bank facing over US$1 billion in creditor claims has filed for recognition in the US and UK.

12 November 2020

Chinese arbitration clause fails to save Pacific Andes affiliate from winding-up

A Hong Kong affiliate of the industrial fishing group Pacific Andes cannot rely on a Chinese arbitration clause to protect itself from winding-up proceedings because the clause was irrelevant to its debt, a court has found.

10 November 2020

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