Liquidation

Second Circuit blocks US$1 billion Lehman clawback under safe harbour rules

A US appeals court has prevented a Lehman Brothers unit from recovering payments distributed to noteholders after the bank’s collapse, finding that potential ipso facto clauses would not invalidate a safe harbour provision under the US Bankruptcy Code.

13 August 2020

Cayman court curtails freezing order against China’s answer to Starbucks

A Cayman court has declined to extend a worldwide freezing order against China’s Luckin Coffee chain, which entered provisional liquidation in July after confirming it misstated its 2019 accounts.

13 August 2020

UK appeal court okays liquidation scheme for property tax mitigation

The UK government cannot wind-up a pair of companies that use members voluntary liquidation schemes to avoid tax on abuse of insolvency law grounds, an English appeal court has affirmed.

10 August 2020

Duff & Phelps recruits Australian insolvency pioneer to Sydney practice

Advisory firm Duff & Phelps has recruited one of Australia’s most experienced restructuring and insolvency practitioners for its new Sydney office.

07 August 2020

Hong Kong appellate court restates requirements for winding-up foreign companies

The Hong Kong Court of Appeal has upheld a lower court’s refusal to block the winding-up of a mainland Chinese conglomerate – but overturned its ruling on the requirements for winding-up foreign companies.

07 August 2020

“Undesirable outcome”: Cayman court dismisses winding-up petition despite Hong Kong order

A Cayman Islands court has dismissed a winding-up petition against a locally incorporated investment manager, despite a Hong Kong court issuing a winding-up order against the guarantor of the company’s debt.

06 August 2020

Malta first: winding-up stayed in the face of bona fide dispute

In a first of its kind ruling, a Maltese court has stayed a winding-up application against local aircraft conversion company Eolia, finding evidence of a bona fide dispute.

06 August 2020

Seddons hires Brown Rudnick partner in London

London firm Seddons has recruited a partner from Brown Rudnick with credits on the cross-border restructurings of Arcapita, Lehman Brothers and Toys R Us.

05 August 2020

“Light-touch” JPLs appointed over Chinese fertiliser group in three jurisdictions

Courts in the Cayman Islands, Bermuda and the British Virgin Islands have appointed “light touch” joint provisional liquidators over Chinese fertiliser company Century Sunshine Group.

05 August 2020

DLA Piper recruits partner in Melbourne

DLA Piper has hired a new partner in its Melbourne restructuring practice, after losing its Australian head of restructuring to Dentons in March.

29 July 2020

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