News

Ocean Tankers owners fail to remove Rajah & Tann

Rajah & Tann has successfully struck-down attempts by members of Singaporean billionaire Lim Oon Kuin’s family to have it removed as counsel to the judicial managers of  shipping company Ocean Tankers and oil trader Hin Leong.

25 February 2021

Takata trustee avoids service under the Hague Convention

The trustee of a compensation trust set up as part of Takata’s Chapter 11 plan has been allowed to serve an adversary proceeding on a Japanese insurance company’s US counsel, after a Delaware court found the costs of complying with the Hague Convention for service overseas would reduce funds available to victims of its faulty airbags.

25 February 2021

Freezing injunction? That ship sailed with recognition, court says

English courts might have jurisdiction in the strict sense to extend an interim freezing injunction after a debtor’s bankruptcy has been recognised in the UK – but to exercise that jurisdiction would set the UNCITRAL Model Law loose from its "insolvency moorings", a judge has found.

25 February 2021

Cayman avoidance order overturned against Canadian businessman

An avoidance order handing shares in a Canadian businessman’s companies to his Cayman bankruptcy trustee has been overturned by a Cayman appeal court, but litigation against his wife is set to continue.

25 February 2021

Sycamore-owned Belk seals record-breaking Ch11 plan

American department store chain Belk has secured the fastest ever confirmation of a pre-packaged Chapter 11 plan, with Kirkland & Ellis, Latham & Watkins, O’Melveny & Myers and Willkie Farr all taking instructions.

24 February 2021

Abengoa enters insolvency in Spain

Spanish and international firms are gearing up for what could be Spain’s biggest insolvency to date, after industrial conglomerate Abengoa’s top holding company filed a voluntary petition on Monday.

24 February 2021

Israeli trustee ineligible for assistance, BVI appeal court rules

A BVI appeal court has upheld the local recognition of an Israeli personal bankruptcy but found that the bankrupt’s Israeli officeholder cannot be granted assistance, a decision the court said it came to “with some regret”.

24 February 2021

Appleby advised Arcadia administrators in Jersey, Guernsey and the Isle of Man

A court decision published in Jersey shows how offshore firm Appleby helped the joint administrators of British retail tycoon Philip Green’s Arcadia Group obtain recognition in the Channel Islands and the Isle of Man, before his fashion empire was sold off.

24 February 2021

Director’s inaction is a breach of duty, Privy Council rules

In a “rare” case that warranted interference with the factual findings of lower courts, the UK Privy Council has ruled that a China-based director breached her fiduciary duties to a British Virgin Islands company when she failed to prevent the full repayment of a loan before it fell into liquidation.

23 February 2021

Indian IT company seeks reconsideration of dismissed Chapter 11

An Indian IT company has asked an Alabama court to reconsider the dismissal of its subsidiaries’ voluntary Chapter 11 proceedings, after international creditors argued the bankruptcy was filed in bad faith with no valid reorganisational purpose.

23 February 2021

Get unlimited access to all Global Restructuring Review content