News
Former Kroll partner joins Krys Global in Cayman
Krys Global has recruited a former Kroll partner to lead its Cayman restructuring team, who brings with him experience acting as liquidator to a Saad investment vehicle in the high-profile Ahmad Hamad Algosaibi & Brothers litigation and to entities embroiled in the Madoff and Petters Group Ponzi schemes.
13 February 2023
Bed Bath & Beyond secures protection in Canada after last-minute US deal
After buying time to restructure its US business with an offering of so-called “death spiral convertibles” to institutional investors last week, American homeware chain Bed Bath & Beyond has placed its Canadian arm into bankruptcy.
13 February 2023
Singapore scheme dependent on English damages award “fell short” of moratoria test
A Singapore court has explained why it declined to extend moratoria for four companies in an international social media app start-up that are pursuing a British property tycoon for damages over revoked freezing orders they say drove them to distress.
10 February 2023
UK restructuring plan convening hearing adjourned for SME to fix issues
An SME energy brokerage has been permitted to adjourn its convening hearing for an English restructuring plan to consider possible jurisdictional issues flagged by the judge, and address concerns from the UK tax authority over its explanatory statement.
10 February 2023
Brazilian sugar producer seeks Ch15 recognition in Florida
Three years after sugar and ethanol producer Tonon entered liquidation in Brazil after a prior restructuring came undone, its judicial administrator is seeking recognition in the US to find assets to satisfy unpaid claims.
10 February 2023
White & Case brought in again as Oi parent and Dutch entities seek US and UK recognition
A week after securing a provisional moratorium in Rio de Janeiro, Oi’s Brazilian parent and two Dutch affiliates have turned to White & Case again to help them secure recognition of their Brazilian proceedings in the US and the UK.
09 February 2023
Sequor Law advising Russian national’s English trustees in Miami Ch15
The English trustees of a bankrupt Russian businessman accused of committing a fraud against banks he owned have sought recognition of their appointments in Florida to pursue assets and possible litigation.
09 February 2023
Foreign investors to benefit from Dubai’s REIF reforms
BSA Ahmad Bin Hezeem senior associate Michèle El Khoury examines recently introduced reforms to real estate investment funds in Dubai, which she says aim to strengthen the jurisdiction’s position as a destination for foreign capital, including by protecting the rights of overseas investors when REIFs are faced with bankruptcy.
09 February 2023
ABI, Caribbean: Cayman practitioners regret Hong Kong’s “shift away from cooperation”
Insolvency advisers in the Cayman Islands have taken aim at what they say is a recent trend of “protectionist” Hong Kong court rulings at the American Bankruptcy Institute’s Caribbean Insolvency Symposium.
08 February 2023
Bankman-Fried Antiguan entity's JPLs open Chapter 11
The offshore provisional liquidators of an Antiguan holding company controlled by FTX Group founders Sam Bankman-Fried and Gary Wang have placed it in Chapter 11 in Delaware to defend it – and themselves – from a slew of competing claims over US$600 million in shares that it allegedly owns in online trading company Robinhood.
08 February 2023