News

Australia recognises Russian personal bankruptcy

The foreign representative of a bankrupt Russian entrepreneur has successfully obtained recognition in Australia under the Model Law; meanwhile a Singaporean bankruptcy trustee has received assistance from an Australian court under a local bankruptcy statute, despite the bankrupt’s attempts to stall the application with claims of conspiracy, a faulty laptop and a sore throat.

01 July 2022

Modern Land challenges Hong Kong scheme ruling in New York Ch15

The foreign representative of bankrupt Chinese property developer Modern Land has raised issue with a recent Hong Kong ruling that stated Chapter 15 proceedings do not constitute a discharge of US law-governed debt.

30 June 2022

Galapagos wound up in England

Updated: Senior creditors of the Galapagos group have obtained a winding up order against one of its entities in England, following a jurisdictional battle between English, German and Luxembourgish courts that was complicated by Brexit and a European Court of Justice case.

30 June 2022

Singapore regulator rebukes crypto hedge fund as liquidators appointed in BVI

Two Teneo senior directors have been appointed as the joint liquidators of cryptocurrency hedge fund Three Arrows Capital in the British Virgin Islands, while Singapore’s financial regulator has accused its manager of providing false information.

30 June 2022

US receiver hits back at Cayman feeder fund liquidators

The US receiver of a bankrupt Cayman feeder fund has responded to claims by its liquidators that his proposed distribution plan does not “follow the law”, saying they have clearly failed to show why Cayman law should trump US law and public policy.

29 June 2022

Forbes Hare hires long-time Squire Patton Boggs partner in BVI

A former Squire Patton Boggs partner who was debtors’ counsel in the multi-million dollar contentious restructuring of the UAE’s Dana Gas has joined boutique law firm Forbes Hare in the British Virgin Islands.

29 June 2022

The Cayman Islands’ new restructuring officer regime

In the second article of a three-part series, Harneys partners Chai Ridgers in Hong Kong and Jessica Williams in the Cayman Islands consider the practicalities of the Cayman Islands’ proposed new restructuring officer regime, comparing it to the “light touch” provisional liquidation process that is currently in place – and explain why Asian practitioners in particular should pay attention.

29 June 2022

Revlon secures Canadian recognition amid employee lawsuits

Two Canadian subsidiaries of multinational cosmetics group Revlon have secured recognition of their Chapter 11 proceedings in Toronto, placing a stop on various employee and labour union claims.

28 June 2022

Evergrande vows to fight Hong Kong winding up petition

Chinese property group Evergrande said it will “vigorously” oppose a winding up petition filed against it by a creditor in Hong Kong, and repeated plans to set out restructuring proposals by the end of next month.

28 June 2022

Indonesian court approves Garuda restructuring

A Jakarta court has ratified Indonesian flag carrier Garuda's US$9.5 billion restructuring after the airline won approval from 95% of its creditors last week.

28 June 2022

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