News
Ascentra’s Cayman liquidators to fight Ch15 termination motion
Three months after a Singapore court denied recognition of beauty products e-commerce company Ascentra’s Cayman liquidation, its foreign representatives are fighting an attempt to have its Chapter 15 recognition terminated in New York.
20 July 2023
“Draconian” winding up petition struck out in Hong Kong
A Hong Kong Court has addressed for the first time whether the indirect owner of a sub-interest in a global note has standing to present a winding up petition as a contingent creditor, in a case against a Chinese property development investment holding company.
20 July 2023
Canadian court blesses US asset manager's vow to buy David's Bridal
A Canadian court has recognised the sale of wedding gown retailer David’s Bridal to asset manager Cion Investment, which was approved by a New Jersey court this week despite opposition from landlords; meanwhile the joint administrators of the group’s UK arm are pursuing buyers as they seek to wind the business down.
20 July 2023
Cayman liquidators win access to funds held by New York court
The foreign representatives of funds affiliated to fraud-engulfed International Investment Group have secured permission to distribute almost US$23 million held by a US court in Cayman Islands liquidation proceedings.
19 July 2023
Individual investor fails on appeal to sue Eurogroup for Greek debt restructuring
An individual investor in Greek sovereign debt has failed on appeal to challenge the imposition of the country’s 2012 restructuring on “mom and pop” bondholders, after the EU’s General Court upheld an earlier ruling that decisions taken by an intergovernmental body within the Eurozone cannot be attributed to the EU.
19 July 2023
GRR Live, Women in Restructuring: the UK restructuring plan – time for a “proper” moratorium
On the third birthday of the Part 26A plan, panelists at GRR Live Women in Restructuring – who were joined by a representative from the Insolvency Service – concluded that the UK’s newest restructuring tool was a "triumph" yet also has some room for improvements, including a “proper” moratorium.
19 July 2023
Examiner appointed over non-EU company with Irish COMI
In a first-of-its-kind judgment, a court in the Republic of Ireland has appointed an examiner over a Northern Irish building interiors company, finding that its centre of main interests lay in the Republic under the European Insolvency Regulation.
18 July 2023
Dümmen Orange restructuring necessary, Dutch court rules
Heirs of former employees of international flower breeding group Dümmen Orange have failed to convince a Dutch court to open an investigation into a restructuring it undertook during the pandemic that wiped them out.
18 July 2023
Carey Olsen insolvency head joins Walkers in London
Walkers has hired the former head of Carey Olsen’s insolvency group in the Cayman Islands and London, who brings with him experience working on the offshore restructurings of UAE-based private equity firm Abraaj Holdings and China’s Luckin Coffee.
17 July 2023
Brazilian electricity distributor proposes US$2.3bn restructuring plan
Two months after launching judicial reorganisation proceedings in Rio de Janeiro, Brazilian utility company Light has submitted a restructuring plan to deal with its 11 billion reais (US$2.3 billion) debt and said it intends to seek recognition in the US.
17 July 2023