News
Hong Kong Airlines hit with HK$56.3 million injunction
Hong Kong Airlines has been ordered to hold HK$56.3 million on trust after failing to convince a Hong Kong court that a construction group’s claim for breach of contract against it was discharged when the airline’s dual Hong Kong-UK restructuring became effective last month.
30 May 2023
Bedzhamov battles Russian trustee again for permission to sell Belgravia properties
The bankrupt former owner of Russia’s Vneshprombank has again asked an English Court to let him sell two London properties for his legal and living expenses, as his Moscow-based bankruptcy trustee tries to block the deal ahead of a UK Supreme Court hearing in November.
30 May 2023
Shipping group’s rescue plan buoyant after courts bless parallel English scheme and Dutch WHOA
Shareholders who hoped to block the restructuring of shipping group Vroon have failed in their attempt, after courts blessed the interlinked Dutch WHOA plan and English scheme within hours of each other today.
26 May 2023
US Supreme court to decide whether bankruptcy code abrogates tribal sovereign immunity
In a case that could have significant repercussions for the rights of Native American tribes, the US Supreme Court is set to decide whether the Bankruptcy Code “unequivocally expresses” the intent of Congress to abrogate tribal sovereign immunity.
26 May 2023
The first restructuring plan under the new Cayman restructuring officer regime
Walkers’ partners Rupert Bell and Niall Hanna run through the very first use of the new Cayman restructuring officer regime in conjunction with foreign proceedings, in the case of Rockley Photonics Holdings.
26 May 2023
Rolta chair ordered to pay creditors after New York contempt ruling
The chair of Indian IT group Rolta has been ordered to personally pay creditors almost US$188 million following a bond default in 2018, after a New York court found he directed the group to file bankruptcies in bad faith.
25 May 2023
Milbank continues New York expansion with Kirkland hire
Former Kirkland & Ellis partner Eugene Park has joined Milbank in New York, reuniting him with an old Paul Weiss colleague who joined the firm’s alternative investment group last month.
25 May 2023
Mission failure: Virgin Orbit shuts down, sells assets
Three California-based aerospace companies have won separate auctions for parts of British entrepreneur Sir Richard Branson’s rocket launch company Virgin Orbit, nearly two months after the company crashed into bankruptcy in Delaware.
25 May 2023
Vietnamese power project developer enters JM as court applies AnAn principles
A Thai-owned power producer has persuaded a Singapore court to place the developer of a large project in Vietnam into judicial management, denying a request for a stay on the grounds that a disputed debt should be referred to arbitration.
24 May 2023
Mittal-owned Manx company’s liquidators seek US recognition
UPDATED: The liquidators of a Manx company related to Indian businessman Pramod Mittal have sought Chapter 15 recognition in New York to investigate and pursue possible assets in the US, four years after securing English recognition.
24 May 2023