Model Law draftsman responds to COMI proposals

Responding to a letter urging UNCITRAL to abolish the concept of centre of main interests, one of the architects of the Model Law on Cross-Border Insolvency has warned that changing the eligibility requirement for recognition will not eliminate the possibility of litigation by opportunistic opponents.

15 September 2023

Conyers, Davis Polk called back for second “mission-critical” Digicel restructuring

Three years after it completed a landmark Bermudian scheme of arrangement and Chapter 15 process, Caribbean telecoms and entertainment group Digicel is back in court for a repeat, blaming economic and political conditions in Haiti for the collapse of a refinancing deal.

15 September 2023

GRR Live returns to New York next week

There is still time to secure a spot at GRR Live in New York, which returns next week with a packed schedule covering the ongoing crypto fallout, post-insolvency financings in Latin America, growing headwinds for cross-border recognition and the new Cayman Islands restructuring officer regime.

15 September 2023

Leading academics and lawyers urge UNCITRAL to replace the concept of COMI

The use of a debtor’s centre of main interests to determine the place where a foreign main proceeding should take place under the UNCITRAL Model Law is a “major flaw” that undermines the ability of insolvency law to reorganise viable businesses, according to a group of law professors supported by a host of industry heavyweights from around the globe.

14 September 2023

Canadian investor agrees DIP funding deal with Singapore’s New Silkroutes

Singapore-listed healthcare and energy holding company New Silkroutes has entered a debtor-in-possession facility agreement with Canadian real estate investment group Ontario, a week after launching a pre-packaged scheme.

14 September 2023

Ex-law firm partner pleads guilty to bankruptcy fraud

A former partner at several well-known US law firms has pleaded guilty to bankruptcy fraud before a federal court in New York.

14 September 2023

IPs welcome reforms to UK regulation, but warn of increased costs

The UK government has revealed proposed changes to regulation of the insolvency profession, including reforms to bonding and the potential introduction of a compensation scheme, which insolvency practitioners say could increase costs and lead to a “wave of unsubstantiated claims”.

13 September 2023

Digital asset manager faces Cayman liquidation following Ponzi scheme claims

European crypto asset manager Aubit International is facing a winding up petition in the Cayman Islands from the same retail investors who have accused it of orchestrating an “investment scam” in a US lawsuit.

13 September 2023

Italy’s Furla closes stores and files for bankruptcy in Canada

The Canadian branch of Italian leather goods retailer Furla has filed for bankruptcy in Ontario, three years after the group’s US arm sought Chapter 11 protection in New York due to the covid-19 pandemic.

13 September 2023

'We are here in America, we’re not in the Cayman Islands': Ascentra faces new deposition attempt

The foreign representative of Asia-focused beauty products retailer Ascentra is facing a fresh deposition attempt in an ongoing dispute centred around whether a solvent liquidation in the Cayman Islands can be recognised under Chapter 15.

12 September 2023

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