News

Sunbird’s second scheme sanctioned as court accepts imperfections

Flexible workspace provider Sunbird has won an English court order sanctioning its scheme of arrangement, despite the court accepting that parts of the explanatory documentation provided to creditors were inaccurate.

17 December 2020

Fairfield avoidance claims dismissed in New York

A New York court has thrown out avoidance claims brought by the BVI liquidators of three Madoff funds against their shareholders, but allowed them to continue with constructive trust claims under BVI common law.

17 December 2020

Plea change rejected ahead of Arrium directors claims

Three international banks have been stopped from altering their pleas against former directors of the long-collapsed Australian miner Arrium, ahead of a 10-week trial of three different proceedings brought against them by liquidators, lenders and investors.

17 December 2020

FRP administrators escape negligence claims over Force India sale

Negligence claims brought against two FRP Advisory partners over their administration sale of Formula One team Force India have been thrown out by the England and Wales High Court.

16 December 2020

Community roundup: IWIRC gets its first Hispanic chair amid new year hires and promotions

The International Women’s Insolvency and Restructuring Confederation will have its first Hispanic chair come 1 January, as a Dutch firm hires from Loyens & Loeff, and Vinson & Elkins and Cooley promote in New York.

16 December 2020

African diamond miner and Bermudian insurer seek recognition in New York

An English subsidiary of an African diamond miner has sought recognition of its scheme proceedings in New York, two weeks after the joint provisional liquidators of a Bermudian insurance company also filed Chapter 15 proceedings in the city.

16 December 2020

Dutch subsea services provider wins UK restructuring plan meetings

Netherlands-registered subsea services provider DeepOcean Group has secured meetings for four classes of creditors to vote on its UK restructuring plans, which could lead to the first cross-class cram down challenge at a sanction hearing next month.

15 December 2020

Alvarez & Marsal hires senior director in China

Continuing its recent hiring spree in Asia, Alvarez & Marsal has hired Standard Chartered’s head of group special assets management in China and Taiwan.

15 December 2020

Century Sunshine’s Cayman JPLs secure Singapore recognition

BlackOak is advising the “light-touch” provisional liquidators of Chinese fertiliser company Century Sunshine Group, who have won recognition in Singapore to seek a restructuring of locally-listed notes.

15 December 2020

PwC appointed as Cayman court winds up Altair

A British Virgin Islands investor has secured the winding-up of Hong Kong-based investment manager Altair Asia in the Cayman Islands, five months after its first attempt to obtain an order was dismissed.

14 December 2020

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