News

HNA’s restructuring plan approved in China

A Chinese court has approved conglomerate HNA Group’s reorganisation, just days after creditors backed it; while a property management company that owns a New York skyscraper linked to HNA has entered Chapter 11.

01 November 2021

Global Advocacy and Legal Counsel promotes NMC Healthcare adviser

UAE law firm Global Advocacy and Legal Counsel has promoted NMC Healthcare counsel Murad Abida to regional co-managing partner in Dubai.

01 November 2021

FCA wins appeal over Carillion regulatory action

The UK’s financial regulator does not need court permission to take certain regulatory action against collapsed construction group Carillion, an English High Court judge has ruled.

29 October 2021

Two UK Lehman entities extend their administrations – again

Two UK Lehman Brothers companies have obtained extensions of their administrations for a fourth time, arguing their ability to pay creditors is contingent on a contractual indemnity and a recent Court of Appeal decision on the ranking of subordinated debts in the group.

29 October 2021

Lim family loses appeal against Ocean Tankers suit

Oil tycoon Lim Oon Kuin and two of his children have failed to overturn a Singaporean summary judgment that found them in breach of their fiduciary duties to shipping group Ocean Tankers, after an appeal court dismissed their “ill-advised attempt to seek a different outcome” on the same evidence.

28 October 2021

Former Big Four partner launches restructuring boutique in Sydney

Australian accountant Simon Cathro, who spent over 15 years at Big Four firms EY, Deloitte and PwC, has set up a new restructuring and insolvency boutique in Sydney.

28 October 2021

Hydrodec Group – reconsidering COMI?

Goodwin partner Simon Thomas and associate Emily Lockhart discuss the key takeaways from a “somewhat curious” recent Australian ruling, which dismissed an application brought by UK-incorporated oil re-refining company Hydrodec Group for recognition of its use of the UK’s new moratorium tool as a foreign main proceeding under the UNCITRAL Model Law.

28 October 2021

Investors lose joint Australia-New Zealand appeal over commingled assets

Investors in collapsed Antipodean stockbroker Halifax have failed to overturn complementary court decisions in Australia and New Zealand over the distribution of the group’s commingled assets, after appeal courts in both jurisdictions sat in another ground-breaking joint hearing.

27 October 2021

Modernland seeks end to New York Chapter 15s after winning recognition

After securing US recognition of a pair of pre-packaged Singaporean schemes earlier this month, Indonesian real estate group Modernland Realty has moved to close its Chapter 15 cases.

27 October 2021

Cayman Islands bill introduces automatic stay and restructuring officers

The Cayman Islands government has introduced a long-awaited bill amending its Companies Act so that debtors can restructure outside of the winding-up regime, with the option of using a new “restructuring officer” scheme of arrangement under Cayman insolvency law.

26 October 2021

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