Personal bankruptcy

New hire boosts Mayer Brown’s restructuring group in Hong Kong

Mayer Brown has welcomed a new counsel from offshore firm Campbells in Hong Kong, who brings with him experience working on commodities trader Noble Group’s second restructuring.

21 July 2022

Hong Kong billionaire faces bankruptcy as court rejects “absurd” duress and abuse claims

A Hong Kong court has authorised the filing of a bankruptcy petition against prominent local billionaire Pan Sutong and wound up a company he controls, finding their claims of duress, breaches of mainland Chinese law and abuse of process against the Chinese state-owned petitioner rang “hollow” and were “practically moonshine”.

20 May 2022

Subsidiary of India’s Mayar conglomerate wound up in Hong Kong

A lumber merchant that is part of India’s Mayar Group conglomerate has been wound up in Hong Kong and its director declared bankrupt, after they failed to convince a local judge that settlement talks with lenders provided an estoppel defence against both petitions.

05 May 2022

English court permits service of bankruptcy petition on Saudi prince

A Kuwaiti telecoms company may finally serve a two-year-old English bankruptcy petition on a Saudi prince, after the High Court reasoned the prince’s name being registered for council tax in London meant he had a place of residence there.

05 April 2022

DIFC court declines to recognise Abu Dhabi personal bankruptcy

A court in the Dubai International Financial Centre, which recently signed up to the UNCITRAL Model Law, has refused to recognise the Abu Dhabi personal bankruptcy proceedings of the chairman of investment group KBBO, criticising his trustees.

16 February 2022

Hong Kong trustees secure cross-border relief in London

The foreign representatives of a bankrupt Hong Kong businessman have secured an order under the UNCITRAL Model Law entrusting them with the realisation of his assets in the UK.

15 February 2022

Irish bankrupt’s ex-wife told to pay US trustee US$23 million in security

The ex-wife of bankrupt Irish property developer Sean Dunne has been denied a new jury trial on a three-year-old US court ruling, which found them both liable for engaging in fraudulent transfers to put assets beyond the reach of his creditors.

14 February 2022

Suspected Ponzi schemer’s bankruptcy recognised in New York

A New York bankruptcy court has recognised the Israeli insolvency proceedings of investment company EGFE Israel and its CEO – a “wanted” alleged fraudster who is suspected to be behind one of the largest Ponzi schemes in Israeli history.

03 November 2021

“Elusive” Chinese national’s bankruptcy recognised in the UK

The Hong Kong bankruptcy of a Chinese mother and shareholder in the Fortune Fountain investment group has been recognised in the UK as foreign main proceedings – despite the judge admitting “it’s quite unclear where she is” and that service of the proceedings had been fraught with difficulties.

11 August 2021

Hong Kong court: only a bona fide dispute triggers exclusive jurisdiction clause

A Cayman investment fund has secured a bankruptcy order against the Chinese owner of an international care home business, after persuading a Hong Kong judge there was no disputed debt to push the issue before New York courts in line with an exclusive jurisdiction clause.

28 July 2021

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