Personal bankruptcy

“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

Baccarat investors’ bankruptcy trustees seek recognition in the UK

The Hong Kong bankruptcy trustees of a Chinese mother and daughter who made a doomed investment in the luxury French crystal brand Baccarat, have sought recognition in the UK to claw back local assets including a property in London.

23 July 2021

English court leaves out Model Law-like relief from Section 426 requests

A bankrupt’s Hong Kong trustees can take steps to determine whether he has property interests in the UK, after an English judge partially granted a letter of request from their appointing court under Section 426 of the Insolvency Act: but broader requests for relief lifted from the Cross Border Insolvency Regulations will have to wait for "full argument" in November.

09 July 2021

Indonesian businessman refused Singapore IVA on appeal

An Indonesian businessman who had his voluntary arrangement thrown out earlier this year because it appeared to be funded by a foreign third party in a poor financial state, has failed to convince the Singapore High Court to reinstate it on appeal.

12 March 2021

Freezing injunction? That ship sailed with recognition, court says

English courts might have jurisdiction in the strict sense to extend an interim freezing injunction after a debtor’s bankruptcy has been recognised in the UK – but to exercise that jurisdiction would set the UNCITRAL Model Law loose from its "insolvency moorings", a judge has found.

25 February 2021

New Zealand court agrees to consider Chinese judgment's enforcement

A New Zealand judge has dismissed arguments that Chinese courts are not “true” courts, allowing a power station operator to proceed with enforcing a Chinese judgment debt locally.

13 November 2020

Mumbai tribunal appoints IP over Reliance chair Ambani’s assets

A tribunal in Mumbai has appointed an insolvency professional to manage the assets of Anil Ambani, chair of the Reliance telecoms group, after hearing arguments that Chinese banks who sued him in the UK could attach his assets before Indian creditors.

24 August 2020

Texan trustee seeks UK’s help in suspected brotherly bankruptcy fraud

The Texan trustee of a discharged bankrupt now suspected of possible bankruptcy fraud with his brother, is using the UK’s cross-border insolvency law to try to access a London Thameside property.

28 July 2020

Singapore omnibus legislation set to come into force

Local practitioners have welcomed Singapore’s “elegant and comprehensive” new Insolvency, Restructuring and Dissolution Act and its 48 pieces of subsidiary legislation, which are set to come into force on 30 July.

24 July 2020

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