Recognition

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

Israeli trustee ineligible for assistance, BVI appeal court rules

A BVI appeal court has upheld the local recognition of an Israeli personal bankruptcy but found that the bankrupt’s Israeli officeholder cannot be granted assistance, a decision the court said it came to “with some regret”.

24 February 2021

Appleby advised Arcadia administrators in Jersey, Guernsey and the Isle of Man

A court decision published in Jersey shows how offshore firm Appleby helped the joint administrators of British retail tycoon Philip Green’s Arcadia Group obtain recognition in the Channel Islands and the Isle of Man, before his fashion empire was sold off.

24 February 2021

Australian voluntary administrators to serve claim on Harneys in BVI

In separate actions in Australia, the voluntary administrators of a Congolese gold mine owner have secured permission to serve a security interest claim on a Harneys arm in the BVI, while a Queensland court is to consider recognising a Singaporean personal bankruptcy.

23 February 2021

Russian bankrupt opposes freezing injunction extension following recognition

Once foreign bankruptcy proceedings have been recognised, the English courts lack “small j jurisdiction” to continue a pre-recognition freezing injunction against the debtor, counsel to a bankrupt Russian businessman argued this week – ahead of a new recognition hearing in the Isle of Man.

19 February 2021

The Brazilian Bankruptcy Law’s 2020 reform

More than 15 years after its enactment, the Brazilian Bankruptcy Law has finally gone through its first major reform and gained cross-border insolvency provisions. Felsberg Advogados partner Thomas Benes Felsberg and senior associate Thiago Dias Costa discuss the critical provisions that were altered on 24 December when the new law was enacted.

18 February 2021

Third time lucky for Cruise port operator’s scheme meeting

It’s third time lucky for the world’s largest cruise port operator, which has finally received an English court’s permission to convene a scheme creditors’ meeting, after missing information on its promise to pay certain noteholders’ advisers’ fees scuppered its two previous attempts.

17 February 2021

New York Ch15s for Brazilian cement maker and ex-Aegerion owner

A Brazilian cement maker is seeking US recognition of its restructuring in New York, while the former owner of US pharmaceutical company Aegerion has asked the same court for recognition of its Canadian liquidation.

16 February 2021

Stay claims in the US so Luckin Coffee can restructure in Cayman, court told

Having already secured Hong Kong recognition, the provisional liquidators of China’s Luckin Coffee have asked a New York court to stave off shareholder actions in the US while they restructure the group’s holding company through a pair of Cayman schemes, to deal with revelations it falsely inflated its accounts last year.

08 February 2021

Guernsey fund’s liquidators secure emergency US discovery powers

The voluntary liquidators of a Guernsey-incorporated fund have secured provisional US recognition in New York, along with powers to examine transfers made by a Delaware real estate group.

29 January 2021

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