Recognition

Brazilian bank’s trustee seeks recognition to probe possible offshore transfers

The judicial administrator of a Brazilian bank whose former controllers stand accused of siphoning off cash through a voucher scheme, has sought recognition in Florida to investigate and pursue possible “concealed” assets.

30 July 2021

Indonesian court recognises Singaporean moratorium

An Indonesian court has recognised and acted in support of a foreign restructuring for what could be the first time, dismissing a creditor’s PKPU application against garment manufacturer Pan Brothers because it was bound by a worldwide moratorium issued in Singapore.

27 July 2021

Hong Kong liquidators make historic mainland recognition request

The liquidators of a Hong Kong-incorporated paper company have applied for recognition in mainland China, in what marks the first such application since a historic cooperation agreement was implemented in May.

26 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

Winston & Strawn adds new global restructuring head in New York

Winston & Strawn has hired the former global co-head of McDermott Will & Emery’s restructuring group to lead its own global practice in New York.

21 July 2021

NMC Healthcare administrators prep for London arbitration

NMC Healthcare’s ADGM administrators and Dubai Islamic Bank have agreed to a London arbitration to resolve their disputes over insurance receivables the bank claims it is entitled to as security.

16 July 2021

BVI liquidators obtain US recognition to investigate dissipated loan collateral

The British Virgin Islands liquidators of a vehicle that invested in a New York skyscraper have obtained Chapter 15 recognition to explore the disappearance of security for a loan provided by two Chinese banks.

15 July 2021

Italian shipper seeks Australian recognition following seizure threats

Italian shipping firm Michele Bottiglieri Armatore has won an interim injunction in Australia over fears an Irish investment fund is preparing to arrest one of its vessels, following failed efforts in China and Canada.

14 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

UK trustee’s Australian reps awarded expenses under Model Law

The Australian representatives of a UK bankruptcy trustee have secured payment of their costs from funds under their control, five years after the English proceedings were recognised under the UNCITRAL Model Law.

06 July 2021

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