Recognition
Singapore’s International Commercial Court gets new rules, as JM probe announced
Two months after former Delaware Chief Bankruptcy Judge Christopher Sontchi began his first term with Singapore’s International Commercial Court, it has announced new rules giving it greater powers and flexibility to hear cross-border insolvency cases – while Singapore’s second minster for law has also revealed a study into the judicial management tool to “unlock its full potential”.
22 September 2022
Interpol-wanted businessman fails to annul bankruptcy on COMI grounds
A former businessman subject to an Interpol Red Notice after breaching bail in Bermuda in “extraordinary circumstances” has failed to annul an English bankruptcy order, after a judge found his centre of main interests was in the UK at the time the petition was served on him in a Dutch jail, where he was serving time for bankruptcy fraud.
21 September 2022
Sidley, Admiralty Harbour advising as China Fortune Land reveals restructuring terms
Property developer China Fortune Land has revealed details of a proposed debt swap that it will offer to holders of eleven tranches of bonds issued by a Cayman subsidiary – with plans to pursue an English scheme of arrangement if a consent proposal fails.
16 September 2022
Singapore court gives guidance on COMI and scope of Model Law recognition
Singapore’s Justice Aedit Abdullah has recognised the Japanese insolvency proceedings of 19 Singapore-incorporated ship-owning companies, in a brief decision issued to assist practitioners on determination of centre of main interests and the scope of what can be recognised under the local embodiment of the UNCITRAL Model Law.
15 September 2022
White & Case, Bumachar advising as gold miner files in Brazil, Canada and US
UPDATED: Gold miner Mina Tucano has entered judicial reorganisation in Brazil and sought Chapter 15 recognition in New York, while its parent has filed for bankruptcy in Canada – with White & Case, Bumachar Advogados Associados, McCarthy Tetrault and Alvarez & Marsal advising.
09 September 2022
Hong Kong court threatens property developer’s directors with costs of winding up petition
Directors of a Chinese property developer who opposed its winding up in Hong Kong on the basis of a vague restructuring proposal that never moved forward, may now face paying the costs of the petition after a highly critical court decision.
06 September 2022
Endo secures recognition in Canada after patent set-back in US appeal court
Two Canadian affiliates of Irish-registered pharmaceutical group Endo have obtained recognition of the group’s New York bankruptcy proceedings in Toronto as it lost an appeal in the US to block a generic version of its best-selling drug.
30 August 2022
Hong Kong court rebukes liquidators, deprives them of remuneration
A textiles group's liquidators and their counsel have been heavily rebuked by a Hong Kong court for forum shopping, breaches of their disclosure duties and for making “serious” misrepresentations to the Cayman court that appointed them.
26 August 2022
Three Arrows Capital secures recognition of BVI liquidation in Singapore
The British Virgin Islands liquidators of collapsed crypto hedge fund Three Arrows Capital have been given the authority to access its financial records and assets held in Singapore.
25 August 2022
Celsius sues former investment manager, Voyager seeks stay on Miami class action
Collapsed crypto lender Celsius has accused its former business partner of stealing millions of dollars in coins and demanded the return of US$17 million from crypto custodian Prime Trust, while brokerage firm Voyager is seeking to extend the US bankruptcy code’s automatic stay to cover a suit launched against its CEO.
24 August 2022