Recognition

Brazilian senate approves long-awaited law

Brazil’s senate has approved a long-tabled bankruptcy law, which is set to introduce cross-border provisions based on the UNCITRAL Model Law to the country’s regime.

27 November 2020

Brazil’s Odebrecht and Monaco’s Black Gold file Chapter 15s

Construction subsidiaries of Brazilian conglomerate Odebrecht have asked a New York court to recognise their extrajudicial reorganisation, while a Monaco-incorporated oil company has secured interim Chapter 15 relief in California.

26 November 2020

Business rescue not available for foreign companies in South Africa

An Italian construction company has failed to open business rescue proceedings in South Africa, after an appellate court found the process was not open to foreign companies, while also refusing to recognise its Italian restructuring.

23 November 2020

IWIRC London, fireside chat: Mr Justice Snowden on UK restructuring plans

Mr Justice Snowden has said he will be looking to existing principles of UK insolvency law to guide the exercise of the court’s discretion under the new Part 26A restructuring plan, rather than simply adopting techniques used in other jurisdictions - as he predicted a rise in work for valuation experts before the English courts.

19 November 2020

Lehman’s UK administrators seek Chapter 15 reopening for derivatives trial

The English administrators of Lehman Brothers International (Europe) have asked a New York court to reopen the bank’s Chapter 15 proceedings, so it can take over a nine-year lawsuit from a backlogged state court.

18 November 2020

Swissport seeks recognition of second English scheme

Chinese-owned aviation services group Swissport has requested Chapter 15 recognition of its second English scheme in five months, which is designed to restructure the group after a first scheme bought it time and money.

18 November 2020

Hong Kong court allows provisional liquidators to seek first mainland recognition

A Hong Kong court has given the provisional liquidators of a local investment manager permission to seek recognition in mainland China, anticipating a mutual protocol between the jurisdictions as Shenzhen judges raise the possibility of granting foreign recognition for the first time.

16 November 2020

Ukrainian bank’s liquidator seeks recognition in US and UK

The liquidator of a Ukrainian bank facing over US$1 billion in creditor claims has filed for recognition in the US and UK.

12 November 2020

Dubai court recognises NMC Healthcare administration

A court in Dubai’s financial free zone has recognised NMC Healthcare’s Abu Dhabi administration and ordered a stay on proceedings filed against the company – while the administrators have initiated a negligence action against EY in England.

11 November 2020

Bermudian insurer’s provisional liquidators look to seize US investments

The Bermudian provisional liquidators of an insolvent insurance company have requested Chapter 15 recognition of their appointment in Florida, seeking to take control of its US assets following regulatory breaches at the company.

04 November 2020

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