Recognition

Cayman liquidators tee up first-of-its-kind clash with US receiver

The joint liquidators of a bankrupt Cayman feeder fund opposing a US federal receiver’s distribution plan say the case presents serious considerations of international comity that have never been tried before.

15 June 2022

Dechert advising as another Chinese group seeks Ch15 recognition

The Cayman-registered holding company of a Chinese coal mining group has sought recognition of its Hong Kong restructuring scheme in New York.

14 June 2022

“Retirement is a fantasy for the young”: Allen & Overy’s former US restructuring head joins Kasowitz

The former head of magic circle firm Allen & Overy’s US restructuring group, who worked as American counsel to Virgin Atlantic in the UK’s first-ever Part 26A restructuring plan, has left retirement to join Kasowitz Benson Torres in New York.

13 June 2022

China’s Modern Land requests US recognition

Troubled Hong Kong-registered property developer Modern Land is seeking Chapter 15 recognition of a Cayman scheme to deal with US$1.34 billion of notes, amid a recent ruling that warned such restructurings may not be effective in Hong Kong.

10 June 2022

MIE’s “unique” cross-border debt restructuring

Lawyers from Walkers take a step-by-step walk through the “unique” Cayman and US restructuring of Chinese oil and gas company MIE – particularly its novel adoption of an order for the conditional withdrawal of a winding up petition presented by a “friendly creditor” and corresponding discharge of provisional liquidators before the restructuring was completed.

09 June 2022

Hong Kong court warns against using offshore schemes to deal with US debt

Schemes purporting to compromise US law-governed debt in offshore jurisdictions coupled with Chapter 15 recognition will not be effective in Hong Kong, its High Court has warned.

07 June 2022

South Square’s Riddiford moves to Essex Court

Alexander Riddiford, who served as junior counsel to the administrators of Lehman Brothers’ main European arm in its Waterfall litigation, has joined Essex Court Chambers.

07 June 2022

Akin Gump partner joins Weil in London

Weil Gotshal & Manges has hired London-based Akin Gump Strauss Hauer & Feld partner Lois Deasey, who brings with her experience working on the restructurings of Premier Oil, Noble Group and Avanti Communications.

06 June 2022

The Model Law on Cross-Border Insolvency: a silver lining but not a silver bullet

On the 25th Anniversary of UNCITRAL's adoption of the Model Law for Cross-Border Insolvency, INSOL International president Scott Atkins and International Insolvency Institute president John Martin explain why it reflects a silver lining but not a silver bullet for modified universalism and harmonisation.

30 May 2022

Holland & Knight advises as BVI fund targets Delaware borrower

The liquidators of a British Virgin Islands fund have lodged a breach of contract claim against Delaware-registered borrower Tremont International in New York, where they secured Chapter 15 recognition in 2019.

27 May 2022

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