Recognition

Stichd up merchandiser may bring damages claim against insolvent Formula One team

Ex-Formula One team Force India breached its contractual obligations to a merchandiser when administrators sold its assets to a company owned by Canadian billionaire Lawrence Stroll, an English court has ruled – entitling the merchandiser to a damages claim.

26 April 2022

Teneo hires from Accuracy in Hong Kong

Former EY and Accuracy director So Kim Lau has joined the recently launched Hong Kong office of New York-headquartered financial advisory firm Teneo.

25 April 2022

China’s Modern Land pursues offshore scheme as RiseSun’s is sanctioned

Chinese property group Modern Land has launched a scheme in the Cayman Islands to restructure over US$1.3 billion worth of foreign notes, while rival firm RiseSun Real Estate Development has secured sanction of its own British Virgin Island scheme together with recognition in the US.

21 April 2022

Canadian receiver obtains emergency relief from creditors in North Dakota

An oilfield services company’s Canadian receiver has obtained temporary emergency relief from a court in North Dakota to stall a wave of creditor enforcement actions against the debtor in a local district court.

20 April 2022

Canadian developer wins Chapter 15 relief in bid to secure financing

Real estate developer Legacy Lifestyles Destin Property has secured provisional recognition of its Canadian receivership, which it says will help it obtain financing secured by its Florida-based properties.

19 April 2022

Global tech firm Sungard secures Canadian recognition

Tech software and services firm Sungard has received Canadian recognition of its second Chapter 11 restructuring in three years, days after a Texas court granted it access to debtor-in-possession financing.

19 April 2022

Host of global firms advise as Chinese oil group completes “unique” restructuring

Chinese oil company MIE Holdings has completed a global restructuring using a Cayman scheme and a Chapter 15 filing in New York – along with a novel order that conditionally discharged its joint provisional liquidators before the restructuring was completed.

14 April 2022

“Chapter 22” for tech software and services firm Sungard

Technology firm Sungard has entered its second Chapter 11 bankruptcy in three years and sought recognition of it in Canada, less than a month after its UK arm fell into administration.

13 April 2022

ABLI webinar: Utilising foreign jurisdictions to restructure Indonesian companies

English law seems to contradict the principles incorporated in the UNCITRAL Model Law, according to a speaker at a recent webinar hosted by the Asian Business Law Institute, where panellists also discussed foreign law considerations in Singaporean and Indonesian restructurings.

13 April 2022

BVI funds linked to 1MDB fraud seek recognition in Miami

The joint liquidators of three British Virgin Islands funds that were allegedly part of a huge fraud perpetrated against Malaysian sovereign wealth fund 1MDB have sought recognition in Miami to further their investigations.

11 April 2022

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