Recognition

Gibson Dunn advising as Indonesian clothing manufacturer seeks US recognition

Indonesian clothing company Sri Rejeki Isman has filed Chapter 15 petitions in New York to have its PKPU and Singaporean proceedings recognised, with Gibson Dunn & Crutcher, REVLaw, AJCapital Advisory and Aji Wijaya & Co taking roles across the different jurisdictions.

08 June 2021

Forex trader’s operating arm seeks recognition in the US

Two weeks after its forex broker parent sought recognition of its British Virgin Islands liquidation in Florida, an operating entity of the UAE-based currency trading group Exential has applied for Chapter 15 recognition of its own separate liquidation.

07 June 2021

Parallel schemes unnecessary, says Hong Kong court

In another landmark ruling in Hong Kong, Mr Justice Harris has questioned the need for locally-listed foreign companies to implement parallel schemes of arrangement in their places of incorporation.

02 June 2021

BonelliErede helps rescue Italian Greensill casualty

Italy’s BonelliErede is advising Venice-based bank Ifis on its purchase of a local lender out of compulsory liquidation, after it collapsed under the weight of its exposures to Greensill’s German banking subsidiary.

28 May 2021

Omani businessman appeals US recognition of English bankruptcy

An Omani citizen is seeking to overturn a Florida court’s recognition of his English bankruptcy, which he describes as “a divorce case being played out on the international stage”.

27 May 2021

BVI forex trader seeks recognition in the US

British Virgin Islands-based FCI Markets, part of a UAE-based forex trading group that a Dubai court found to be a Ponzi scheme defrauding investors out of more than US$200 million, has applied for Chapter 15 recognition of its BVI liquidation in Florida.

25 May 2021

Creditors support Thai Airways plan – but there’s a long haul ahead

Creditors of Thai Airways have voted in favour of what one lawyer has described as a “vague” restructuring plan, which envisages the airline being in rehabilitation until at least 2025.

21 May 2021

Hong Kong and mainland agree cross-border insolvency arrangement

An historic cooperation arrangement for mutual recognition and assistance in insolvency proceedings has been implemented between courts in Hong Kong and mainland China – with local practitioners labelling the development a “game changer”.

14 May 2021

Norwegian law avoidance claims allowed in New York

Judge Martin Glenn in Manhattan has allowed Norwegian paper company Norske Skogindustrier to pursue foreign law avoidance claims in its Chapter 15 proceedings, putting him at odds with Judge Stuart Bernstein in the same court on a contentious issue of US bankruptcy law.

14 May 2021

RSM under fire as Cayman soft-touch JPLs refused assistance in Hong Kong

In the first decision of its kind, a Hong Kong court has declined to assist an investment holding company’s Cayman soft-touch provisional liquidators despite recognising their appointments, citing concerns over the treatment of creditors.

12 May 2021

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