Recognition

Pan Brothers wins Ch15 recognition, defers restructuring date

Indonesian garment manufacturer Pan Brothers has received recognition of its Singaporean scheme in New York, and immediately announced plans to defer the date by which it must complete its restructuring.

09 March 2022

Cayman Islands insurance holding company pursues Ch15 recognition

Automobile insurance holding company Atlas Financial has sought recognition of its Cayman Islands scheme of arrangement in New York in an effort to stop potential noteholder action from causing “irreparable harm”.

08 March 2022

IWIRC names Woman of the Year and inaugural Hall of Famer

The International Women’s Insolvency and Restructuring Confederation has named the former chief bankruptcy judge of Colombia as its 2022 Woman of the Year, and a US-based healthcare turnaround expert as the first inductee in its Hall of Fame.

07 March 2022

Urbancorp foreign rep denied leave to appeal anti-deprivation claims

The Israeli foreign representative of Canadian property group Urbancorp will not be able to appeal failed claims based on the common law anti-deprivation rule, so the value of a 50-year land lease could remain in the debtor’s estate for creditors rather than benefitting the group’s controlling family.

04 March 2022

Florida court dismisses Omani citizen’s Chapter 15 appeal

Limiting US recognition to proceedings featuring those who qualify as “debtors” under section 109 of the US Bankruptcy Code would be inconsistent with the language and purpose of Chapter 15, a Florida district court has ruled, departing from the Second Circuit's much-criticised Barnet decision.

02 March 2022

Recent developments in recognition between mainland China and Hong Kong

Kroll managing director Michael Chan, with senior managers Mona Liu and Issac Tang, discuss some much-welcomed recent developments in the recognition of restructuring and insolvency proceedings between mainland China and Hong Kong.

23 February 2022

Chinese property developer pursues BVI scheme, Chapter 15

Harneys and Sidley Austin are advising Chinese property group RiseSun as one of its note-issuing entities pursues a scheme of arrangement in the British Virgin Islands and Chapter 15 recognition in New York.

22 February 2022

Europe column: recast European Insolvency Regulation – substantial repair work needed

Bob Wessels, professor emeritus of international insolvency law at Leiden University and expert counsel on restructuring and insolvency to the European Commission, gives a gloomy outlook on the architecture of the recast European Insolvency Regulation, five years since it came into in force.

22 February 2022

DIFC court declines to recognise Abu Dhabi personal bankruptcy

A court in the Dubai International Financial Centre, which recently signed up to the UNCITRAL Model Law, has refused to recognise the Abu Dhabi personal bankruptcy proceedings of the chairman of investment group KBBO, criticising his trustees.

16 February 2022

US judge recognises Chinese restructuring plan for the first time

One of China’s largest private power generators has succeeded in obtaining the first-ever Chapter 15 recognition of a Chinese reorganisation plan in the US, with help from Latham & Watkins.

15 February 2022

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