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Avoidance provisions within the US Bankruptcy code were not intended to apply extraterritorially, a New York Judge has written in a decision that blocks a Chapter 7 trustee from recovering payments made to an Israeli law firm by a bankrupt US holdings company.
13 February 2017
South African clothing retailer Edcon has finalised the restructuring of its 29 billion rand (US$2.1 billion) debt burden following court approvals in Johannesburg and New York.
07 February 2017
The UK Supreme Court has blocked attempts by the liquidators of collapsed Cayman investment fund Saad to claim for its estate US$318 million in shares transferred by Saudi billionaire Maan Al-Sanea to a Saudi bank, six weeks after the fund collapsed in 2009.
02 February 2017
A majority in the UK Privy Council has denied claims from PricewaterhouseCoopers for costs incurred to fulfill a pair of disclosure orders in aid of liquidations in the Cayman Islands before the orders were nixed on jurisdictional grounds.
18 November 2016
In recent reforms to bankruptcy laws around the world, China has made a bold play in response to its economic downturn, India has tackled too-big-to-fail, and the UK has released an update to its long-standing insolvency legislation.
31 October 2016
The Supreme Court of Ireland has declined to stay local proceedings against a Dubai-registered company accused of helping to put assets of the family of former billionaire Seán Quinn beyond the reach of liquidators – despite arguments that a parallel case has already been commenced in India.
16 August 2016
The receivers of Belgium’s former national airline, who spent years trying to unlock funds in a New York bank account frozen by US sanctions against the government of Sudan, have had their case dismissed by A New York appeals court.
29 July 2016
Saudi Arabian family-run conglomerate Ahmad Hamad Algosaibi & Brothers (AHAB), has signed a deal with several of its lenders to implement a US$6 billion restructuring plan, bringing the Arab region’s largest debt default a step closer to resolution.
26 July 2016
A Canadian court recently recognised Israeli bankruptcy proceedings relating to Canadian property developer Urbancorp as foreign main proceedings, in what it described as “a very unusual situation” since the property developer’s centre of main interests (COMI) is not in Israel.
22 July 2016
The liquidation trustee of a US energy holding company has sought permission from a New York bankruptcy court for the debtor to withdraw certain overlapping claims it brought in a series of international arbitrations against Egypt, whose outcomes are likely to determine whether unsecured creditors get paid.
27 May 2016
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