Regional news: Australia
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
Virgin Active secures second-ever UK cross-class cramdown
Gym chain Virgin Active’s heavily contested restructuring plans have been sanctioned in a judgment affirming that English courts will afford weight to the decisions of higher-ranking creditors when exercising their discretion over cross-class cramdowns.
12 May 2021
Sanjeev Gupta’s Liberty Steel appoints restructuring committee, faces winding-up petitions
Norton Rose Fulbright, PJT Partners and Alvarez & Marsal are advising a new international restructuring and transformation committee appointed by Sanjeev Gupta’s Liberty Steel Group to help it navigate trade finance provider Greensill’s collapse.
06 May 2021
Enyo hires from Eversheds following Greensill’s UK recognition
Just weeks after helping the German administrator of Greensill Bank secure recognition in the UK, Eversheds Sutherland partner Jamie Leader has left the firm for Enyo Law.
26 April 2021
Greensill’s Australian parent enters liquidation
Creditors of Greensill’s Australian parent company have voted to put it in liquidation, with some of the biggest name creditors like Credit Suisse, Softbank Vision Fund and the Association of German Banks being appointed to a committee of inspection.
22 April 2021
Greensill and Archegos losses lead to Credit Suisse class action
Credit Suisse is facing a proposed class action in New York over allegations it hid defects in its risk policies so it could extend excessive leverage to scandal-hit trade finance provider Greensill and family office Archegos Capital – exposing it to billions of dollars of losses.
20 April 2021
Who can further delay adjourned meetings? Australian court weighs in
UPDATED: A court in Western Australia has issued its reasons for allowing creditors to decide whether a Congolese-Australian miner’s delayed second meeting may be adjourned again, in the face of competing deed of company arrangement proposals from interested parties.
14 April 2021
Australia’s highest court will now hear Cape Town Convention question
Australia’s highest court will now consider what it means to “give possession” under the Cape Town Convention, having granted an application for special leave to appeal a dispute over who should pay for the return of jet engines leased by Virgin Airlines.
13 April 2021
Interim recognition in Australia for Greensill Bank administrator
Greensill Bank’s German insolvency administrator has obtained interim recognition in Australia and has used Eversheds Sutherland to make a similar application in the UK.
07 April 2021
Greensill enters provisional liquidation in Singapore
Greensill’s Asia arm has entered provisional liquidation in Singapore, following the finance group’s UK and Australian administration proceedings, German insolvency filing and US Chapter 11.
30 March 2021