Regional news: Bermuda

Harneys releases “schemarios” rules for parallel schemes

Harneys has published a set of “schemarios” or scheme scenarios explaining where it believes parallel schemes of arrangement are necessary to give effect to a foreign restructuring, in the wake of court criticism over its advice in China Oil Gangran Energy last week.

14 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

Hong Kong court again decries misuse of soft-touch JPLs

In the wake of three similar decisions in recent weeks, the High Court of Hong Kong has again reiterated its concerns about the potential misuse of offshore soft-touch provisional liquidations – singling out RSM and its legal advisers for criticism.

19 May 2021

Seadrill Partners restructuring approved in Texas

London-based offshore driller Seadrill Partners has received court approval in Texas for its Chapter 11 plan, while its Bermuda-incorporated group parent has asked the same court for an extension to file its own plan.

18 May 2021

Hong Kong JPLs overturn joint venture payment on appeal

Hong Kong’s highest court has voided a payment relating to an insolvent construction company’s joint venture rights, overturning lower court rulings on local avoidance rules.

18 May 2021

Scandal hit-Bermudian groups seek New York recognition, Wirecard secures stay

A New York court is due to hear recognition requests from separate pairs of Bermudian provisional liquidators that have been appointed over unrelated scandal-hit groups, while Wirecard’s German administrator has reached an agreement to stay securities litigation against the payment processor in California.

14 April 2021

Community roundup: Shearman & Sterling, Kroll, FTI Consulting and EY

Shearman & Sterling has continued its London expansion while FTI Consulting has strengthened its Madrid and Abu Dhabi offices, Kroll has promoted four new managing directors in the UK, and EY has hired in Bermuda.

01 April 2021

Recognition decisions mark “new era” for Hong Kong’s cross-border regime

A Hong Kong court has again emphasised that foreign soft-touch provisional liquidations should not automatically take precedence over local winding-up petitions – in the latest of a trio of decisions one barrister describes as heralding a “new era” for Hong Kong’s cross-border insolvency regime.

15 March 2021

Hong Kong must depart from "English" approach to common law recognition

The “restricted” view that common law recognition favours proceedings in a debtor’s place of incorporation does not serve Hong Kong well, Mr Justice Harris has said in a decision adjourning the recognition of soft-touch provisional liquidators appointed in “questionable” circumstances in Bermuda.

11 March 2021

Global menswear retailer seeks light touch restructuring in Bermuda

Hong Kong-listed premium menswear retailer Trinity has applied to appoint light touch joint provisional liquidators in Bermuda, three months after Standard Chartered Bank filed winding up petitions against it.

10 March 2021

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