Regional news: Bermuda

Bermuda court extends injunction to prevent risk of Gupta asset claim dissipation

A Bermudian court has extended a Mareva injunction against a locally-registered commodities trader, finding there was a risk of dissipation of its only realisable asset – a claim in the South African restructuring of a coal mine formerly owned by the Gupta family.

27 July 2020

African Minerals scheme sanctioned in London

The High Court of Justice in London has sanctioned a scheme for mining company African Minerals, despite only four unsecured creditors voting at the scheme meeting last week.

27 July 2020

Paper company seeks Hong Kong recognition of Bermudian light-touch JPLs

A Bermudian court has appointed light-touch provisional liquidators over a locally incorporated paper company and asked a Hong Kong court for assistance, amid a potential investigation into auditing issues at the company.

27 July 2020

African Minerals creditors back English scheme

Creditors of Bermuda-registered mining company African Minerals have voted to approve its English scheme to resolve a creditor conflict about claims the company may bring against China’s Shandong Iron and Steel Group.

21 July 2020

Bermudian court terminates UK recognition order over litigation probe rules

A Bermudian court has discharged the recognition of a UK-appointed liquidator, affirming rules on gathering information for foreign lawsuits laid out by the Privy Council in its 2014 Singularis decision.

17 July 2020

NZ High Court restrains Chinese director’s bankruptcy pending directors’ duties appeal

The High Court of New Zealand has halted a bankruptcy application against a Chinese former director of local construction company Mainzeal, pending his appeal of a multi-million dollar breach of duties judgment.

17 July 2020

African Minerals secures scheme hearing in England

African Minerals, a Bermuda-registered mining company in administration in the UK, has won court approval to hold a scheme meeting to help it resolve a creditor conflict about whether it should pursue claims against a Chinese steel group.

29 June 2020

Hong Kong-listed Agritrade enters “light touch” administration in Bermuda

The Supreme Court of Bermuda has appointed “light touch” administrators over Hong Kong-listed commodity trader Agritrade Resources (ARL), and asked courts in Singapore and Hong Kong to recognise the decision.

18 June 2020

Hong Kong judge targets “unrealistic and unhelpful” Mainland business groups

A Hong Kong judge has criticised a Chinese cinema group that tried to restructure its debts in a “piecemeal” way in the Mainland without including its Hong Kong-listed holding company.

02 June 2020

Government-backed Bermudan property developer obtains stay in New York

A New York court has granted emergency Chapter 15 relief to a Bermudan property developer that defaulted on two tranches of loans backed by the territory’s government.

31 March 2020

Get unlimited access to all Global Restructuring Review content