Regional news: Bermuda

Bermuda court reinforces the integrity of the local segregated accounts regime

Michael Todd KC and Tom Hall of Erskine Chambers and Christina Herrero of Marshall Diel & Myers in Bermuda, who represented joint provisional liquidators in a recent application for directions regarding the statutory regime for segregated accounts companies in Bermuda, consider the resulting “important” decision that provides the regime’s first comprehensive review.

15 August 2023

Carey Olsen insolvency head joins Walkers in London

Walkers has hired the former head of Carey Olsen’s insolvency group in the Cayman Islands and London, who brings with him experience working on the offshore restructurings of UAE-based private equity firm Abraaj Holdings and China’s Luckin Coffee.

17 July 2023

AlixPartners appointed as receivers over Telegraph’s parent company

The Bermudian parent company of UK broadsheet the Telegraph has been placed into receivership by the Bank of Scotland as it seeks to recover a £1 billion (US$1.2 billion) debt owed by the newspaper’s Barclay family owners.

09 June 2023

Wine investment fund enters provisional liquidation in Bermuda following regulator investigation

A Bermudian court has appointed joint provisional liquidators over a local fund that specialises in fine wine investment, after the island’s financial regulator raised concerns following investor allegations of wrongdoing.

21 February 2023

Bermuda

Featured in Americas Restructuring Review 2023

09 December 2022

Interpol-wanted businessman fails to annul bankruptcy on COMI grounds

A former businessman subject to an Interpol Red Notice after breaching bail in Bermuda in “extraordinary circumstances” has failed to annul an English bankruptcy order, after a judge found his centre of main interests was in the UK at the time the petition was served on him in a Dutch jail, where he was serving time for bankruptcy fraud.

21 September 2022

Chinese developer Skyfame enters soft touch liquidation in Bermuda

Hong Kong-listed Skyfame Realty has entered provisional liquidation in Bermuda after defaulting on its offshore debt, while fellow property developer Evergrande is facing an investigation after lender banks seized over US$2 billion from its subsidiary earlier this year.

17 August 2022

NewOcean wound up in Hong Kong as Bermuda liquidation appealed

Asian oil and gas group NewOcean Energy has been wound up in Hong Kong, two weeks after creditor bank HSBC won an appeal to have it placed into liquidation in Bermuda.

12 August 2022

Chinese energy group wound up in Bermuda

Hong Kong-listed gas group NewOcean Energy has been wound up in Bermuda, less than a year after it appointed soft touch provisional liquidators to help restructure its debts following the collapse of Singaporean oil trader Hin Leong.

05 August 2022

Another Chinese developer defaults on offshore debt, applies for JPLs in Bermuda

Chinese property developer Skyfame Realty has applied to appoint light touch provisional liquidators in Bermuda, claiming it is facing “unprecedented liquidity pressure” after trying unsuccessfully to extend its offshore debt.

15 July 2022

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