Regional news: British Virgin Islands
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
Voyager accused of operating “massive” Ponzi scheme in Miami suit
Collapsed crypto network Voyager was a “house of cards, built on false promises and factually impossible representations," according to a class action complaint against US billionaire Mark Cuban and his Dallas Mavericks basketball team, who are accused of encouraging investment in the platform.
11 August 2022
Three Arrows Capital JLs obtain Chapter 15 recognition in New York
The British Virgin Islands joint liquidators of crypto hedge fund Three Arrows Capital have obtained Chapter 15 recognition in New York, with the court allowing certain secured creditors to enforce their debts.
29 July 2022
“Winter is coming and it’s starting with crypto”: NY lawyers react to month of turmoil
With the market reeling after crypto firms Three Arrows Capital, Voyager Digital and Celsius all sought bankruptcy protection in New York earlier this month, local lawyers compare the disarray to the collapse of Lehman Brothers, discuss the many novel legal issues that need to be resolved in the first Chapter 11 cases and predict crypto debtors will struggle to survive without completing M&A deals.
22 July 2022
3AC liquidators obtain provisional relief in US and Singapore
The British Virgin Islands joint liquidators of crypto hedge fund Three Arrows Capital have obtained provisional relief in the US and Singapore, as they establish a creditors committee for the liquidation.
20 July 2022
3AC liquidators seek emergency relief against “uncooperative” founders
The British Virgin Islands joint liquidators of crypto hedge fund Three Arrows Capital have sought emergency provisional relief in the US to protect its assets from its “uncooperative” founders, who are rumoured to have fled Singapore and to be selling property worth “tens of millions of dollars”.
11 July 2022
Asset manager brings New York fraud suit against crypto lender Celsius
A former investment manager for struggling crypto lender Celsius Network has accused it of leveraging customer deposits to manipulate markets and failing to institute basic accounting controls, causing it to freeze customer assets last month.
08 July 2022
Three Arrows Capital’s BVI liquidators seek Chapter 15 recognition
The British Virgin Islands joint liquidators of cryptocurrency hedge fund Three Arrows Capital have sought recognition in New York to stop US litigation and preserve the fund’s assets, just three days after their appointments.
04 July 2022
Forbes Hare hires long-time Squire Patton Boggs partner in BVI
A former Squire Patton Boggs partner who was debtors’ counsel in the multi-million dollar contentious restructuring of the UAE’s Dana Gas has joined boutique law firm Forbes Hare in the British Virgin Islands.
29 June 2022
Brazil’s Petroserv secures English scheme sanction
Brazilian oil drilling group Petroserv Marine has secured sanction of its English scheme of arrangement, after settling a notes dispute with a company owned by its founders.
23 June 2022