Regional news: British Virgin Islands

Constellation’s BVI subsidiary seeks second US recognition of mirroring scheme

A Caribbean subsidiary of global oil group Constellation has again requested US recognition of a British Virgin Islands “soft-touch” provisional liquidation, after the wider group restructured in Brazil for the second time in as many years.

09 November 2022

Two for none: BVI court refuses to enforce assigned Russian judgment debt at common law

A British Virgin Islands court has refused to enforce two Russian bankruptcy court judgments as one, finding that the judgment assigning the debt to the petitioner had to be enforced first, but did not satisfy the common law requirements under the Dicey Rules.

08 November 2022

A&M hires former Begbies head for BVI office launch

Former Begbies Traynor director Wesley Edwards has joined Alvarez & Marsal to lead its new office in the British Virgin Islands, three months after a BVI court issued a first-of-its-kind decision approving a block transfer of his insolvency appointments to one of his former colleagues.

20 October 2022

Hong Kong Airlines secures scheme meetings in Hong Kong

Crossing the first hurdle in its dual UK-Hong Kong restructuring, Hong Kong Airlines has won approval to convene scheme meetings in Hong Kong ahead of a separate hearing for its UK restructuring plan next week.

13 October 2022

Hong Kong court threatens property developer’s directors with costs of winding up petition

Directors of a Chinese property developer who opposed its winding up in Hong Kong on the basis of a vague restructuring proposal that never moved forward, may now face paying the costs of the petition after a highly critical court decision.

06 September 2022

Three Arrows Capital secures recognition of BVI liquidation in Singapore

The British Virgin Islands liquidators of collapsed crypto hedge fund Three Arrows Capital have been given the authority to access its financial records and assets held in Singapore.

25 August 2022

Chinese court sanctions restructuring plan for sofa maker

Cayman-registered sofa manufacture Morris Home has received sanction of a restructuring plan in mainland China following financial struggles it blames on US tariffs imposed since 2018.

19 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

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

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