Regional news: British Virgin Islands

Evergrande’s scheme meetings have been postponed indefinitely after the long-beleaguered Chinese property developer announced it needed to reassess the terms of its restructuring.

25 September 2023

A Hong Kong court has granted interim relief to the local, COMI-appointed liquidators of China Properties Group against opposition from an ex-group director who claimed it would interfere with the jurisdiction of the courts in the British Virgin Islands, the place of incorporation of some of the group’s subsidiaries.

18 September 2023

Appleby has hired a new partner from Ogier who has been providing counsel to the liquidators of multi-billion-dollar crypto hedge fund Three Arrows Capital in the British Virgin Islands.

11 September 2023

Embattled Chinese property developer Evergrande has adjourned meetings to vote on its four offshore schemes until next month, saying creditors need more time to consider its proposals after it resumed trading following a 17-month hiatus.

28 August 2023

In what marks the largest US bankruptcy filing this year, struggling Chinese real estate giant Evergrande has sought Chapter 15 recognition of schemes it has launched in Hong Kong and the British Virgin Islands to deal with almost US$20 billion of New York law-governed debt.

17 August 2023

Three Arrows Capital co-founder Kyle Davies will not be held in contempt in the US for failing to respond to a subpoena issued by the fund’s British Virgin Islands-based liquidators, as documents submitted to a New York court reveal the liquidators tried and failed to get permission to open Chapter 11 proceedings.

16 August 2023

UPDATED: Sidley Austin-advised property developers Sunac and Evergrande have been allowed to convene creditors’ meetings for schemes across Hong Kong, the British Virgin Islands and the Cayman Islands; while E-House, which is relying on Skadden and Maples, has finally re-opened scheme proceedings in the Cayman Islands, this time with a parallel scheme in Hong Kong.

01 August 2023

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

A Hong Kong national may continue to pursue local injunctions against a company that is in liquidation in the British Virgin Islands, after a Hong Kong court declined to stay his actions in favour of the Eastern Caribbean Supreme Court.

27 June 2023

A British Virgin Islands entity has failed to secure “interim interim” Mareva relief, as it waits to see whether the Privy Council will reconsider an order finding the company’s directors were personally liable for restoring the proceeds of a share transfer they executed without shareholder approval.

05 June 2023