Regional news: British Virgin Islands

Cryptocurrencies in liquidation: perspectives from Cayman and the BVI

Collas Crill partner Jennifer Colegate in the Cayman  Islands,  with  partner David Harby and  senior associate Daisy Bovingdon in the British Virgin Islands, consider how cryptocurrencies as a form of cryptoassets, rather than virtual assets generally, are characterised as a matter of law, and discuss the practical issues that liquidators are likely to face when seeking to realise these assets for the benefit of creditors.

16 September 2021

English Court of Appeal issues new guidance on third party costs orders

Harneys’ counsel Grainne King and partners Julie Engwirda, Vicky Lord and Jonathan Addo discuss a recent ruling in the English Court of Appeal, which set out guidelines to establish when it is appropriate to impose personal liability on directors or shareholders of insolvent companies for costs incurred in unsuccessful litigation.

14 September 2021

China Fishery to launch UK restructuring plan

A Peruvian arm of industrial fishing conglomerate China Fishery Group is pursuing a UK restructuring plan to complete a creditor takeover, alongside a Chapter 11 plan and a Singaporean scheme of arrangement.

09 September 2021

Bermudian coal group escapes immediate Hong Kong winding up

Hong Kong’s Mr Justice Harris has refused to immediately wind up a Bermuda-incorporated coal group, finding the “obvious” place for a potential liquidation would be Bermuda.

03 September 2021

BVI company looking to block winding up loses Hong Kong appeal

A minority shareholding in a Hong Kong company can suffice to wind up a foreign entity in the jurisdiction, even if the underlying assets are in mainland China, Hong Kong’s Court of Appeal has found, denying a BVI entity’s appeal for an injunction against its banks.

26 August 2021

Petitioner substitution rejected in Grand Peace’s Hong Kong winding up

A creditor of Bermuda-incorporated Grand Peace Group Holdings has lost his bid to be substituted as petitioner in its winding-up proceedings to address a jurisdictional question, after a Hong Kong court found he was unable to show a “discernible and real benefit” from his application.

24 August 2021

DOJ accused of “judge shopping” as it seeks to stay BVI liquidators’ actions

The US Department of Justice has asked a Utah bankruptcy court to stop the British Virgin Islands liquidators of three fund managers accused of operating a Ponzi scheme from seeking to reconfirm their earlier recognition by a Puerto Rican court in Chapter 7 proceedings, as the two fight over a pair of US properties.

05 August 2021

Mainland cooperation arrangement helps Hong Kong court wind up Cayman company

A Cayman company whose main assets are held in mainland China and Malaysia through British Virgin Islands subsidiaries has been wound up in Hong Kong, after a judge reasoned that mainland courts would recognise his order under their new cooperation arrangement.

02 August 2021

Heads Up: Grant Thornton UK’s Africa group leader Amaechi Nsofor

Partner and head of Grant Thornton’s Africa insolvency & asset recovery offering Amaechi Nsofor speaks to GRR about the challenges of enforcing securities and judgments in Africa, why he expects creditors with assets in the region to turn to funding solutions, and how Grant Thornton’s asset recovery fund represents a "first mover" advantage.

29 July 2021

BVI liquidators obtain US recognition to investigate dissipated loan collateral

The British Virgin Islands liquidators of a vehicle that invested in a New York skyscraper have obtained Chapter 15 recognition to explore the disappearance of security for a loan provided by two Chinese banks.

15 July 2021

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