Regional news: British Virgin Islands

Rock International scheme sanctioned in BVI and recognised in US

A Texas court has recognised a British Virgin Islands scheme of arrangement for special purpose vehicle Rock International Investments, a day after it was sanctioned.

14 December 2020

Ogier adds new partners in Hong Kong and Guernsey

Offshore firm Ogier has boosted its global restructuring offering with the appointment of three news partners in Hong Kong and Guernsey.

14 December 2020

Chinese petrochemical group’s BVI subsidiary seeks scheme recognition in Texas

British Virgin Islands-incorporated special purpose vehicle Rock International Investments is seeking Chapter 15 recognition of its BVI scheme of arrangement, while its parent company has entered bankruptcy proceedings in China.

24 November 2020

Hong Kong court addresses “difficulties” posed by offshore company structures

A Hong Kong court has adjourned a winding-up petition against a Cayman-incorporated juice company hoping to restructure in the Chinese mainland, as the petitioner failed to show it could realise the value of the company’s listing in Hong Kong.

19 November 2020

BVI court adjourns liquidator appointment over foreign revenue debts

A British Virgin Islands court has adjourned its decision on whether to appoint liquidators over a BVI company that is being wound up in England, citing several “uncertainties” that need to be ironed out.

16 November 2020

Privy Council winds-up BVI company on deadlock grounds

The UK Privy Council has wound-up a BVI holding company due to a “functional deadlock” in its management, finding the order could be made regardless of whether the company constituted a quasi-partnership.

02 November 2020

Hong Kong court allows Shandong Shanshui employees to pursue EY receivers

Five employees of China’s Shandong Shanshui Cement Group have won retrospective permission to bring claims against receivers from EY, following a ruling in Hong Kong.

30 October 2020

BVI court blocks receivers from replacing Japanese company’s directors

The receivers of a BVI investment company have been prevented from replacing the directors of its Japanese subsidiary, after a local court found a Singaporean investor could not apply on their behalf.

14 October 2020

Kobre & Kim hires Walkers insolvency head in Hong Kong

Kobre & Kim has hired the head of Walkers’ insolvency and dispute resolution group in Hong Kong, a partner with credits in the Saad liquidation and the Winsway restructuring.

08 October 2020

“Open for business”: BVI court approves third party litigation funding

In the first written judgment of its kind, a British Virgin Islands court has approved third party funding agreements for litigation and other liquidation fees and expenses in relation to a multinational Ponzi scheme.

01 October 2020

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