Regional news: British Virgin Islands

Pacific Andes files in US as Singapore court puts end to global moratorium

Global industrial fishing group Pacific Andes has dropped its Singaporean scheme and filed for Chapter 11 in the US after a Singapore court declined to extend a global moratorium for the company and its subsidiaries, leading creditors to file winding-up petitions in Bermuda and the BVI.

30 September 2016

BVI court denies derivative claim for stay of Hong Kong liquidation

A court in the British Virgin Islands has declined to grant shareholders of a locally-incorporated company leave to bring derivative proceedings in Hong Kong, for the purpose of stopping what they claim is the “improper and unlawful” liquidation of a subsidiary.

17 August 2016

Brazilian court refuses to recognise BVI proceeding on public policy grounds

Brazil’s Superior Court of Justice has said it won’t recognise the liquidation of a British Virgin Islands company, citing risks to the judicial recovery of the company’s Brazilian subsidiary.

12 July 2016

China Fishery Group seeks US protections to hold off asset fire sale

Affiliates of the Cayman-registered industrial fishing company China Fishery Group have filed a cluster of Chapter 11 and Chapter 15 applications in the US, seeking to delay a fire sale of the group’s Peruvian assets.

04 July 2016

China-focused BVI company obtains New York recognition of Hong Kong scheme

Winsway Enterprises Holdings, a British Virgin Islands-incorporated coking coal supplier that predominantly operates in China, has obtained approval of its Hong Kong scheme of arrangement from a New York court soon after a parallel scheme of arrangement was sanctioned in the BVI.

17 June 2016

English court terminates Dechert as counsel to protect privileged information

The High Court of England and Wales has told Dechert that it must cease acting for a major creditor of a bankrupt company in ongoing fraud litigation, because it is also acting for the trustees in the company’s bankruptcy proceedings and has benefited from access to privileged information.

11 May 2016

Aman Resorts shareholders settle dispute in London, as acquisition vehicle faces liquidation in New York

UPDATED: Russian billionaire Vladislav Doronin has announced the settlement of an acrimonious shareholders’ dispute over luxury hotels chain Aman Resorts with his former partner, American entrepreneur Omar Amanat, which was playing out in a UK court - as a vehicle used in acquiring the chain was made to consent to an involuntary Chapter 11 petition in New York.

08 March 2016

Delaware court interprets BVI law in Chapter 11 case

A US bankruptcy court in Delaware has made a ruling on a point of British Virgin Islands law to end an 18-month legal dispute holding up the Chapter 11 restructuring of a US telecoms group.

08 February 2016

Setbacks in court for secondary investors in Madoff claims

Secondary market investors who bought claims related to the Madoff fraud suffered two setbacks last month, as a court in New York reversed the sale of one claim, and a court in Dublin dismissed attempts to enforce another against a third party on grounds that it violated Irish champerty rules.

16 December 2015

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