Regional news: International

Isle of Man liquidator seeks Chapter 15 recognition in US first

In what is thought to be the first application for recognition of an Isle of Man voluntary liquidation in the US, an Africa-focused private jet operator's liquidator has filed a Chapter 15 in Oklahoma to stall a local litigation and try to access escrow funds.

14 January 2022

Promotions round-up: new year, new partners

Jones Day, Norton Rose Fulbright, Hughes Hubbard & Reed and Harneys have made partner promotions around the world, while Davis Polk & Wardwell has named a new counsel and Cole Schotz has announced new members in North America.

11 January 2022

FTI Consulting hires from Protiviti in US, loses one in Cayman

FTI Consulting has hired a team of restructuring professionals from global consulting firm Protiviti, but lost another to Crowe Cayman.

07 January 2022

Teneo buys KPMG’s Cayman and BVI restructuring arms

Global advisory firm Teneo, which last year bought Deloitte’s UK restructuring business, has acquired the Cayman and British Virgin Islands restructuring arms of KPMG.

06 January 2022

AHAB loses “complex and arduous” Cayman fraud appeal

Saudi conglomerate Ahmad Hamad Algosaibi & Brothers has lost its appeal against a Cayman Islands court ruling that found it conspired with its former head of investment to “perpetrate one of the largest Ponzi schemes in history” – bringing an end to over 12 years of litigation.

22 December 2021

AirAsia X wins scheme approval in Malaysia

Malaysia’s budget flag carrier AirAsia X has secured court approval of its scheme of arrangement, which will see unsecured creditors take a haircut of more than 99%.

17 December 2021

Garuda plans dual Indonesia-UK restructuring after creditor triggers first airline PKPU

Flag carrier Garuda Indonesia will become the first airline to attempt to restructure via an Indonesian suspension of payments process, as it also plans to launch a simultaneous scheme of arrangement in the English courts.

14 December 2021

Cayman textile and petroleum company liquidated in Hong Kong

A Hong Kong court has wound up a Cayman Islands-incorporated oil and textiles company after no less than six adjournments, finding that its proposed Cayman scheme of arrangement was unfeasible.

13 December 2021

Norton Rose partner joins Ashurst in Sydney

Ashurst has recruited a partner from Norton Rose Fulbright in Sydney, who has experience advising on the restructurings of mining company Arrium and swimwear brand Seafolly.

29 November 2021

Interpath hires from AlixPartners

Interpath Advisory has hired a managing director with experience working on the liquidation of British travel agent Thomas Cook and the restructuring of Chinese solar-parts manufacturer LDK Solar Co.

25 November 2021

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