Regional news: Isle of Man

Mittal-owned Manx company’s liquidators seek US recognition

UPDATED: The liquidators of a Manx company related to Indian businessman Pramod Mittal have sought Chapter 15 recognition in New York to investigate and pursue possible assets in the US, four years after securing English recognition.

24 May 2023

Russian bankruptcy recognised in Isle of Man despite human rights claims

A judge in the Isle of Man has recognised a Russian bankruptcy order against the wife of a mineral water entrepreneur, despite finding that Russia’s expulsion from the Council of Europe in March removed the presumption that Russian orders will be enforced.

09 August 2022

Appleby advised Arcadia administrators in Jersey, Guernsey and the Isle of Man

A court decision published in Jersey shows how offshore firm Appleby helped the joint administrators of British retail tycoon Philip Green’s Arcadia Group obtain recognition in the Channel Islands and the Isle of Man, before his fashion empire was sold off.

24 February 2021

Russian bankrupt opposes freezing injunction extension following recognition

Once foreign bankruptcy proceedings have been recognised, the English courts lack “small j jurisdiction” to continue a pre-recognition freezing injunction against the debtor, counsel to a bankrupt Russian businessman argued this week – ahead of a new recognition hearing in the Isle of Man.

19 February 2021

Isle of Man investment company seeks US recognition

An Isle of Man-incorporated investment company is seeking Chapter 15 recognition of its creditors’ voluntary liquidation, following a “lack of cooperation” that has prevented its liquidators from investigating the company’s US assets.

24 August 2020

Bondholders reach lock-up agreement over Tchenguiz sheltered housing rents

Senior bondholders in a Cayman-registered issuer have agreed a US$482 million restructuring with Lloyds and UBS for a deal securitising ground rents from a Tchenguiz-owned portfolio of sheltered housing properties.

18 December 2019

Stephenson Harwood advising as Bolton Wanderers kicks off administration

Paul Appleton and Asher Miller of David Rubin & Partners have been appointed joint administrators of English football club Bolton Wanderers.

15 May 2019

Committee of inspection appointed in “landmark” Manx decision

The sole two creditors of an insolvent Indian steel producer have successfully petitioned the High Court of the Isle of Man to appoint a committee of inspection on which they will both sit as members.

28 February 2019

Manx court refuses to order director testimony

An Isle of Man court has rejected a request from the liquidators of three collapsed investment funds to compel oral testimony from their directors over their £171 million collapse.

28 January 2019

Asset recovery column: Tools in action

Edward Davis and Annette Escobar, of Sequor Law in Miami, discuss a massive Ponzi scheme in Chile involving the execution of asset recovery and cross-border recognition tools in multiple jurisdictions.

17 September 2018

Unlock unlimited access to all Global Restructuring Review content