Regional news: Latin America & Caribbean

Cayman letter of request seeks help with admitted fraud

The Grand Court of the Cayman Islands has asked a counterpart in Hong Kong to recognise a pair of “full power” joint provisional liquidators from R&H Restructuring, as they investigate a fraud admitted by a Chinese car parts trader’s CEO.

20 September 2021

Cayman fund wound up as receivers target affiliate’s Hong Kong shares

A Cayman court has issued a winding up order against a locally-incorporated investment fund, days after appointing receivers over some of its affiliate’s Hong Kong-listed shares.

17 September 2021

Streamlined proving process approved in Cayman

The Cayman liquidators of a local insurance company have secured court approval of an alternative adjudication process for debt claims, removing the need for thousands of policyholders to lodge separate proofs.

16 September 2021

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

China’s Evergrande brings in advisers amid default risk

Chinese property developer Evergrande Group has hired Houlihan Lokey and Admiralty Harbour Capital to help with liquidity issues that could lead to a default on its US$300 billion debt pile.

14 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

AHAB secures historic restructuring settlement

Saudi Arabia’s new bankruptcy law has been praised after Ahmad Hamad Algosaibi & Brothers (AHAB) finally reached a US$7.5 billion settlement with creditors following 12 years of legal disputes around the world.

09 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

Kuwait social security institution secures FTI appointment over Adamas entity

A Kuwaiti public institution has persuaded a Cayman court not to appoint Deloitte partners as liquidators of a Hong Kong-based fund, and to instead appoint members of FTI Consulting who are already investigating some of its affiliates.

27 August 2021

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