Regional news: Latin America & Caribbean

Hong Kong liquidators denied share delisting review

The liquidators of a Cayman sanitary ware company have failed to secure a judicial review of its share delisting in Hong Kong, which came despite it pursuing a scheme of arrangement.

02 March 2021

Abraaj fund manager denied liquidators’ documents in Cayman Islands

An investment manager that operated within UAE private equity group Abraaj has failed to obtain documents from the Cayman liquidators of an Abraaj subsidiary, after a court blocked it from bringing litigation due to third-party confidentiality concerns.

01 March 2021

Administration moratorium has extraterritorial effect, Australian court rules

A BVI court has blocked the enforcement of a deed held by a local arm of Harneys, after an Australian judge found it was subject to an Australian administration moratorium that has effect in foreign jurisdictions.

26 February 2021

Israeli trustee ineligible for assistance, BVI appeal court rules

A BVI appeal court has upheld the local recognition of an Israeli personal bankruptcy but found that the bankrupt’s Israeli officeholder cannot be granted assistance, a decision the court said it came to “with some regret”.

24 February 2021

Director’s inaction is a breach of duty, Privy Council rules

In a “rare” case that warranted interference with the factual findings of lower courts, the UK Privy Council has ruled that a China-based director breached her fiduciary duties to a British Virgin Islands company when she failed to prevent the full repayment of a loan before it fell into liquidation.

23 February 2021

Australian voluntary administrators to serve claim on Harneys in BVI

In separate actions in Australia, the voluntary administrators of a Congolese gold mine owner have secured permission to serve a security interest claim on a Harneys arm in the BVI, while a Queensland court is to consider recognising a Singaporean personal bankruptcy.

23 February 2021

The Brazilian Bankruptcy Law’s 2020 reform

More than 15 years after its enactment, the Brazilian Bankruptcy Law has finally gone through its first major reform and gained cross-border insolvency provisions. Felsberg Advogados partner Thomas Benes Felsberg and senior associate Thiago Dias Costa discuss the critical provisions that were altered on 24 December when the new law was enacted.

18 February 2021

Oi sells mobile division to Claro, Telefónica and TIM

Brazil’s BMA - Barbosa, Müssnich, Aragão has helped telecoms group Oi sell its mobile business to local subsidiaries of Claro, Telefónica and TIM – one of a series of assets sales envisaged as part of its judicial reorganisation plan.

17 February 2021

New York Ch15s for Brazilian cement maker and ex-Aegerion owner

A Brazilian cement maker is seeking US recognition of its restructuring in New York, while the former owner of US pharmaceutical company Aegerion has asked the same court for recognition of its Canadian liquidation.

16 February 2021

EY appointed as Seadrill JPLs in Bermuda after latest Chapter 11 filings

Offshore rig operator Seadrill Limited has appointed EY as its joint provisional liquidators in Bermuda for the second time in four years after a conflict between creditors saw it file for Chapter 11 protection in Texas last week.

15 February 2021

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