Regional news: Latin America & Caribbean
Crypto exchange Atom converts Singapore IJM to liquidation
A Singaporean court has wound up two subsidiaries of the crypto exchange Atom, upholding a “novel argument” that empowering a liquidator to conduct enhanced investigations for the benefit of unsecured creditors satisfied the just and equitable requirement for a winding up.
22 November 2023
Madoff feeder fund loses final damages appeal against HSBC
The Privy Council has dismissed a damages claim brought by the liquidators of Bernie Madoff feeder fund Primeo against its former administrator and custodian, in a long-awaited and wide-ranging judgment in which it highlighted the importance of the principle of finality in litigation.
16 November 2023
“Law in this area is evolving quite rapidly”: Sunac secures Ch15 recognition
Sunac China Holdings has become the first Hong Kong-based holding company of a group operating in mainland China to secure recognition of a Hong Kong scheme in New York.
15 November 2023
China Aoyuan to seek creditor approval for Cayman, BVI and HK schemes
Cayman Islands-incorporated China Aoyuan Group has become the latest Chinese real estate developer to try and restructure its offshore debt, filing scheme proceedings in the Cayman Islands, British Virgin Islands and Hong Kong to deal with US$6.25 billion of obligations.
14 November 2023
English court clarifies criteria for appointing interim receivers
An English court has clarified the proper approach for appointing interim receivers, allowing an application by a creditor of a deceased Chinese businessman to appoint them over the latter’s property in the UK.
06 November 2023
Sunac Ch15 recognition delayed as court seeks COMI clarity
A New York judge has asked representatives of Chinese real estate developer Sunac’s holding company to provide more evidence to show its centre of main interests is in Hong Kong and not mainland China, delaying a decision on whether to recognise its Hong Kong scheme.
02 November 2023
Bankrupt PDVSA-owned insurer files bond default claim against Venezuela
The Bermudian liquidators of an insurer owned by Venezuelan state oil company PDVSA have filed a US$110 million claim against the South American country in New York after it defaulted on two sets of bonds.
01 November 2023
Aubit International wound up after failed RO in Cayman
Digital asset manager Aubit International has been wound up in the Cayman Islands with an FTI Consulting duo appointed as liquidators, weeks after the Grand Court declined its petition to appoint restructuring officers.
27 October 2023
Cayman court gives guidance on declining an RO application
A Cayman Islands judge has provided a “non-exhaustive” list of 25 factors courts may consider when deciding on an application for the appointment of restructuring officers under the offshore jurisdiction’s new regime.
19 October 2023
Solvent liquidation recognised in Singapore on appeal
A company’s solvency is not a relevant consideration for recognition under Singapore’s version of the UNCITRAL Model Law, according to the Lion City’s Court of Appeal, which has overturned a decision from April.
18 October 2023