Regional news: Latin America & Caribbean

Asset manager brings New York fraud suit against crypto lender Celsius

A former investment manager for struggling crypto lender Celsius Network has accused it of leveraging customer deposits to manipulate markets and failing to institute basic accounting controls, causing it to freeze customer assets last month.

08 July 2022

Mayer Brown announces tie-up with French boutique, adds partner in Brazil

Expanding its restructuring offering across Europe and Latin America, Mayer Brown has announced a collaboration with French boutique Santoni & Associés in Paris and hired a restructuring partner to its associated firm in São Paulo.

08 July 2022

Cayman Islands restructuring officer regime and the Gibbs rule

Harneys partners Ian Mann in Hong Kong and Jayson Wood in Bermuda consider how the Gibbs rule might apply to the Caymans Islands’ new restructuring officer regime in the third and final article of the firm’s three-part series examining the forthcoming Companies (Amendment) Act.

08 July 2022

“Confusion among insolvency practitioners” after Hong Kong scheme ruling

New York’s Judge Martin Glenn has revealed he disagrees with the analysis in a recent Hong Kong ruling over the ability of offshore jurisdictions to compromise US law-governed debt, but delayed a decision on whether to recognise Chinese property developer Modern Land’s Cayman scheme.

06 July 2022

Common law recognition not available for solvent liquidations, Hong Kong court confirms

Mr Justice Harris has granted a trio of Cayman court-appointed provisional liquidators the power to act as agents of a solvent, offshore-incorporated mutual fund in Hong Kong, while clarifying that his recent comments on common law recognition being assessed on COMI grounds are not relevant to solvent liquidations.

04 July 2022

Three Arrows Capital’s BVI liquidators seek Chapter 15 recognition

The British Virgin Islands joint liquidators of cryptocurrency hedge fund Three Arrows Capital have sought recognition in New York to stop US litigation and preserve the fund’s assets, just three days after their appointments.

04 July 2022

Modern Land challenges Hong Kong scheme ruling in New York Ch15

The foreign representative of bankrupt Chinese property developer Modern Land has raised issue with a recent Hong Kong ruling that stated Chapter 15 proceedings do not constitute a discharge of US law-governed debt.

30 June 2022

US receiver hits back at Cayman feeder fund liquidators

The US receiver of a bankrupt Cayman feeder fund has responded to claims by its liquidators that his proposed distribution plan does not “follow the law”, saying they have clearly failed to show why Cayman law should trump US law and public policy.

29 June 2022

Forbes Hare hires long-time Squire Patton Boggs partner in BVI

A former Squire Patton Boggs partner who was debtors’ counsel in the multi-million dollar contentious restructuring of the UAE’s Dana Gas has joined boutique law firm Forbes Hare in the British Virgin Islands.

29 June 2022

The Cayman Islands’ new restructuring officer regime

In the second article of a three-part series, Harneys partners Chai Ridgers in Hong Kong and Jessica Williams in the Cayman Islands consider the practicalities of the Cayman Islands’ proposed new restructuring officer regime, comparing it to the “light touch” provisional liquidation process that is currently in place – and explain why Asian practitioners in particular should pay attention.

29 June 2022

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