Regional news: Latin America & Caribbean

Miami court grants Chapter 15 relief for liquidation of alleged Chilean Ponzi scheme

A Miami bankruptcy court has granted Chapter 15 recognition of the liquidation of what is alleged to be the first major Ponzi scheme investigated under Chilean law, while fraud proceedings against the group continue in the city’s District court.

04 January 2017

Russian bank’s trustee files Chapter 15 case as Panamanian lawsuit looms

A Russian government agency acting as trustee of a collapsed Russian bank has filed for Chapter 15 protection in New York amid litigation proceedings brought by a Panamanian investment manager.

03 January 2017

Legislative grey areas make investing in Latin American distressed assets too risky

Few Latin American M&A transactions are straightforward, but none prove as complicated as those arising out of a cross-border bankruptcy proceeding, according to panellists at the 7th annual M&A conference put on by GRR’s sister magazine Latin Lawyer.

03 January 2017

Abengoa’s Chapter 11 plan confirmed after Delaware court dismisses objections

A Delaware bankruptcy court has dismissed objections from a creditor and the US trustee to confirm a Chapter 11 plan for Abengoa’s US subsidiaries, less than a week after it recognised a Spanish court’s approval of the company’s global restructuring agreement.

16 December 2016

Liquidators of Chilean investor file for Chapter 15 amid SEC probe

The liquidators of Chilean investment management firm Onix Capital have filed for Chapter 15 recognition of its involuntary insolvency proceedings as its US arm faces a run of fraud allegations filed by US authorities.

12 December 2016

Discovery and privilege clarified as Cayman courts break new ground in three Primeo judgments

The Grand Court and Appeals Court of the Cayman Islands have handed down three judgments related to different international discovery proceedings in the ongoing litigation surrounding the Primeo Fund, a Cayman-based investment vehicle that was brought down by Bernard Madoff’s Ponzi scheme.

09 December 2016

Oi files bankruptcy proceedings in the Netherlands

The Dutch administrators of Brazilian telecoms company Oi have filed bankruptcy proceedings for the group's local arms in an Amsterdam court, as rifts between bondholders and intervention from government authorities delay its Brazilian judicial reorganisation.

07 December 2016

Cayman court reinforces liquidators’ clawback powers

A Cayman Islands appeals court has upheld the authority of liquidators to pursue clawback actions in the name of pari passu distribution, dismissing a challenge from an investor into a Cayman vehicle whose manager was found to have fraudulently covered up its insolvency.

28 November 2016

Anguillan liquidator gains Chapter 11 protection to subpoena US bank representatives

An Anguillan liquidator is seeking Chapter 11 protection for an Anguillan bank in New York, to facilitate an investigation into the whereabouts of assets believed to be held at Bank of America in the US.

25 November 2016

PwC loses expenses claim for nixed Saad and Singularis orders

A majority in the UK Privy Council has denied claims from PricewaterhouseCoopers for costs incurred to fulfill a pair of disclosure orders in aid of liquidations in the Cayman Islands before the orders were nixed on jurisdictional grounds.

18 November 2016

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