Regional news: Latin America & Caribbean

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

BVI judge considers benefits of arbitrating cross-border insolvency disputes

British Virgin Islands judge Barry Leon has suggested that international arbitration could be the answer to some of the pressing issues in cross-border insolvencies – and the new Judicial Insolvency Network (JIN) could be an ideal body to help create a tailored arbitral process.

15 November 2016

Norwich Pharmacal order compels BVI third party to disclose foreign debtor’s assets

A court in the British Virgin Islands has compelled the locally based agent of a foreign debtor to provide information on the whereabouts of its assets, in a decision that broadens the court’s jurisdiction to grant relief for an international judgment creditor.

11 November 2016

Hong Kong court criticises “obtuse” questioning of recognition procedures

A Hong Kong court has criticised lawyers for the Development Bank of Singapore (DBS) for disingenuously misinterpreting recognition precedents to delay their cooperation with the liquidators of a Cayman Islands-based investment vehicle.

08 November 2016

Bankruptcy in Brazil: Swapping an axe for a scalpel

GRR’s sister magazine, Latin Lawyer, looked at some of the creative ways Brazil's new bankruptcy law is being used to help companies restructure; what more can be done to make it fit for purpose; and how law firms are positioning themselves to take advantage of a boom in work.

07 November 2016

US court gives trustee control over China Fishery’s Peruvian business

A New York court has agreed to the appointment of a Chapter 11 trustee to administer crucial Peruvian assets of the industrial fishing conglomerate China Fishery Group, taking control of the business partially out of the hands of its directing family.

02 November 2016

Texas Judge freezes hedge fund manager’s assets in bankrupt creditor fraud suit

A Texas judge has frozen over US$118 million in assets belonging to hedge fund manager Platinum Partners, following a fraud suit brought by the bankruptcy trustee of one of the company’s collapsed creditors.

28 October 2016

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