Regional news: Latin America & Caribbean
BVI appellate court confirms directors liable in Dutch-Chinese joint venture’s liquidation
The directors of a British Virgin Islands-incorporated company have failed to overturn a local court’s decision holding them personally liable for restoring the proceeds of a share transfer they executed without shareholder approval.
12 January 2023
Ch15 round-up: Estonian trustee seeks US recognition to pursue missing crypto
The trustee of an allegedly fraudulent Estonian crowdfunding platform has sought recognition of his appointment in Florida, where the decades-long Brazilian liquidation of a poultry business has been recognised – while two other new Chapter 15 actions are pending in Massachusetts and Colorado.
10 January 2023
China Fortune Land alters English scheme amid new Russia sanctions
Struggling Chinese property developer China Fortune Land Development has been forced to amend its English scheme after the UK announced new sanctions that prohibit the provision of trust services to Russian persons or entities.
09 January 2023
Canadian gold miner enters bankruptcy after failed restructuring
Gold miner Great Panther has filed for bankruptcy after its major creditor, a subsidiary of Japanese metals conglomerate Asahi, persuaded a Canadian court to lift the stay that was protecting the company while it attempted to restructure under the Companies Creditors Arrangement Act.
05 January 2023
3AC liquidators can subpoena co-founder through Twitter
The foreign representatives of crypto fund Three Arrows Capital have secured permission to subpoena one of its co-founders via Twitter, after allegedly failing in repeated attempts to establish his whereabouts and obtain company information.
04 January 2023
UK Supreme Court seals Candey fee priority dispute in Peak Hotels liquidation
London disputes boutique Candey has lost a years-long fight to recoup around £4 million in legal fees in priority to other creditors of an insolvent hotelier, after the UK Supreme Court found it waived an equitable lien when it entered into a new fee arrangement with the company pre-liquidation.
22 December 2022
UK Supreme Court rejects Stanford International’s Quincecare claim
Liquidators of Stanford International Bank have failed to convince the UK’s highest court they should be allowed to bring a damages claim against HSBC for paying out money to the company’s customers when it was allegedly on notice the payments were part of a fraud.
21 December 2022
Constellation finalises second restructuring as BVI subsidiary secures US recognition
Global oil group Constellation has completed the last step of its global reorganisation after its Caribbean subsidiary secured US recognition of a British Virgin Islands provisional liquidation for the second time in two years.
14 December 2022
Bahraini bank’s liquidators seek recognition in Cayman and England
Charles Russell Speechlys is seeking recognition of its appointment as liquidator of Bahraini investment bank Awal in the Cayman Islands and England, one month after a Bahraini court ordered the bank’s liquidation following a decade-long administration.
13 December 2022
Sunac reveals offshore debt restructuring plan proposal
Cayman Islands-incorporated real estate developer Sunac China Holdings has outlined preliminary plans to convert US$3 billion to US$4 billion of its offshore debt into shares or equity-linked instruments, in a restructuring that will be implemented by Hong Kong or Cayman schemes.
12 December 2022