Regional news: South Africa

Zambian court halts miner’s liquidation while arbitration proceeds

A Zambian court has reportedly blocked winding-up proceedings for a copper mining joint venture between a local state-owned entity and the UK’s Vedanta Holdings, pending the resolution of an arbitration between the parties.

24 November 2020

Business rescue not available for foreign companies in South Africa

An Italian construction company has failed to open business rescue proceedings in South Africa, after an appellate court found the process was not open to foreign companies, while also refusing to recognise its Italian restructuring.

23 November 2020

Ashurst and White & Case advise as African diamond miner cuts creditor deal

A Jersey-incorporated group that operates African diamond mines has agreed a debt-for-equity restructuring with creditors, which it plans to carry out through a scheme of arrangement in England.

22 October 2020

Bermuda court extends injunction to prevent risk of Gupta asset claim dissipation

A Bermudian court has extended a Mareva injunction against a locally-registered commodities trader, finding there was a risk of dissipation of its only realisable asset – a claim in the South African restructuring of a coal mine formerly owned by the Gupta family.

27 July 2020

Weil partner moves to Shearman & Sterling in London

Shearman & Sterling has hired Weil Gotshal & Manges partner Alex Wood in London, as firms around the globe continue to prepare for a coronavirus-induced wave of restructurings.

17 July 2020

South Africa’s Webber Wentzel strengthens team in Johannesburg

Linklaters alliance firm Webber Wentzel has recruited former Allen & Overy partner Khurshid Fazel as its new restructuring head in Johannesburg, along with partner Julian Jones from Cliffe Dekker Hofmeyr.

18 May 2020

Steinhoff sells off British and Australian retailers

Scandal-hit South African conglomerate Steinhoff has sold the group behind British retailers Bensons for Beds and Harveys Furniture, as well as the merchandise division of its Australasian subsidiary, owner of Debenhams Australia.

22 November 2019

Steinhoff’s European subsidiaries complete €9bn restructuring

Scandal-hit South African retail group Steinhoff has announced the completion of its €9 billion European restructuring, but the news has failed to stop its share price falling below 1 Rand for the first time.

20 August 2019

Hogan Lovells partner takes team to Fasken in South Africa

Canadian firm Fasken has enhanced its insolvency and restructuring group in South Africa with four new hires from Hogan Lovells.

06 August 2019

Financial services employee declared bankrupt after absconding with nearly US$3 million

A former employee of a New Zealand foreign exchange and payments services company who fled to Singapore after transferring its funds to accounts he controlled, has been declared bankrupt in a case that has already sparked asset-recovery proceedings in New Zealand, Singapore, Belgium Lithuania and South Africa.

18 June 2019

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