Regional news: United Kingdom

UK court grants disclosure to Primeo liquidators ahead of Cayman suit

A UK court has ordered KPMG to hand over confidential documents to the liquidators of Primeo, a hedge fund brought down by the Bernie Madoff Ponzi scheme, finding that an advantage conveyed to liquidators in section 236 of the UK Insolvency Act was not inherently unfair, nor the relief requested too oppressive.

16 September 2016

High Court grants Maud bankruptcy appeal, requests evidence of “ulterior motives”

The England and Wales High Court has allowed British property developer Glenn Maud to appeal a bankruptcy order made against him in June, but postponed a decision pending more evidence of the motives of his creditors with respect to their interests in a multi-billion euro property that is the subject of liquidation proceedings in Madrid.

15 September 2016

New York court says UK law avoidance claims in Hellas action belong in England

A New York Bankruptcy court hearing an adversary action filed by the liquidators of Greek telecoms company Hellas has temporarily stayed its proceedings, finding that their UK law avoidance claims against a group of US defendants should be heard in England.

01 September 2016

Duff & Phelps moves London head to Hong Kong, recruits in New York

Advisory firm Duff & Phelps has relocated one of its London leaders to Hong Kong following predictions of an increase in defaults in the Asia region, while its New York office has hired a new managing director from Deloitte.

24 August 2016

BRUSSELS: six points to consider when shifting COMI

A recent debate in Brussels considered the virtues of different insolvency regimes in the US and EU for the purpose of choosing a centre of main interest (COMI) – and found that forum shoppers are probably best off in America.

23 August 2016

Morrison & Foerster and Felsberg advise on alternative plan for Oi

Morrison & Foerster and Brazilian firm Felsberg Advogados are working on an alternative restructuring plan for Brazilian Telecoms company Oi, along with São Paulo–based consultancy Integra Associados, and New York investment banking boutique ACGM.

19 August 2016

Belfast court rejects Irish businessman’s alleged COMI shift

A court in Belfast has rejected claims from an Irish businessman that his centre of main interests shifted across the border from the Republic of Ireland in 2012, preventing him from taking advantage of what used to be a more lenient UK regime in a case of “bankruptcy tourism”.

12 August 2016

European lobby group issues model clauses for cross-border recognition of "bail-in"

A European lobbying group for financial markets has issued a set of model clauses to help banks apply the BRRD to cross-border liabilities; meanwhile, Singapore’s central bank opened two new consultations and the UK has updated a 1930 statute regarding rights against insurers in insolvencies.

11 August 2016

UK Supreme Court clarifies when constructive trust may arise in wine case

The UK Supreme Court has clarified the circumstances in which a constructive trust may arise in insolvency, overruling earlier case law and rejecting arguments from an Australian winemaker that its former agent in the UK should have placed money owed to it in trust as soon as its insolvency was imminent.

05 August 2016

Saudi Arabia's AHAB group signs US$6 billion restructuring deal

Saudi Arabian family-run conglomerate Ahmad Hamad Algosaibi & Brothers (AHAB), has signed a deal with several of its lenders to implement a US$6 billion restructuring plan, bringing the Arab region’s largest debt default a step closer to resolution.

26 July 2016

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