Topic: Asset freezing order
BVI freezing injunction extended, but not for bankruptcy creditors
In a decision clarifying the scope of its powers to grant freezing orders in aid of foreign proceedings, the Eastern Caribbean Supreme Court has extended a Chabra injunction against a BVI-incorporated arms dealer for a pair of unsecured creditors with civil claims against its bankrupt former director in the Czech Republic – but declined to join two other creditors with claims in his bankruptcy.
05 May 2023
Judge rebukes Russian trustee’s counsel for “outrageous” recusal letter
The English lawyers for the Russian bankruptcy trustee of former banker Georgy Bedzhamov have been heavily reprimanded in court, after submitting a letter asking the judge to recuse herself on grounds of apparent bias.
21 April 2023
UK Supreme Court to hear Russian trustee’s recognition appeal
The bankruptcy trustee of the former owner of Russia’s Vneshprombank is set to challenge an appellate decision refusing to entrust his London properties to her before the UK’s highest court.
16 February 2023
Hogan Lovells advising as US investors' agent pursues Ukrainian grain terminal bankruptcy
Hogan Lovells is advising a security trustee that has filed a bankruptcy petition against a Ukrainian grain terminal operator on behalf of a pair of US investors, after successfully obtaining a worldwide freezing order from an English court against its owners last month.
13 February 2023
VPB’s former owner appeals bank guarantee security in fear of sanctions
The former owner of Russia’s insolvent Vneshprombank, who is fighting fraud allegations from the bank in the UK, has sought permission to appeal an order allowing VPB to convert a cash security into a bank guarantee, saying the guarantee is uncertain in the face of Russia sanctions.
17 June 2022
South African liquidators extend asset preservation order in UK cryptocurrency probe
The UK-based former director of a South African cryptocurrency exchange has agreed to transfer all of the exchange’s assets under his control – including a USB stick containing Ethereum – to liquidators in Pretoria, after an English court extended an asset preservation order obtained against him earlier this month.
18 May 2022
Ogier ordered to stay on as counsel to sanctioned Russian bank after raising concerns
Offshore firm Ogier has been prevented from coming off the record as counsel to Russia’s VTB Bank, as a British Virgin Islands court declined to discharge local receivers appointed for the sanctioned bank's benefit, while permitting them to take no further actions in fulfilment of their role.
24 March 2022
Cayman fund enters first-of-its-kind resolution with SEC
The liquidators of a Cayman fund embroiled in a fraud scandal have secured recognition in New York, days after a Cayman court hailed a resolution they entered with the US Securities and Exchange Commission as a “significant and progressive step” in cooperation between the two jurisdictions.
18 February 2022
Suspected Ponzi schemer’s bankruptcy recognised in New York
A New York bankruptcy court has recognised the Israeli insolvency proceedings of investment company EGFE Israel and its CEO – a “wanted” alleged fraudster who is suspected to be behind one of the largest Ponzi schemes in Israeli history.
03 November 2021
English court leaves out Model Law-like relief from Section 426 requests
A bankrupt’s Hong Kong trustees can take steps to determine whether he has property interests in the UK, after an English judge partially granted a letter of request from their appointing court under Section 426 of the Insolvency Act: but broader requests for relief lifted from the Cross Border Insolvency Regulations will have to wait for "full argument" in November.
09 July 2021