Topic: Centre of main interests

Sullivan & Cromwell hires Kirkland partner

A Kirkland & Ellis partner who has been advising offshore bondholders in the restructurings of Chinese real estate developers Evergrande and Modern Land has moved to Sullivan & Cromwell in Hong Kong.

12 May 2023

A WHOA moment: shipbuilder completes what is thought to be largest-yet Dutch scheme

A Dutch shipbuilder has completed a landmark WHOA restructuring that is believed to be one of the country’s largest so far, as well as being the first to use a cram-down within a syndicate of lenders.

30 March 2023

Insolvency Law Academy dedicates mediation centre in honour of late minister

The think tank founded by former INSOL International president Sumant Batra has named two Indian judges as emeritus fellows, and dedicated a new mediation centre to another late luminary in the insolvency space.

08 February 2023

Petropavlovsk schemes sanctioned as Citibank deadline looms

The administrators of London-listed Russian gold miner Petropavlovsk have secured relief from an English court in a race to distribute the proceeds of the group’s sale to a Russian mining conglomerate before its Citibank accounts are closed.

24 January 2023

Canadian construction group to sell US assets after Ch15 approval

A US-registered subsidiary of Calgary-based construction group Nilex has had its Canadian restructuring recognised in Colorado, allowing it to proceed with asset sales in the US.

13 January 2023

Omni Bridgeway recruits Stephenson Harwood partner in Hong Kong

Australia-headquartered litigation funder Omni Bridgeway has boosted its offering in Asia with the hire of one of GRR’s recently named “40 under 40” from Stephenson Harwood in Hong Kong.

23 November 2022

FTX CEO lambasts “distressing” recognition petition filed by Bahamas JPLs

FTX’s Delaware Chapter 11 docket, which has sat largely empty for six days, has finally seen some action, with the group’s new CEO taking aim at concerning financial reporting and human resources practices at the group, and lambasting FTX’s Bahamian provisional liquidators for filing an un-announced Chapter 15 in New York as part of allegedly government-backed efforts to relocate the debtors’ assets to the Bahamas.

17 November 2022

Europe column: COMI and ascertainability by third parties

Bob Wessels comments on Lord Justice Lewison’s concurring opinion in the recent English Court of Appeal centre of main interests decision in East-West Logistics v Melars Group.

14 November 2022

COMI: Court of Appeal finds governing law of contracts does not displace place of registration presumption

An oil trader has failed to persuade an English court that a Maltese-registered oil company’s hard-to-determine centre of main interests is in England – the country whose law governed the pair’s contracts – in the latest UK decision to interpret the European Insolvency Regulation.

31 October 2022

Isle of Man liquidator loses Chapter 15 bid after “letter box” address finding

What was believed to be the first application for Chapter 15 recognition of an Isle of Man voluntary liquidation has ended in rejection, after an Oklahoma court said it had not seen enough evidence of the petitioner’s links to the Isle of Man to recognise the case either as a foreign main or non-main proceeding.

26 October 2022

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