Topic: Recognition
Insurer’s Bermudian liquidators secure recognition as Singapore court applies Ascentra
An insurance company with no discernible office, assets, employees or creditors in Bermuda has had its winding up under the Bermuda Insurance Act recognised in Singapore, after a local court found it fell within the “broad approach” established by the Court of Appeal in Ascentra.
01 December 2023
E-House wins sanction of parallel interconnected schemes
Chinese real estate services group E-House has won sanction of parallel schemes of arrangement in Hong Kong and the Cayman Islands, as it prepares to re-file for Chapter 15 recognition after its first Cayman scheme broke down last year.
29 November 2023
Another letter of request sent to mainland as HK adopts new arrangement
Despite a “problematic” summons, the Hong Kong liquidator of an eco-friendly kitchenware manufacturer has secured a local court’s permission to seek recognition in mainland China – as Hong Kong prepares to adopt a new arrangement for mutual enforcement of judgments with the mainland next year.
28 November 2023
“Law in this area is evolving quite rapidly”: Sunac secures Ch15 recognition
Sunac China Holdings has become the first Hong Kong-based holding company of a group operating in mainland China to secure recognition of a Hong Kong scheme in New York.
15 November 2023
Swiss trustee recognised in Australia as hotel booking platform plans to sue rival
The trustee of a defunct Swiss hotel booking platform has secured recognition in Australia to pursue a lawsuit against its former business partner Trivago, months after it sued its parent, Expedia, in the US.
14 November 2023
McDermott faces creditor challenges in UK, US and Dutch proceedings
UPDATED: Oil and gas group McDermott International has manage to preserve a Dutch court decision that found its centre of main interest is in the Netherlands, against increasing opposition from a Colombian oil refinery that has successfully delayed the sanction hearing for its English restructuring plan and sought relief from its Chapter 15 stay.
13 November 2023
Chapter 15 round-up: PwC secures US recognition in movie-like alleged Ponzi case
An alleged Ponzi fraudster’s Canadian bankruptcy trustees have secured recognition in California to prevent a disgruntled San Diego investor from taking matters into his own hands at the expense of other creditors, in a Chapter 15 docket that reads like a movie script.
08 November 2023
Sunac Ch15 recognition delayed as court seeks COMI clarity
A New York judge has asked representatives of Chinese real estate developer Sunac’s holding company to provide more evidence to show its centre of main interests is in Hong Kong and not mainland China, delaying a decision on whether to recognise its Hong Kong scheme.
02 November 2023
Solvent liquidation recognised in Singapore on appeal
A company’s solvency is not a relevant consideration for recognition under Singapore’s version of the UNCITRAL Model Law, according to the Lion City’s Court of Appeal, which has overturned a decision from April.
18 October 2023
US courts recognise Canadian and Dutch proceedings
Texas Judge David Jones granted Chapter 15 recognition of energy drink manufacturer BioSteel Sports Nutrition’s Canadian bankruptcy proceedings last week, days before he resigned amid a new ethics enquiry; and a New York court has recognised e-bike manufacturer VanMoof’s Dutch proceedings.
16 October 2023