Topic: Recognition

US receiver hits back at Cayman liquidators in 11th Circuit appeal

A US federal receiver appointed over a bankrupt Cayman feeder fund has argued there is no requirement to grant “mandatory comity” under Chapter 15 upon recognition of a foreign proceeding, as an Eleventh Circuit dispute rumbles on.

07 June 2023

Cayman liquidators and Singaporean JM seek joint recognition in Florida

A cryptocurrency exchange’s Cayman provisional liquidators and Singaporean interim judicial manager have sought Chapter 15 recognition of the respective proceedings they are overseeing in Florida, to pursue funds allegedly stolen by the group’s managers.

06 June 2023

Fourth time’s the charm: Samarco enters restructuring agreement

Two years and three plans down, Brazilian miner Samarco, its shareholders and creditors have finally reached a binding restructuring agreement that will need to be approved by a Brazilian bankruptcy court and recognised in New York.

01 June 2023

Mittal-owned Manx company’s liquidators seek US recognition

UPDATED: The liquidators of a Manx company related to Indian businessman Pramod Mittal have sought Chapter 15 recognition in New York to investigate and pursue possible assets in the US, four years after securing English recognition.

24 May 2023

Peking University keepwell deeds have inherent shortcomings, Hong Kong court says

A Hong Kong court handed down a long-awaited judgment on what it termed the “first of their sort” keepwell deed actions brought against Peking University’s corporate arm.

22 May 2023

Mainland administrator recognised in Hong Kong as “standard form” order scrapped

For only the third time, the Hong Kong High Court has recognised an administrator appointed in mainland China under common law, while drawing a line through the "standard form" recognition order established locally.

19 May 2023

Italian construction group wins UK recognition

Construction group Cimolai has secured UK recognition of its Italian insolvency proceedings, almost three weeks after obtaining a Chapter 15 order in Texas.

28 April 2023

Freshfields advising as Danish shipping group secures Ch15 relief in Delaware

The Danish bankruptcy trustees of a shipping group that provides services to the offshore wind industry have secured recognition in the US, blocking creditor action brought against it over a failed joint venture.

18 April 2023

Ch15 round-up: Brazilian, Canadian and Italian proceedings secure recognition

Brazilian beef producer Tinto and ethanol producer Tonon, Canadian office furniture manufacturer Inscape and Italian construction group Cimolai have all secured recognition of their respective bankruptcy proceedings in Florida, New York and Texas in the past weeks.

17 April 2023

Brazil’s Ocyan seeks plan recognition in New York

Offshore oil drilling group Ocyan has sought recognition of its Brazilian reorganisation in New York to prevent creditors from enforcing their claims and evading the terms of its already approved reorganisation plan in the US.

14 April 2023

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