Topic: Scheme of arrangment

Singapore scheme dependent on English damages award “fell short” of moratoria test

A Singapore court has explained why it declined to extend moratoria for four companies in an international social media app start-up that are pursuing a British property tycoon for damages over revoked freezing orders they say drove them to distress.

10 February 2023

ABI, Caribbean: Cayman practitioners regret Hong Kong’s “shift away from cooperation”

Insolvency advisers in the Cayman Islands have taken aim at what they say is a recent trend of “protectionist” Hong Kong court rulings at the American Bankruptcy Institute’s Caribbean Insolvency Symposium.

08 February 2023

VEON secures sanction of English scheme

Netherlands-incorporated telecoms company VEON has secured sanction of an English scheme to extend two sets of notes while it tries to sell a wholly owned Russian subsidiary.

30 January 2023

China Fortune Land's English scheme sanctioned

Distressed Chinese property developer China Fortune Land Development has secured court-approval of its English scheme after making last minute changes following the UK’s introduction of sanctions banning the provision of trust services to Russian persons or entities.

23 January 2023

China Fortune Land alters English scheme amid new Russia sanctions

Struggling Chinese property developer China Fortune Land Development has been forced to amend its English scheme after the UK announced new sanctions that prohibit the provision of trust services to Russian persons or entities.

09 January 2023

Two insolvency-specialist barristers take silk

Two barristers with a specialism in insolvency have made it onto the King's Counsel appointments list following the 2022 competition.

05 January 2023

English scheme convened for solvent Dutch telecoms company facing sanctions dilemma

A solvent Netherlands-based telecommunications company has obtained permission to hold scheme meetings in England, despite objections that its creditors should be split into four classes, as it buys time to pursue the sale of a Russian subsidiary and regain entry to international capital markets.

22 December 2022

Petropavlovsk scheme meetings greenlit as Citibank threatens to close accounts

The administrators of London-listed Russian gold miner Petropavlovsk have received a nod from an English court to place two of its Jersey-incorporated subsidiaries into administration and hold three scheme meetings for the trio, as Citibank threatens to close the group’s accounts and drop all business related to Russia.

21 December 2022

Hong Kong Airlines completes dual Hong Kong-UK restructuring

Just five days after its English restructuring plan was approved, Hong Kong Airlines has secured sanction of its Hong Kong scheme of arrangement, marking the first time that parallel English plan and Hong Kong scheme proceedings have been successfully used to restructure Hong Kong, PRC and English law-governed debts.

15 December 2022

Hong Kong Airlines secures English plan sanction

Crossing another hurdle in its restructuring, Hong Kong Airlines has secured sanction of an English restructuring plan, five days before its parallel Hong Kong scheme is due to be heard, after creditors dropped potential opposition.

09 December 2022

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