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No sweet treats for Candey: UK firm denied success fees in Peak Hotels debacle

No sweet treats for Candey: UK firm denied success fees in Peak Hotels debacle

22 February 2019

Recognising foreign liquidation proceedings does not turn them into a liquidation under the UK Insolvency Act for the purpose of claiming success fees, the English High Court has ruled.

London judge compels evidence in SDNY Kazakh bank litigation

London judge compels evidence in SDNY Kazakh bank litigation

22 February 2019

Three Panama companies that have accused Kazakhstan’s sovereign wealth fund of using a state-controlled bank’s restructuring to “siphon off” funds, have convinced a London court to compel testimony for their New York litigation.

Duff & Phelps hires new managing director

Duff & Phelps hires new managing director

22 February 2019

Duff & Phelps has hired a new managing director for its UK and European restructuring advisory practice.

Quadriga creditor counsel confirmed in Canada

Quadriga creditor counsel confirmed in Canada

21 February 2019

Canadian law firms Miller Thomson and Cox & Palmer have been named representative counsel to creditors of bankrupt cryptocurrency exchange Quadriga CX, beating several firms vying for the job.

Reliance Communications guilty of contempt after defaulting on Ericsson payment

Reliance Communications guilty of contempt after defaulting on Ericsson payment

21 February 2019

India’s Supreme Court has found telecoms operator Reliance Communications and its chairman Anil Ambani guilty of contempt of court for “wilfully” defaulting on a debt owed to Sweden’s Ericsson.

Aurelius “gratified” at US$310 million Windstream windfall

Aurelius “gratified” at US$310 million Windstream windfall

20 February 2019

An Arkansas telecoms company says it is “disappointed” with a ruling handing US hedge fund Aurelius Capital Management US$310 million in a court fight over a 2015 corporate restructuring.

China’s “lack of experienced experts” spurs new Shanghai advisory firm

China’s “lack of experienced experts” spurs new Shanghai advisory firm

20 February 2019

Former Zolfo Cooper managing director and shareholder Lillian Zhang has set up a new Shanghai-based advisory firm, YWK Consulting, and spoke to GRR about her plans to take advantage of “emerging opportunities” in China’s restructuring industry.

Singapore court discharges injunction against Mexican proceedings

Singapore court discharges injunction against Mexican proceedings

20 February 2019

A Singaporean court has refused to reinstate ex parte injunctions it issued last year against a set of Mexican insolvency proceedings on bad faith grounds – the latest step in an ongoing multi-jurisdictional fight for control of a set of oil rigs in the Gulf of Mexico.

Payless plans to liquidate with latest Chapter 11

Payless plans to liquidate with latest Chapter 11

20 February 2019

Discount shoe retailer Payless has filed for Chapter 11 protection in Missouri, replacing Kirkland & Ellis with Akin Gump for its second bankruptcy in less than two years.

Hyflux plan raises transparency questions in Singapore

Hyflux plan raises transparency questions in Singapore

19 February 2019

Facing growing criticisms for what some have termed an opaque process placing a disproportionate burden on unsecured creditors, Singaporean water treatment company Hyflux has asked a court to schedule scheme meetings for a restructuring plan it revealed over the weekend.

Brazilian tyre co files Chapter 15 to probe “detrimental” transactions

Brazilian tyre co files Chapter 15 to probe “detrimental” transactions

19 February 2019

A subsidiary of the Italian tyre conglomerate Marangoni has asked a Miami court to recognise bankruptcy proceedings it has entered in Brazil to investigate possible US assets.

Duff & Phelps expands in Asia with Zolfo Cooper acquisition

Duff & Phelps expands in Asia with Zolfo Cooper acquisition

19 February 2019

New York-headquartered consultancy firm Duff & Phelps has expanded its footprint in the Greater China region, with the acquisition of restructuring and insolvency boutique Zolfo Cooper Asia.