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“A morass of imprecise language”: UNCITRAL Model Law under fire at English recognition hearing

“A morass of imprecise language”: UNCITRAL Model Law under fire at English recognition hearing

06 December 2019

The UNCITRAL Model Law on cross-border insolvency and its accompanying documents possess a “morass of imprecise language”, an English court has heard at a hearing over the termination of a UK recognition order for an “indisputably solvent” investment fund.

Singapore court recognises Chapter 11 despite “serious concerns” over foreign rep

Singapore court recognises Chapter 11 despite “serious concerns” over foreign rep

06 December 2019

The High Court of Singapore has recognised the Chapter 11 bankruptcy of an American toy drone maker, despite raising “serious concerns” about the fitness to serve of its foreign representative, who is himself subject to Chapter 7 proceedings in Texas.

South African flag carrier enters business rescue

South African flag carrier enters business rescue

06 December 2019

South Africa’s struggling state-owned airline South African Airways (SAA) has entered business rescue proceedings under a US$1.3 billion debt burden.

Sidley and nine other firms accused of helping Ponzi scheme

Sidley and nine other firms accused of helping Ponzi scheme

05 December 2019

The liquidation trustee of collapsed Ponzi scheme The Woodbridge Group has sued Sidley Austin and nine other firms for allegedly helping the company defraud investors.

Drinker Biddle hires New York partner

Drinker Biddle hires New York partner

05 December 2019

US firm Drinker Biddle & Reath has recruited a new restructuring partner in New York.

Home courts have exclusive jurisdiction over foreign property claims, CJEU says

Home courts have exclusive jurisdiction over foreign property claims, CJEU says

05 December 2019

The Court of Justice of the European Union has blocked an English-court appointed trustee from seeking a French court order invalidating the sale of an apartment complex, finding the claim belongs in England.

Freezing-order allowance increased for founder of insolvent Russian bank, to cater for “lavish lifestyle”

Freezing-order allowance increased for founder of insolvent Russian bank, to cater for “lavish lifestyle”

04 December 2019

A divided bench at the English Court of Appeal has granted the former owner of an insolvent Russian bank an increase in his monthly allowance under a £1.34 billion freezing order, after he complained of a deteriorating lifestyle.

UK Supreme Court rejects Scottish property sale as "not justified" under insolvency law

UK Supreme Court rejects Scottish property sale as "not justified" under insolvency law

04 December 2019

The UK Supreme Court has ruled that the off-market sale of an insolvent Scottish logistics company’s place of business was not justified on the ground of urgency.

Asset recovery column: The mechanics of the UNCITRAL Model Law on Enterprise Group Insolvency

Asset recovery column: The mechanics of the UNCITRAL Model Law on Enterprise Group Insolvency

04 December 2019

Sequor Law shareholder Leyza Blanco and attorney Raul Torrao in Miami discuss the United Nations Commission on International Trade Law (UNCITRAL)’s newly approved Model Law on Enterprise Group Insolvency.

HK court refuses to revive FTI bribery claims

HK court refuses to revive FTI bribery claims

03 December 2019

A Hong Kong court has refused judicial review of a prosecutor’s decision not to pursue bribery and blackmail allegations against FTI Consulting in their role as the provisional liquidators of an electronics company.

Second shareholder lawsuit planned over New Zealand insurer’s collapse

Second shareholder lawsuit planned over New Zealand insurer’s collapse

03 December 2019

Australian litigation funder IMF Bentham is funding a shareholders’ litigation against insolvent New Zealand insurer CBL, the second filed in recent weeks over alleged regulatory breaches at the company.

Bankrupt Guernsey miner fails to set aside US$2bn arbitration award

Bankrupt Guernsey miner fails to set aside US$2bn arbitration award

03 December 2019

The Commercial Court in London has rejected an application by Guernsey mining company BSG Resources to set aside a US$2 billion arbitration award.