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“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
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
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
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
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
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”
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
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
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
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
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
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.