Work Area: Complex commercial litigation
Founder Group liquidators win appeal to wind up Singaporean metals trader
The Hong Kong liquidators of a Peking University Founder Group subsidiary have won an appeal to wind up another affiliate in the group after a Singaporean court found the company’s attempt to resist the winding up petition was “clearly an abuse of process.”
28 November 2023
McDermott sanction hearing was adjourned over procedural fairness
An English judge has outlined the circumstances in which a court will be willing to adjourn a contested restructuring plan, in a previously unpublished decision postponing oil and gas group McDermott International’s plan sanction hearing to February.
24 November 2023
Call failed: Phones 4U administrators’ antitrust claims rejected
The administrators of defunct mobile retailer Phones 4U have failed to persuade a UK court that network operators Vodafone, O2 and EE illegally colluded to force it into insolvency in 2014.
17 November 2023
Part 26A hits the Court of Appeal as Adler noteholders vie to bin plan
The UK’s Part 26A restructuring mechanism has made its first foray into the English Court of Appeal, as bondholders of the German property developer Adler argued this week that a judge wrongly exercised his discretion to cram them down in April.
26 October 2023
Lehman sub-debt holders spar over “ferocious” issue of statutory interest
The English High Court has been asked to decide whether a £440 million surplus in the estate of Lehman Brothers Holdings should be used to pay statutory interest to a set of subordinate noteholders prior to settling the principal claim of a subordinated facility that ranks behind them.
11 October 2023
Schulte Roth & Zabel forms special situations group
New York-headquartered Schulte Roth & Zabel has formed a special situations group that its co-chair tells GRR will focus on “mission-critical” stressed and distressed transactions for its private capital clients.
02 October 2023
Hyflux liquidators and KPMG castigated for “excessive” submissions
The liquidators of Singaporean water utility Hyflux have been castigated for submitting a “meandering” statement of claim before the Singapore Supreme Court against the group’s former auditors KPMG, which the judge said had lured the Big Four firm into responding in kind.
27 September 2023
Creditor found liable for trustees’ fees after bankruptcy order annulled in Hong Kong
A year after it issued a first-of-its-kind judgment overturning a personal bankruptcy order in the face of an exclusive jurisdiction clause, the Hong Kong Court of Appeal has allowed Chinese businessman Guy Kwok-Hung Lam to pursue the creditor that made him bankrupt for the fees incurred by his trustees.
26 September 2023
Debts unenforceable in UAE can be enforced in the UK, English court says
There is no common law impediment to enforcing a UAE monetary judgment in the UK that cannot be enforced in the UAE, a Deputy High Court Judge has found, declining to set aside an English default judgment issued against a Lebanese businessman on the basis of personal guarantees that are unenforceable in Abu Dhabi.
22 September 2023
GRR Live, New York: in pictures
GRR Live returned to New York this week with a packed schedule that saw practitioners on the frontline of the major crypto bankruptcies discuss key lessons they have learned so far, and other panels delve into cross-border recognition issues, distressed financing in Latin America and an expected rise in commercial real estate restructurings.
22 September 2023