Work Area: Liquidation

Mission failure: Virgin Orbit shuts down, sells assets

Three California-based aerospace companies have won separate auctions for parts of British entrepreneur Sir Richard Branson’s rocket launch company Virgin Orbit, nearly two months after the company crashed into bankruptcy in Delaware.

25 May 2023

Mittal-owned Manx company’s liquidators seek US recognition

UPDATED: The liquidators of a Manx company related to Indian businessman Pramod Mittal have sought Chapter 15 recognition in New York to investigate and pursue possible assets in the US, four years after securing English recognition.

24 May 2023

Delaware court rejects US Trustee’s bid to dismiss fee refund claim

The liquidating trustee in advertising group Videology's Chapter 11 bankruptcy has moved one step closer to securing a refund on excess fees charged by the US Trustee, eight months after launching a claim in Delaware following a landmark Supreme Court ruling that found a 2017 fee-hike unconstitutional.

23 May 2023

Mainland administrator recognised in Hong Kong as “standard form” order scrapped

For only the third time, the Hong Kong High Court has recognised an administrator appointed in mainland China under common law, while drawing a line through the "standard form" recognition order established locally.

19 May 2023

Omni Bridgeway allowed to post an undertaking as security for costs in Hyflux case

For the first time, a Singapore court has allowed litigation funder Omni Bridgeway to submit an undertaking as security for costs, in a lawsuit brought by Hyflux's liquidators against the former CEO of the water treatment company, Olivia Lum.

17 May 2023

HMRC pulls the plug on GAS’s restructuring plan

A British energy supply broker has entered administration after failing to convince an English court to sanction a Part 26A restructuring plan that would have wiped out £6 million in unpaid tax liabilities, marking the first case where a plan failed both the no worse off and fairness tests.

16 May 2023

“Pharma Bro” group files Ch11 following antitrust suit

A biopharmaceutical group whose founder Martin Shkreli infamously hiked the price of one of its best-selling drugs by 4,000% has entered Chapter 11, citing “reputation harm” and expensive litigation caused by Shkreli’s leadership.

16 May 2023

TLT receives largest damages judgment in Scottish court’s history

UK law firm TLT has been ordered to pay £12.5 million in damages for breach of contract and professional negligence in the way it handled a complaint against the liquidators of a Scottish alcoholic drinks company.

15 May 2023

Another Chinese property developer wound up in Hong Kong

Cayman Islands-incorporated Chinese property developer Jiayuan International Group has been wound up after a Hong Kong court found it had failed to come up with a viable restructuring plan.

12 May 2023

Creditor can fund joint investigations as Singapore court weighs in on third-party funders’ profits

The liquidators of a licensed foreign law practice in Singapore and the bankruptcy trustee of its sole shareholder have secured court approval of a third-party funding agreement with a member of the firm's committee of inspection, in a decision that sheds light on the type of acceptable deals and range of profits a funder can make.

11 May 2023

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