Work Area: Receivership

SVB’s Cayman liquidators sue FDIC after Ch15 relief denied

The liquidators of Silicon Valley Bank’s Cayman Islands branch have launched a suit against the US Federal Deposit Insurance Cooperation for allegedly discriminating against Chinese investors, one day after a New York judge denied their request for Chapter 15 recognition.

26 February 2024

English court upholds freezing order against directors of Ukrainian grain group

The owners of Ukrainian grain terminal operator GNT Group have failed to overturn a worldwide freezing order issued against them by an English court last year at the request of security trustee Madison Pacific Trust, which is pursuing enforcement action against the pair in the UK, Ukraine, Cyprus, Switzerland and Dubai.

12 February 2024

Privy Council: third-party indemnity not a pre-condition for bringing proceedings against receivers

There is no statutory requirement for directors to provide a third-party indemnity as a pre-condition for bringing proceedings against a receiver, but it should be provided where charged assets are at risk, the Privy Council has ruled.

07 December 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

Bedzhamov permitted to sell Belgravia properties

The Russian founder of Vneshprombank, Georgy Bedzhamov, has been allowed to develop and sell two London properties he owns, despite opposition from his Russian bankruptcy trustee who will attempt to take charge of the properties in the UK’s Supreme Court later this year.

19 June 2023

AlixPartners appointed as receivers over Telegraph’s parent company

The Bermudian parent company of UK broadsheet the Telegraph has been placed into receivership by the Bank of Scotland as it seeks to recover a £1 billion (US$1.2 billion) debt owed by the newspaper’s Barclay family owners.

09 June 2023

US receiver hits back at Cayman liquidators in 11th Circuit appeal

A US federal receiver appointed over a bankrupt Cayman feeder fund has argued there is no requirement to grant “mandatory comity” under Chapter 15 upon recognition of a foreign proceeding, as an Eleventh Circuit dispute rumbles on.

07 June 2023

Lander & Rogers hires Norton Rose partner in Sydney

A Sydney-based Norton Rose Fulbright partner who advised the administrators of Lehman Brothers’ main European arm in its landmark Waterfall litigation in the UK has joined Lander & Rogers, telling GRR he plans to grow the firm’s cross-border offering.

17 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

SVB’s parent spars with FDIC over “improper” freezing of US$2.1 billion

Chapter 11 lawyers for the parent company of collapsed Silicon Valley Bank have hit out against “improper actions” taken by a US financial regulator that they claim have blocked its access to accounts containing more than US$2.1 billion.

22 March 2023

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