Work Area: Receivership

Spain’s new pre-pack law tested as nine bidders vie for Abengoa’s businesses

Rival bidders seeking to buy Spanish renewables conglomerate Abengoa’s operating assets are testing new powers to scrutinise pre-pack sales under Spain’s recently enacted transposition of the EU preventive frameworks directive.

13 January 2023

Bulb Energy transfer scheme given green light

Three of the UK’s largest energy companies have failed to convince an English court it has a larger role to play scrutinising the takeover of collapsed competitor Bulb Energy, in a deal they say provides a government-funded “dowry” to British renewable group Octopus Energy.

01 December 2022

Evergrande restructuring plan expected by March 2023

A Hong Kong court has further adjourned the hearing of a winding up petition against Chinese property developer Evergrande on the assurance that the group will provide a restructuring plan for creditors by March next year.

28 November 2022

Canadian Supreme Court upholds insolvency court's power to find arbitration clauses inoperative

Canadian insolvency legislation empowers courts to consider arbitration clauses inoperative if enforcing them would compromise a receivership and hurt creditors, the country's top court has said, in a case that would otherwise have required EY as receiver to use funds from an insolvent contractor’s estate to pursue at least four arbitrations with seven different sets of parties.

25 November 2022

Kroll adds two more to London practice

Kroll has added two senior partners to its London team, from advisory firm BDO, and property consultancy Allsop.

25 November 2022

PwC appointed trustee for sale of bankrupt Hong Kong businessman’s Australian property

A bankrupt businessman’s Hong Kong trustees have won the right appoint their Australian colleagues to sell a property he co-owns in New South Wales, but failed to convince the court to grant them leave to file an amended summons to recoup possible repair costs from the other owner.

24 November 2022

Cayman liquidators denied remuneration in HK, now denied leave to appeal

The Cayman liquidators of a textile group have been denied leave to appeal a costs order from a Hong Kong court that barred them from claiming remuneration against the group’s assets and rebuked them for forum shopping, disclosure breaches and “serious” misrepresentations to a Cayman judge.

18 November 2022

Liquidators of 1MDB-linked BVI funds secure recognition in Singapore

The joint liquidators of three British Virgin Island funds believed to have links to scandal-hit Malaysian sovereign wealth fund 1Malaysia Development Berhad have secured recognition of their appointments in Singapore.

20 October 2022

Federal receiver wins first round of US-Cayman comity dispute

A US receiver appointed over a collapsed Cayman feeder fund has won court approval for his distribution plan after a Florida district judge rejected calls by the fund’s liquidators to apply Cayman law instead.

09 August 2022

Interpath expands offshore with Kalo merger

The UK’s Interpath Advisory has acquired Caribbean-based Kalo Advisors, marking its expanse into three jurisdictions outside the UK in a little under three months.

20 July 2022

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