For the Cayman Islands insolvency community, 2017 could fairly be called the Year of the Redeeming Shareholder. The Judicial Committee of the Privy Council, the ultimate appeal court for Cayman and several other important offshore jurisdictions, delivered two judgments originating from the Cayman Islands this past year.
International Committee
Committees
Weeks before Hanjin Shipping sought protection from its creditors in Korea, I got an unexpected call: “Tally, I think one of the world’s largest shipping companies is going to file for bankruptcy in Korea and seek chapter 15 protection in New York, are you up for being my local counsel?” This was in early August 2016, and my life has not been the same since.
This article addresses foreign discovery pursuant to Rule 2004 of the Federal Rules of Bankruptcy Procedure (the “Bankruptcy Rules”) and the application of the Hague Convention on the Taking of Evidence Abroad in Civil or Commercial Matters (the “Hague Convention” or the “Convention”) to such discovery.
Since the seminal decision of the Ontario Court of Appeal in Metcalfe & Mansfield Alternative Investment II Corp. (“Metcalfe”) in 2008, third party releases have been part of the restructuring landscape. Metcalfe involved the asset back commercial paper crisis that resulted from the financial crisis of 2007-2009.
More than a decade after chapter 15 was added to the Bankruptcy Code,[1] there has been an influx of large, complex cases brought by foreign representatives in the U.S. Bankruptcy Court.
Although 2016 has lacked the massive, transnational bankruptcies that the Great Recession gave us, it has provided its own poignant reminders of how interconnected countries and economies can be. The outcome of the Brexit vote caused waves as companies tried to figure out how, or if, they could invest in the EU and the U.K. in the future. The outcome of the U.S.
[1]Under chapter 15 of the Bankruptcy Code, recognition of a foreign proceeding is required to obtain a stay of proceeding against the property of the foreign debtor located in the United States, to entrust such property to the representative of the foreign debtor, and to receive other important protections and rights.
n what is often viewed a rudimentary inquiry, recognition of foreign insolvency proceedings under chapter 15 can be a closely scrutinized affair. In In re Creative Finance Ltd. (In Liquidation), 543 B.R. 498 (Bankr. S.D.N.Y. 2016), Judge Robert E. Gerber of the United States Bankruptcy Court for the Southern District of New York dismissed a chapter 15 case after concluding that the debtors’ “Center of Main Interests” (“COMI”) did not change to the British Virgin Islands (“BVI”) — the debtors’ letterbox jurisdiction and where the initial liquidation was filed.
This article outlines the legislative framework behind and briefly describes the process of a bankruptcy proceeding,[1] the Canadian equivalent of a chapter 7 filing in the U.S.
On Nov. 13, 2015, in the U.S. Bankruptcy Court for the Southern District of New York, Judge Glenn issued a memorandum opinion in In re Vivaro Corp., et al.[1] with the following rulings: (1) a claim objection against a foreign entity may be served by U.S.
Mr. Adam D. Crane
Co-Chair
Baker & Partners
George Town, null
(345) 745-3651
Co-Chair
Baker & Partners
George Town, null
(345) 745-3651
Mr. Kenneth Kraft
Co-Chair
Dentons Canada LLP
Toronto, ON
(416) 863-4374
Co-Chair
Dentons Canada LLP
Toronto, ON
(416) 863-4374
Mr. Adam Swick
Communications Manager
Akerman LLP
Austin, TX
(737) 999-7103
Communications Manager
Akerman LLP
Austin, TX
(737) 999-7103
Ms. Jennifer Jenkins
Education Director
Mourant
British Virgin Islands,
(284) 852-1709
Education Director
Mourant
British Virgin Islands,
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Mr. Charles Phiri
Membership Relations Director
CP ADVISERS PTY LTD
Johannesburg,
0027823989930
Membership Relations Director
CP ADVISERS PTY LTD
Johannesburg,
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Mr. Simon Eickmann
Newsletter Editor
PLUTA Management GmbH
Munich,
4989244133370
Newsletter Editor
PLUTA Management GmbH
Munich,
4989244133370
Mr. Evan J. Zucker
Special Projects Leader
Blank Rome LLP
New York, NY
(212) 885-5207
Special Projects Leader
Blank Rome LLP
New York, NY
(212) 885-5207