Regional news: Latin America & Caribbean
HK decision that found “inherent shortcomings” in keepwell deeds overturned on appeal
Hong Kong’s Court of Appeal has overturned a first-of-its kind decision on keepwell deeds handed down by Mr Justice Harris last year, finding that Peking University’s corporate arm breached its obligations to three of its subsidiaries after it entered reorganisation in China.
14 May 2024
Hong Kong court refuses to issue letter of request for PwC in negligence lawsuit
A Hong Kong court has declined to issue a letter of request to Shanghai on behalf of PwC so it could comply with a document order ahead of a 2026 negligence trial, noting that a mutual arrangement between the courts of the two jurisdictions that the Big Four firm was relying on was “not working in the way intended”.
09 May 2024
Ogier hires Walkers partner in Hong Kong
A former partner at Walkers with 22 years’ experience under her belt and a special focus on Cayman Islands and British Virgin Islands law has joined Ogier in Hong Kong.
09 May 2024
Heads-Up: Nick Hoffman at Harneys in the Cayman Islands
Harneys’ recently appointed global head of disputes Nick Hoffman talks to GRR about the increasing need for firms to find new fee structures, whether it would be credible for UNCITRAL to replace the concept of COMI and his faith in the next generation of restructuring lawyers.
03 May 2024
Russell-Cooke hires new restructuring lead from Appleby in London
Less than a year after moving to Appleby, a partner specialising in complex, contentious and cross-border insolvency cases has joined Russell-Cooke in London to head up its restructuring practice.
03 May 2024
Cayman liquidator of fund allegedly “prostituted” for investment scheme faces jurisdictional challenge in England
One of the joint official liquidators appointed over Cayman-registered Global Fixed Income Fund I is defending a jurisdictional challenge to a dishonest assistance claim he has brought in England against a Luxembourg entity run by the fund’s former managers.
01 May 2024
Saudi businessman defeats €67m equitable compensation ruling
A Saudi hotel magnate has overturned a ruling ordering him to pay damages for transferring shares out of his British Virgin Islands company after it was liquidated on the grounds that the company’s liquidators failed to establish any actual loss.
29 April 2024
1MDB mutual fund Cayman liquidator recognised in Hong Kong
UPDATE: The liquidator of a Cayman Islands-registered mutual fund linked to Malaysia’s US$7.65 billion 1MDB scandal has obtained recognition in Hong Kong and secured an order for the fund’s auditors and advisers to hand over a slew of documents.
29 April 2024
Casino operator launches Ch11 after holding company wound up in Hong Kong
A subsidiary of casino operator Imperial Pacific International has failed to secure DIP financing at a first day hearing in Chapter 11 proceedings it launched in the Northern Mariana Islands last week, days after the group’s holding company was wound up in Hong Kong.
26 April 2024
English court denies anti-suit injunction against Russian oligarch bankruptcy
The widow and daughter of a deceased Russian oligarch have failed to secure an anti-suit injunction in England to block a €1.5 billion bankruptcy application against his estate in Russia on the grounds that the Russian proceedings would be “vexatious or oppressive” to ongoing litigation in the UK.
26 April 2024