Advocates Mathew Newman and Sam Dingle acted for the Joint Administrators of a Guernsey company (Company), which was a party to ongoing court proceedings in England.
The Joint Administrators applied to the Royal Court of Guernsey seeking an order that it issue a Letter of Request to the High Court of Justice of England and Wales, requesting the High Court to act in aid of and auxiliary to the Royal Court pursuant to section 426 of the Insolvency Act 1986 (1986 Act) in recognising the appointment of the Joint Administrators as administrators of the Company.
On November 7, 2014, the City of Detroit’s historic Chapter 9 municipal bankruptcy case culminated with the confirmation of the City’s proposed plan of adjustment (after eight amendments), and the approval of various related settlements. Although little more than a month has passed, a great deal of ink has already been spilled on what the City’s bankruptcy case means, particularly from the viewpoint of the municipality and its citizens.
On Saturday, June 28, Puerto Rico Governor Alejandro Garcia Padilla signed into law the euphemistically-named “Puerto Rico Public Corporation Debt Enforcement and Recovery Act” (the “Act”).