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The final chapter? Winding up the z III trust

RE Z III Trust [2019] JRC 069

The Royal Court of Jersey has determined that the preferred course to follow when winding up an insolvent trust is for the existing trustee to apply a formal winding up procedure under the Court's supervision. Key features of this procedure would be (i) a moratorium on legal claims; (ii) the trustee should advertise for claims on the trust assets; and (iii) the trustee should require creditors to prove their claims before distributing the assets.

The Z Trusts litigation

Jersey, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Collas Crill
The Reef of Hanjin’s Woe: Will Chapter 15 Unlash Hanjin’s Sailors from the Mast?

On September 9, 2016, Hanjin Shipping Co. won a ruling protecting its assets in the U.S. against creditors, while the shipping line proceeds with its reorganization in South Korea. Hanjin filed for relief under Chapter 15 of the Bankruptcy Code in the United States Bankruptcy Court for the District of New Jersey (U.S. Bankruptcy Court Judge John K. Sherwood in Newark, N.J.).

South Korea, USA, New Jersey, Company & Commercial, Insolvency & Restructuring, Litigation, Shipping & Transport, Bryan Cave Leighton Paisner (Bryan Cave), United States bankruptcy court
The Little Airline That Couldn’t

Remember Sabena, the ill-fated Belgian airline that declared bankruptcy in 2001? Well, to quote Ford Madox Ford, this is the saddest story I have ever heard.

USA, Aviation, Banking, Insolvency & Restructuring, Trade & Customs, White Collar Crime, Bryan Cave Leighton Paisner (Bryan Cave), Bankruptcy, Beneficiary, Office of Foreign Assets Control (USA), Deutsche Bank, Uniform Commercial Code (USA)