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Unsecured "credit bid" for assets of a company in special administration
2023-03-15

Summary

Filed under:
United Kingdom, Banking, Company & Commercial, Insolvency & Restructuring, Litigation, Mayer Brown, Sanctions, Financial Conduct Authority (UK), High Court of Justice (England & Wales)
Authors:
Alexandra Wood
Location:
United Kingdom
Firm:
Mayer Brown
View Original Article
Cayman Court clarifies sanctions impact on schemes of arrangement
2023-03-02

In the recent Cayman Islands case of Re In the Matter of E-House (China) Enterprise Holdings Limited[1], dealing with creditors' schemes of arrangement, Justice Segal gave a helpful decision that provided judicial clarity on, among other matters, the potential impact of the recent sanctions regimes in the US, UK and Europe on the scheme, and the international effectiveness of the scheme.

Filed under:
Cayman Islands, European Union, United Kingdom, USA, Insolvency & Restructuring, Litigation, Trade & Customs, Ogier, Debt restructuring, Sanctions
Authors:
Paul Goss
Location:
Cayman Islands, European Union, United Kingdom, USA
Firm:
Ogier
View Original Article
Cayman Court clarifies sanctions' impact on schemes of arrangement
2023-03-02

In the recent Cayman Islands case of Re In the Matter of E-House (China) Enterprise Holdings Limited[1], dealing with creditors' schemes of arrangement, Justice Segal gave a helpful decision that provided judicial clarity on, among other matters, the potential impact of the recent sanctions regimes in the US, UK and Europe on the scheme, and the international effectiveness of the scheme.

Filed under:
Cayman Islands, European Union, United Kingdom, USA, Insolvency & Restructuring, Litigation, Trade & Customs, Ogier, Debt restructuring, Sanctions
Authors:
Paul Goss
Location:
Cayman Islands, European Union, United Kingdom, USA
Firm:
Ogier
View Original Article
An unsecured “credit bid” - a first in the UK restructuring market
2023-03-02

The UK High Court has considered and granted permission for a so called “credit bid” in an application by the Special Administrators of Sova Capital Ltd (in special administration) for a substantial portfolio of illiquid Russian securities. The transaction structure, involving the transfer of securities in exchange for the release of a £233m claim against the estate, is unprecedented in the UK where ‘credit bidding’ has no technical recognition.

Filed under:
United Kingdom, Insolvency & Restructuring, Trade & Customs, Hogan Lovells, Sanctions, Financial Conduct Authority (UK)
Authors:
Robert Peel , Camilla Eliott Lockhart , Tom Astle
Location:
United Kingdom
Firm:
Hogan Lovells
View Original Article
No Double Dipping - Avianca Bankruptcy Court Demands that Foreign Creditors Drop Foreign Enforcement Proceedings at Risk of Having Bankruptcy Claims Disallowed
2023-02-13

In a January 2023 opinion,1 the Southern District of New York Bankruptcy Court overseeing the bankruptcy case of Latin American airline Avianca and certain of its affiliates sanctioned over 150 of the airline’s Brazilian and Columbian creditors who had filed proofs of claim in the bankruptcy case finding t

Filed under:
USA, Insolvency & Restructuring, Litigation, Trade & Customs, Mayer Brown, Sanctions, Coronavirus, United States bankruptcy court
Authors:
Matthew V. Wargin , Aaron Gavant
Location:
USA
Firm:
Mayer Brown
View Original Article
English Court appoints administrators to sanctioned company before license issued
2023-02-08

CargoLogicAir Limited (the Company) was the UK's only all-cargo main deck freight airline. Due to sanctions imposed on its Russian owner, the Company was unable to effectively trade and pay its debts as they fell due despite obtaining a 'Basic Needs Licence'. Its sole director applied to appoint administrators.

Issues

The court considered two key issues:

Filed under:
United Kingdom, Insolvency & Restructuring, Litigation, Trade & Customs, Taylor Wessing, Sanctions
Authors:
Louise Jennings , Callum Chamberlain
Location:
United Kingdom
Firm:
Taylor Wessing
View Original Article
Sanctioning ownership: the Grand Court of the Cayman Islands confirms the broad scope of its sanction jurisdiction
2023-01-05

Introduction

In the recent decision of Re Ascentra Holdings Inc.(in Official Liquidation), the Grand Court of the Cayman Islands has once again confirmed the significant scope of its sanction jurisdiction in the context of official liquidations under section 110(2) of the Companies Act.

Filed under:
Cayman Islands, Company & Commercial, Insolvency & Restructuring, Litigation, Ogier, Sanctions, Companies Act
Authors:
Gemma Lardner , Jeremy Snead , Corey Byrne
Location:
Cayman Islands
Firm:
Ogier
View Original Article
Sanctions no bar to sanction: Nostrum Oil & Gas PLC’s scheme of arrangement
2022-09-07

Nostrum Oil & Gas PLC’s scheme of arrangement under Part 26 of the Companies Act 2006 (the “Scheme”) was sanctioned on 26 August 2022, with the “scheme effective date” occurring on 31 August 2022.

Filed under:
United Kingdom, Energy & Natural Resources, Insolvency & Restructuring, Trade & Customs, Hogan Lovells, Sanctions, Office of Foreign Assets Control (USA)
Authors:
Naomi Parmar
Location:
United Kingdom
Firm:
Hogan Lovells
View Original Article
Commodities Bulletin, October 2022
2022-10-07

Welcome to the October 2022 edition of the HFW Commodities bulletin.

In this extended edition, a number of our partners from across the globe have taken time to reflect on the profound impact of the Russian invasion of Ukraine on the commodities sector. It includes contributions from our offices in Australia, Geneva, London and Singapore, with articles on energy and food security, sanctions, insolvency, regulation, the energy transition and force majeure.

On the back page, you will find details of the latest news and where you can meet the team next.

Filed under:
Australia, European Union, Global, Russia, Ukraine, United Kingdom, USA, Company & Commercial, Derivatives, Energy & Natural Resources, Insolvency & Restructuring, Product Regulation & Liability, Trade & Customs, Supply chain, Mediation, Due diligence, Force majeure, Sanctions, ESG, Coronavirus, Anti-bribery and corruption, Foreign Corrupt Practices Act 1977 (USA), European Commission, US Department of Justice, Office of Foreign Assets Control (USA), Commodity Futures Trading Commission (USA), Bank of England
Authors:
Justine Barthe-Dejean
Location:
Australia, European Union, Global, Russia, Ukraine, United Kingdom, USA
View Original Article
Judgment reserved on Houst’s potential HMRC cram
2022-07-21

Judgment has been reserved on the sanction of Houst Ltd’s restructuring plan at a hearing held in front of Zacaroli J on Friday morning (15 July 2022), while the company gathers the further valuation information requested by the court. If sanctioned, the plan will be the first use of the restructuring plan by an SME, and will involve a “cram” of HMRC notwithstanding the tax authority’s secondary preferential creditor status.

The proposed plan

Filed under:
United Kingdom, Insolvency & Restructuring, Litigation, Hogan Lovells, Sanctions, Coronavirus, HM Revenue and Customs (UK)
Location:
United Kingdom
Firm:
Hogan Lovells
View Original Article

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