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​Harneys completes first of its kind creditors’ arrangement

28 May 2013

Harneys and KPMG have completed the first ever creditors’ arrangement under Part II of the BVI Insolvency Act 2003, continuing their track record of effecting innovative, complex restructurings. 
Harneys acted for KPMG Hong Kong as the liquidators of EganaGoldpfeil (Holdings) Limited (in liquidation), a Cayman Islands company formerly listed on the Hong Kong Stock Exchange, in relation to the implementation of a creditors’ arrangement with respect to its wholly owned British Virgin Islands incorporated subsidiary, P.C. International Marketing Limited. 
“The parties originally wanted to make an application to the courts to restructure using a scheme of arrangement,” said Global Head of Banking and Finance Colin Riegels, “but when we analysed the position we believed we could achieve the same result for them using a creditors’ arrangement in less time and at a lower cost, even though it had never actually been done in the jurisdiction before.”
Russell Crumpler, Head of Advisory at KPMG (BVI) Limited acted as interim supervisor and supervisor of the arrangement. “Utilising our experience of creditors' arrangement in the UK and other jurisdictions we were able to efficiently fulfil the statutory obligations of the creditors' arrangement, as well as providing input and appropriate considerations to ensure that the proposals and arrangement were successful,” said Russell Crumpler. 
Harneys had also previously coordinated and advised on both the first-ever plan of arrangement and the first-ever scheme of arrangement under the BVI Business Companies Act 2004, emphasising the firm's strength and reputation for advising on complex corporate restructuring.
Lawyers involved: Colin Riegels, Ian Mann, Laura Cooper