Blog

In the recent case of In the Matter of China Bozza Development Holdings Limited, Mr Justice Harris of the Hong Kong High Court recognised a Cayman Islands light touch PL but refused to grant that PL assistance. This was because there was no viable restructuring proposal, and there appeared to be a breach of the well-established route to common law recognition and restructuring as developed in Z-Obee, in order to obtain a de facto moratorium of enforcement action by creditors in Hong Kong. The case echoes the recent “scanty in the extreme” restructuring proposal in Lamtex Holdings Limited where a similarly hopeless restructuring proposal led to the application for recognition being flatly refused. Further, the company appeared to have little regard to the interests of creditors in its proposals.

The Essar group has had a set-back in the continuing disclosure action by commercial rival, ArcelorMittal, in connection with an unpaid arbitral award now well in excess of US$1.5 billion.

In Pavel Sazonov v Elena Silkina and another Justice Jack, sitting in the BVI Commercial Court, ordered that a company’s register of members should be rectified on an interim basis, subject to determination of the ultimate ownership of the company at the trial of the underlying proceedings.

In the recent case of Sumitomo Mitsuitrust (UK) Ltd v Spectrum Galaxy Ltd BVIHC (COM) 2018/0172, Justice Jack considered the question as to whether an alleged breach of contract claim that fell outside the limitation period could nevertheless be relied upon in a BVI unfair prejudice claim. An earlier blog concerning amending pleadings at a late stage arose from the same set of proceedings.

Mr Justice Baker has handed down judgment in Skatteforvaltningen (the Danish Customs and Tax Administration) v Solo Capital Partners LLP (in special administration) and many others, dismissing the "massive" and "unprecedented" claim at the first opportunity.

As in many onshore jurisdictions, applications regularly at the forefront of the offshore trust landscape are blessing applications made by trustees under the jurisdiction arising from the English case of Public Trustee v Cooper.

On this month’s episode of Take 10, Asia Managing Partner Ian Mann is joined by Shanghai Managing Partner Vicky Lord to discuss the nuances and practicalities of offshore litigation from within the People’s Republic of China.

The recent case of Re Gategreoup concerned a “plan” within the new English Part 26A of the 2006 Act, implemented by the Corporate Governance and Insolvency Act 2020, where cross-class cram downs are available. This restructuring option is not yet available offshore, but Harneys believes that it should be - by way of legislative change.

In the decision of Sumitomo Mitsuitrust (UK) Ltd and others v Spectrum Galaxy Fund Ltd, Justice Jack granted the claimants permission to amend their statement of claim to include arguments not originally pleaded.